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I’m Trying to Sell a Home – What are the Essentials in a For Rent Deal
Hey, it’s Joe. Another question. This is about how to talk to sellers and how to get your deals together. This question is, “What must you have in a for rent deal in order for you to be able to sell the home?” Those things are the monthly payment must be at or below market rent. If you don’t, if you get the monthly payment wrong, it’s not going to sell. I guarantee it. It won’t sell. Don’t even waste your time. If the monthly payment is not at or below market rent on a lease option it will not sell.
Joe: B, You need a sign in the yard. Sign in the yard will bring you in 25% of your buyers. It’s really important to have that sign in the yard. You can sell it with just a Craigslist ad or just a Postlets ad, but having that sign in the yard will speed up the process dramatically and also make it easy for people to be able to find the property when they go out and look for it. You know, if they’re driving out to look for it and there’s no sign in the yard it’s hard for you, hard for them to find it.
Joe: Another is C, third way, is you don’t allow your seller to rent it while you’re trying to rent it. Now, the lease option memo, the first one that I’m giving you if you’re using the Automarketer, is one that says they can, they have the right to go out and rent it themselves or sell it themselves, and you know, cut us out of the deal. They have the right to do that as long as they don’t take our leads. What I would suggest as you get better at this is if they’re trying to rent the property to ask them would you give me 30 days to try to do this before you try to rent it. Let me get a buyer tenant in there instead of a regular tenant. They’re going to be better tenants, you know, you don’t wash a rental car. You take better care of the things that you own, or at least you think you’re going to own. So let’s sell it to a lease option person. Give me a little bit of time to that. Will you allow me to do that?
Joe: And most of the time they’ll say yes. Because if they don’t, it’s sometimes a little bit easier to rent a property than to lease option it and so they might be faster at it. Plus, if they’re pricing it at a different price than you are, that screws you up as well because they may have an ad in Craigslist right next to yours that has a lower price or a lower monthly payment on it and that’s not going to be effective.
Joe: The other thing that you need is a Craigslist ad. The Craigslist ad is where you’re going get most of your buyers total. So you’ve got to make sure that Craigslist ad is ghosted and by ghosting, that means that you post that ad and it sends you back an email saying hey, your ad is posted. And you click on that link and there it is, there’s your ad and it looks great. But then if you go into Craigslist through the front door and you look for that ad it’s not there. That’s ghosting your ad. And they do that for different reasons. If they think you’re spam or if they think that you’re using, if you’re posting it from outside their area, and usually I find that if you’re within a state normally you can get your ad to be posted.
Joe: If you’re out two, three or four states away, you know, if I try to, if I’m in Indiana and I try to post in California, my ad gets flagged almost immediately or it gets ghosted immediately just because of the IP address of where I’m at and posting, it can recognize that and it won’t allow me to post in California. So I have to have somebody in California to post that for me in order to make that ad work. That’s why you need boots on the ground sometimes in an area that you’re not working in because you need them to post your Craigslist ad for you as well.
Joe: So those are the vital things that you need in order to sell a property once you’ve got an lease option memo on it. If you screw up any of those things you probably won’t get it sold.
Joe: The other thing that screws up a lot of property deals is that you lose faith from your seller. They lose faith in you. Or they don’t think you’re competent, or they think you know, you’re just not doing a good job and so they go off and do something else and they say, no, I’m not really interested, or they don’t take your calls anymore, or they take your sign out of the yard. And that happens usually because they’ve lost faith in you. So do a good job, do a good job for them, you know, make sure you’re trying to help them and learn to be competent. Learn to speak competently.
Joe: All right. Hope that helps.