Stop calling me about buying my multi family properties!
I don't know if this is the right forum or the right entity to post this. I don't know if buyers are doing their own research or are buying call lists. What I do know is that my family owns a number of multi family properties and we are not interested in selling them at this time. Meanwhile all of us receive a number of cold calls every week from people wanting to buy our properties. Add that to the hundreds of junk calls for everything else and it is really annoying. Is there any way to get off of the lists? Some of these properties have been in our family since the 1950's and our family business is operating them. Recently some of the properties changed hands (one generation to the next) and we each sold a PITA property (good earners but major pains to manage). None of the callers were interested in buying the properties we had on the market. As an owner, I wish there was a way to stop the cold calls.
Amen.
For fun, I often flip the script on them and it usually catches them flat footed. When they call me I tell them I am not interested in selling, but would like to know if they have any properties they would like to sell me?
@Liza Leif, many investors are taught to prospect by contacting property owners who have owned their properties for a long time, figuring they are more likely to sell (at or near retirement or the kids don't want the headaches of property ownership). So these "prospectors" look on the county property appraisers records for the owner's information. You might try transferring ownership into entities in which your name or contact information is not listed. This is for asset protection and anonymity.
But you need an attorney's advice who really knows the best actions to take in your situation. Contact me and I can give you the name and info of a firm I use for this. I am not an attorney and I am not affiliated with this firm except as a client.
Or change your phone number.
#4 Multi-Family and Apartment Investing Contributor
- Cincinnati, OH
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#4 Multi-Family and Apartment Investing Contributor
- Cincinnati, OH
@Liza Leif, while my calls have certainly slowed dramatically, lately, I don't think you are going to get anywhere with this website. In fact, there are people here all day, every day telling people to hunt for off market deals and using skip tracing companies, etc.
Unfortunately, you own an in demand product now. Depending on the day and my mood, I will typically let it go voicemail and/or block the number in my phone. Sometimes I will answer and ask for a price right then and there. When they refuse to give me one, I give them a price that I would sell for, which is often double true market value, and if they ask for more info I let them know that real investors do their due diligence and never rely on seller's numbers. Magically, those people stop calling, but new ones take their place.
Another option is to sell the properties. Given the ferver of calls you are getting, you can take advantage of some newbie and get a price probably way higher than your family ever imagined. Take the money and run.
Be thankful that your biggest problem is people calling to buy your inherited properties.
I know it can be frustrating, but I do what @Greg Scott suggested. I tell them I am a buyer, not a seller. They just say ok thanks and end the call.
What do you own? What opportunity would you pursue with all the money you would have if you did sell it? Give me a call brother I'll buy it and get rid of that big problem of yours!
I am in identical situation to you. I used to have a very negative mental attitude about the calls.
BUT, a few years back I started screening the calls, to develop relationships with active realtors in order to be prepared for the future inevitable disposition of the assets. I had realized that, if/when I am ready to sell, it would be wise to have already built a relationship with, or at least, thoroughly vetted multiple agents and brokerages, in order to know, ahead of time, who would best serve my family for that purpose.
1. You will develop(or further refine) an ability to talk the RE investor language, and furthermore, will develop(or further refine) the ability to quickly detect who is sharp(or not), in regards to investors and realtors.
2. The people willing to cold call are on the frontline of determining the a very essential variable of your investment, current market value. Also, the sharp ones will know the market as good or better than you and sometimes they will divulge other investors,researchers,business insights and strategies, that can be very advantageous to your asset management plans.
3. Last but not least....this particular problem is "rich people problems"...the good kind! If you can't stomach rich people problems, try dealing with poor people problems for a while.
Best of luck!
@Liza Leif
I hear you! That is annoying.
I finally got a call blocking app on my phone that screens many known spam and scam and telemarketing numbers.
That helped reduce the number of call dramatically. There are a number of them . I just use the free version of Hiya which works ok, but you have to keep updating the list manually for the free version. There are many out others here.
I would recommend getting a well known one.
Originally posted by @Liza Leif:I don't know if this is the right forum or the right entity to post this. I don't know if buyers are doing their own research or are buying call lists. What I do know is that my family owns a number of multi family properties and we are not interested in selling them at this time. Meanwhile all of us receive a number of cold calls every week from people wanting to buy our properties. Add that to the hundreds of junk calls for everything else and it is really annoying. Is there any way to get off of the lists? Some of these properties have been in our family since the 1950's and our family business is operating them. Recently some of the properties changed hands (one generation to the next) and we each sold a PITA property (good earners but major pains to manage). None of the callers were interested in buying the properties we had on the market. As an owner, I wish there was a way to stop the cold calls.
Post your number and I'll take you off my list ;-)
Simple tell them to take you off their list each call you get. That will slow down the calls some. My phone says spam risk as well so I usually don’t answer those.
Some of the mailers are atrocious. I've been getting flyers for properties that I have never owned; and thought they'd stop when I moved to Florida. Nope, I got one just today for yet another property I know nothing about, and now they are spelling 'Michael' wrong. I'm now 'Micha'. Luckily I pass the trash can on the way inside the house.
@Liza Leif Where are your properties and won't you sell just one to me? :D
Hi! While I understand the annoyance of cold calls, from an agent perspective, we're often hunting and working super hard for buyers. It's proven beneficial to a lot of property owners to engage in relationships with agents who have an active pulse on the market. It's too much for one person to be able to manage and be in the know about everything outside of your own properties. So you're not wanting to sell- ok! great. When you are- we have buyers ready to pay premium prices and we also might know of other sellers ready to ditch out of the game, which could mean more opportunities for you. Just sharing perspective here!
Once I got a mailer asking to buy my property at... PO box... kid you not، they wanted to buy a post office lol...
@Liza Leif I would be happy to contact you by email, mail or any other channel about buying your properties if you share those details :)
Unfortunately buying off market properties is a numbers game and different people will keep finding your details and reaching. Obvously you don't want to sell but you are just a prospect on a list and other people on the list do want to sell. An investor doesn't know who wants to sell or not sell so will reach out to everyone.
@Liza Leif any interest in offloading your properties?
(sorry I couldn't help myself)
I understand how cold calls could seem somewhat intrusive and annoying. I am curious though, what would you consider to be a more acceptable way of initiating a conversation gauging interest to buy a property?
@Liza Leif If you are in real estate, buying, and/or selling I would change my mindset. You have people in the same industry calling you, this is the perfect opportunity to build your network although it may not be the way you want to do it. Don't look at those calls as the enemy, they are opportunity. Can't tell you how many calls we get from agents, wholesalers, lenders, and never a serious buyer. Mindset is key to how you live your life. If you are frustrated at those calls that runs through all other aspects of life whether you want it to consciously or subconsciously. You are in a position of power use it for positivity and you may find a mentee/lifelong friend, deal, or someone who wants to over pay for a property you never thought you'd sell for a crazy price. Embrace the suck.
Agents - We put the carrot on a stick, you find us a deal and we can talk about selling/trading one of our other properties.
Wholesalers - Never had a chance at getting our property but they're calling and doing the grunt work that I don't do anymore, so build rapport with them and see what else they are getting. Not everyone tells them to get lost, wholesalers get deals and when they do we want to be their first call.
Lenders - Always open to hear their rates and terms and see what they can do for us. These calls always go nowhere but still give them the time of day as you never know there may be that one that has a product that we need at that moment.
You don't seem to mind this process when you're buying properties, but you don't like when other people try to do it?
also, just don't answer your phone
You are an apartment owner and probably see the value of owning an income-producing property. Is there truly no price at which you would be willing to sell? I look at these calls as an opportunity to make a profit and turn my apartment into a bigger one. You must have a desirable place if you are getting this many contacts. Congratulations!
Don't answer the calls.