Fellow investors,
What have you found to be the most productive way to create a list of tenant/buyers? Is it networking with brokers and lenders or simply just advertising a property that I have under contract. I’ve found that putting ads in the paper is not only counter-productive, but quite expensive. I need advice on the most expedient and effective methods to get people calling me and wanting rent/lease a property I have under contract. Please help!!!
Definately network with Realtors, and Mortgage brokers. They will come across many a buyers that can not get traditional financing. Many will want a “finders Fee” but you are only paying for results, so to me it is well worth it.
I don’t now why I would want a list of tenant/buyers. It seems to me that a list like that would be very perishable. The people on that list will find a place to lease of buy withing a few weeks and make for a lot of dead end calls once a place is secured. What I do is look for a tenant buyer for the house I have at the time. I run an ad in the Greensheet that costs about $40/week. The ad tells about the house and the price. It lists a phone number of an automated answering service ($50/year or $4.50/month. I take the year). I only use this for a 2 minute outgoing message. The message describes the house and how to get to the house and that the blinds are open and that they should go over to the house an look through the windows. I place flyers in the window of the house that have how much the house is and my phone number. That way people calling to find out how much and where it is don’t ever call me and take up my time. The only calls I get are people who have seen the house know how much it is and still want to see the inside. The answering service may get 50 calls to every 1 I get. But the last house I did I got 4 calls and all of them were actually trying to get the house. They either applied and their credit didn’t pan out or they didn’t have enough cash. I didn’t show it to anybody that wanted 4 bedrooms and were suprised that it was only 3 or asked stupid questions like how much is the house.
Thank you for your responses. Now that I have the best avenue to use, I will take maximum advantage of it. I have a few brokers I have networked with and I will notify them. Again, thanks for your advice.