10 Great Ways to Find Lease Option Tenant Buyers : Real Estate Investment Selling Strategies
1. The Internet
Everybody is turning to the Internet to buy and sell about anything these days and houses are no different. If you don’t have your own website yet, you are missing the boat. Call our office or email us for the best people in the website design business and we’ll give you a list of them, but you have to have an online presence these days to drive traffic to. It is a must!
2. Free Classified Ad Websites
Craigslist is a tremendous asset in recruiting tenant buyers. And it’s FREE, so you should definitely be doing it! There are also a lot of other free posting websites like Backpage and plenty others if you look for them, but craigslist has been a huge resource for us in filling properties.
3. Local Investors
Often times, a buyer lead will come in through one of our marketing methods, and we will not have the right house for them. We have built some relationships with other investors so that we can refer out buyer leads that don’t work for us and vice versa. Many of our houses have been filled with tenant buyers referred to us by other investors.
4. Realtors
Realtors work with buyers everyday. Maybe they have a client whose credit isn’t in a place where they can quite buy a property yet, but they don’t want to totally lose the commission. You can pay them a referral fee or a commission on the backend if the person actually buys the house from you.
5. Mortgage Brokers
They come across clients everyday who can’t qualify for traditional financing today, but they don’t want to lose their future business, so they’ll refer them over and do their financing when the time is right.
6. Credit Repair Agents
Their clients are a perfect fit for a lease to own program. And these are the people that are already taking proactive steps towards getting their credit back on track. Talk about a good fit!
7. Newspaper Ads in Your City’s Small Publications
By putting an ad in these types of publications, you are giving yourself a better chance of getting noticed. I don’t know about your city but the main newspaper in mine is littered with TONS of ads for properties. One technique to generate the most amount of traffic possible is to run a “Ghost Ad.” That is where you write a generic ad to appeal to the most people possible. Maybe you have several houses in town that you want to market. Instead of running several ads, you could run one that says, “Beautiful 3/2 in desirable neighborhood. Flexible financing available. Let’s make a deal!” That will get your phone ringing.
8. “Pick Your Next Neighbor” Flyer
When deciding where to move, people ask their friends and family for advice. And people usually run in similar socioeconomic circles…meaning that they make similar incomes, live in similar neighborhoods, etc. Using the “Pick Your Next Neighbor” flyer is a very inexpensive way to generate a buzz.
9. Bandit Signs
You have probably seen these beautiful signs all around your city advertising “We Buy Houses” but they also work for filling properties. Some of ours say, “No Banks! Rent to Own homes 555-5555” (or our website with no phone number).
10. Turn the Property Itself into a Marketing Station
A sign in the front yard is the bare minimum. You can also have an “info tube” with flyers in it, information about the property and your company in the windows, a lockbox on the door, flyers, business cards and lease option applications on the counter in the house. Try putting flyers with testimonials from happy tenant buyers dispersed throughout the house.
Related Posts
3 Reasons Why Lease Options are Our Primary Real Estate Investment Selling Strategy
How a Lease Option Tenant Buyer Won Their Down Payment Back in Court
Digg it
Save This Page
Subscribe to Must Know Investing
Leave a comment
Facebook
Linked In
Twitter
Technorati
StumbleUpon
Youtube
Patrick Riddle:
Dusty Keefe:
[...] Original post by "Best Darn" Creative Real Estate Investing Blog on the Planet : MustKnowInvesting [...]
I have had luck with myspace classifieds as well. Good tips.
Great idea Dusty with credit repair agents as a lease option lead source!
Great Tips. The “Pick Your Neighbor” flyers are one of my favorite. They are easy, cheap, and in my experience continue to generate leads long after they are distributed. I like to pay kids in the neighborhood to put them out. I use brightly colored paper and tell the kids to put one in every door. Then I drive up and down the streets and verify there are bright flyers in most doors before I hand over the cash.
Some great ideas for finding lease option buyers. Now is a good time to do more with lease options.
Great tips. Bandit signs have always pulled well for us. The ghost ad strategy has worked for us for years as well. It does generate calls but sometimes can be annoying because it doesn’t weed out the people that are not qualified.