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by Chuck and Sue DeFiore
A large percentage of the mail we receive are from people
that complain that sellers don't want to do a lease purchase,
they just want to sell their house. Or sellers come up with
too many objections. My questions to those individuals are:
- How soon after a property is listed are you calling?
If you are calling only 2-4 weeks after a house is listed,
sellers are not as interested. They still believe they will
sell their home.
- Are you following up on those sellers who say they are
not interested now? While right now they may not be interested
in lease purchasing their home, they might be six months
down the road. Remember you are not in this business for
the short term, but the long term. So be sure to follow
up with every call you make. Your follow up can take the
form of a call or correspondence. Personally, I like to
send a letter. It allows me to send a business card and
tell that person again how I can help them with my program.
- Are you building a rapport with the seller? If you are
just calling and asking if a seller wants to do a lease
purchase or not, you are NOT building rapport. You are also
not getting any information on that home at all. You also
can't do any follow up even if you wanted to. This is why
you need a telephone script. A good telephone script allows
you to build a rapport with the seller. It also gets all
the information I need to decide if I even want to do a
lease purchase on this property. I do not waste my time
going to look at property, or setting up a meeting without
having all the information about a property (physical, pricing
and financial).
- Are you telling the seller the advantages of lease purchasing
their property? That they will get their asking price or
even higher. That you have a large pool of tenant buyers
that you can have drive by immediately. That these tenant
buyers want to purchase their own home, not just rent. That
you can get them a higher monthly payment. That you can
get them get positive cash flow each month. That they will
also receive non-refundable option consideration. That the
tenant buyer will do all minor maintenance. That it is still
their property until the tenant buyer exercises the option.
That there are no Realtor commissions, closing costs, etc.
- Are they objecting to lease purchasing because they think
they are getting a renter? It is YOUR job to explain the
difference to them between a renter and a tenant buyer.
Renters give a security deposit that owners must pay back,
put in a separate account (in most states). Renters don't
care about the property, it is just another house, townhouse,
condo to them. If something breaks or goes wrong, it's the
owners problem not theirs, and they won't pay their rent
until the owner fixes it.
Tenant buyers are giving them non-refundable option money
(a down payment). Tenant buyers are receiving a rent credit
each month based on their payment record. Tenant buyers are
responsible for minor maintenance. Tenant buyers want to be
able to have their rent credit and option money applied to
the purchase price of this home. They don't want to lose out.
They want this home to become theirs. They are going to take
care of this property like it was their own. You can tell
a seller that many tenant buyers make improvements ( with
their permission, of course).
So be sure you explain to the seller the difference between
a renter and a tenant buyer.
And remember, there are going to be some sellers who just
want to sell their home. Tell them you wish them the best,
that you are here for them if it doesn't work out, and go
on to the next seller you can help. There are a ton of them
out there, you just have to make the calls ( and I don't mean
only 10 to 20 calls)!
Copyright DeFiore Enterprises 2003
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