How to turn a landlord back into a buyer?

Question

I know a lot of landlords and I want to sell them more properties but they seem so content with the properties they have.  What should I do?

Bill Plymouth · Answer

Gotcha.  Warm leads.  They may not be “content”.  It’s just an objection.  You have to overcome that.  Why are they content?  Where do they currently hold property?  Have they purchased anything recently?

Keep in mind, you won’t get results from one particular person until after the 5th call or so.  Build rapport and keep calling them every 2 weeks-month or so.

James Galla · Answer

@Taran Garza,

You ought to first guage where they are in their acquisitions process. They might not be set up to acquire anything at the moment. Or, they might not want to leverage anymore in order to acquire. Find out whether they are even willing to consider doing a deal.

When you establish their business posture, then I'd start finding a deal. So, you find a deal and package it nicely with exec. summary, and other info. This way, you don't waste your time finding deals for investors that aren't even going to consider them. Although, I think you should have deals on deck (assuming you are trying to be an extremely proactive agent), regardless of who the investor is.

Michael Noto · Answer

@Taran Garza Keep them updated with opportunities in your local markets. Send them emails with market reports and other data that you think may turn them to be more interested in buying. Don't do this in an overly aggressive way, just as a way to stay front of mind and peak their interest. Maybe they are not fully aware of what current market is offering and your communication will have them look into potentially purchasing again.

John Teachout · Answer

I'd suggest finding out what they own and if you come across something similar bring it to them with the comment that you may have something similar to what they already have.

Taran Garza · Answer

@Bill Plymouth they are disclosed investors that have been assigned to me through my company. They have bought from the agents in my firm and then stopped. Not cold calls but not super hot leads. A relationship has been established.

Bill Plymouth · Answer

@Taran Garza do you have previous relationships with these landlords, or are these contacts made through cold calls?  Tag me in your response so I get a notification.

How to turn a landlord back into a buyer?

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