I’m trying to figure out some rental comps in my small community and need some help. The population is about 7,000 and I see 15 homes for rent. Any suggestions or scripts to use when calling on these rentals? I don’t want people to know that I’m using their property to compile my own information - since basically everyone knows everyone here.
With a town that size, I think you should drive by them and see how they compare to yours. You can compare the overall size by just looking at the outside. You might be able to see a little thru the windows too. If you’re worried about someone seeing your phone number on caller ID, just get one of those Sam’s Club calling cards that are about 3.5 cents/min. That will show up as an out of area phone number and is not traceable. People should at least advertise how many bed/baths in their ads. You can ask about some amenities when you call to see how they stack up to yours.
Justin, the crazy thing is that they only advertise the number of bedrooms. No location (I’m guessing they do that for security precautions), bath(s), or square footage. So I can only make a comparrison of what they advertise - not location or quality. Is this typical?
monnchew
Good to meet you…
While youre on the telephone maybe ask them the following…
Hi, I’m calling about the home for rent … Hi ______ … my name is _______ with I Buy Houses.
I noticed that you have a house for rent and I buy rentals… actually all of the time… and being a landlord myself… I know how frustrating… the rental business can be…
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Have you thought about… selling your rental… before you spend the time and money to fix it up and re-rent it? (You have) Terrific! / Really!
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I buy rentals… vacant or occupied… would there be a… good time… to come out and talk about whether… you want to sell… your rental? (There isn’t) Outstanding
If they don’t want to sell -
If you don’t mind I am going to be sending you my card and checking back with you from time to time, if that is okay with you? (It is) Great
If they do want to discuss selling -
I buy rentals just like your all of the time, and I have found that if the seller is willing… we can come up with a solution that works best for both of us, is that okay with you? (Yes) outstanding
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Sometimes the only way we can buy the rental we look at is to take over the debt and pay you your equity, That means the loan will stay in your name until its sold, assumed or paid off. Is that a problem? Yes No
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Sometimes even buy the house under a lease option…Is that a problem? Yes No
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So if we can pay you your equity, guarantee and make your payments and be responsible for all repairs you will sell the home to us, right? Yes No
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What time today would be better for you for me to come out and talk with you ___________ or ___________? () Terrific
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Before I come out… there are just a few more questions… I need to ask about your house, is that okay? (It is) outstanding
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Is the home still Vacant or is it now Occupied? Occupant Name?
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How much do you collect in rent? __________
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_____ Bedrooms ______ Baths
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How many Square Feet? ________________
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Size of the Garage? ____________________
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How did you happen to own the home?
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What Kind of repairs does it need?
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Carpet Paint Roof Cabinets Electrical Plumbing Plaster Sheet Rock Cooler Heater Air Conditioner Window Landscaping Clean-up ______
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What do you think the repair cost will be?____________
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What do you think the house is worth? __________________
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Is that Fixed–Up or ‘As Is’
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How did you come up with that Price?
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How soon would you like to be sold? ____Days _________Date
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Is there a Mortgage on the house? Yes No
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What is/are the balance? 1st ________ 2nd 3rd
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Are you in Foreclosure? Yes No Notice of Default or Trustee Sale…Sale Date ______ Arrearage Amount __________
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One last thing…. When I come out… it is important…that all of the decision makers be there…. so I can come to an agreement to buy your house… Will all of the decision makers be there for the appointment? (if all of them are not here don’t go)
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Well, ____________ I look forward in meeting you at __________…
I was thinking; Why waste a telephone call?
Good luck…
BTW rent rolls are kept by appraisers… If they wont give oyu the info call a couple of the larger rental offices…
That’s not uncommon to not list the address. I’m sure you could get a couple addresses if you call a few numbers. If people advertise prices, try to look at a couple higher than what you’re asking, some close to what you’re asking, and a couple below what you’re asking. Then you’ll have a decent idea of where your rent falls in line with other places. Keep in mind these prices are what people are ASKING. Some houses may sit vacant because the owner is wanting too much. I like to be just under what I think the house would really command for rent. Providing a better value reduces vancancies and turnover.