Is Your Property Not Renting? Here's Exactly What You Need To Do!

Today we're going to discuss Greed Factor. We've all been in situations where someone else influences our buying decisions, whether we know it or not. Greed Factor is an extremely powerful tool, so here's how you can put it to work for you and get your property leased up!

What Is Greed Factor?

You’ll probably know it by the name “Keeping Up With The Jones’”. Greed Factor is an innate urge that everyone has which compels us to want the nice things that other people have. In Rich Dad Poor Dad, Robert explained how this urge can hold people back by illustrating the story of a young couple from marriage to sleepless nights. But how can we make it work in our favor?

Curiosity Attracts

As real estate investors, we need to learn to control our emotions, but we can also use those same emotions as a tool to help get our properties rented. When I was pitching products in Sams Club for a marketing firm, one of my goals was to get as many people to the table as possible. When two or more people came over, other shoppers would become curious about what was going on and come over as well. Talk about making my job easier! That’s working smart!

How The Law Fits In

If you read my last article about The Law Of Averages you’ll also have noticed that when more people are drawn over by Greed Factor, it is also helping me move through my law of averages as well. Now, I’m talking to more people and doing a lot less work! Here come the Yes'!

Schedule An “Open House”

Now let’s give you a practical application so you can get started using Greed Factor, and get your property leased. Set an Open House for a day if your choice. Saturday seems to attract a lot of people. This date is non-negotiable!

Post your open house on Facebook Marketplace, Craigslist, and other free platforms. Be cheap when marketing. Maintaining a good ROI is important, so don’t go overboard. If you’re putting your phone number on Craigslist, make it a combination of numbers and words so you won’t get a lot of junk calls. (Ex. 25two-8seven4...)

The Phones-A-Ringin’

When you start receiving calls from people, let them know the date of the open house. Naturally, people are going to ask if they can see it another day. Remember, This date is non-negotiable! If they ask whether they can come on another day tell them, “No, but do you have a friend or family member who can attend for you?” If not, let them know you’ll reach out if you schedule another open house.

Write down everyone’s name, phone number, and email address in case they can’t be reached by phone. You’re also using this as an opportunity to build a mailing list of potential renters, which can be used later. This is an asset, so maintain it well!

Somewhere in the conversation, let them know you’re expecting a large number of people to attend, so they need to be on time (Greed Factor statement). People are going to call closer to the day to let you know something came up. Empathize with them and let them know you’ll reach out if something changes.

Show Up Late

It’s a big day! And you’re of course going to want to be on time, right?! Wrong! If you’re not like me, you’re probably a very punctual person. Throw that out the window for now and show up to your open house 5 to 10 minutes late. The reason we’re doing this is so we can work smarter. The least motivated people are going to leave within that time frame. Now you’re not talking to tire kickers, but motivated renters.

Congratulations! You’ve successfully used Greed Factor to get your property rented! When putting this into practice, let me know if you have any questions!