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How to Glean Real Estate Investors from Any List of Homeowners

By James Kobzeff

Republish: EasyPublish™ Published: 03Jun2009 Word count: 599 Viewed: 282 time(s) Get Free Content For Your Site

If you're a real estate agent with a phone and good real estate investment software then you already have enough tools to convert a property owner into a rental property owner. It requires an amount of determination and true grit, naturally, but it is possible. You can glean real estate investors from any list of homeowners at your disposal if you want to bad enough.

Here's how you do it.

1. Research the money market - Call several lenders or mortgage brokers in your area and ask them what rates they're offering to refinance a home along with rates to purchase income property. You will probably discover that rates are extremely favorable. Be sure you ask about the lender's terms such as required down payment and loan points.

2. Research the income property market - Make note of what properties are currently available for sale. With your real estate investment software, prepare cash flow analysis presentations on each property using the mortgage rates and terms you discovered. Highlight those properties of particular interest.

3. Call your homeowner customers one-by-one - Let them know what you've uncovered and suggest that they consider pulling some money out of their home to make an investment in rental income property. Be gracious to take no for an answer, but at the same time be prepared to make a lasting impression when the iron is hot. Offer to send them an APOD and Proforma you created on the income properties currently for sale.

Sound overly simplistic, well, it shouldn't. Remember what your broker taught you about cold calling—that it takes multiple calls to close one transaction. Well, in this case, being able to close that one income property transaction can result in a hefty commission, so don't get discouraged and keep your eye on the prize. At the end of the day you'll be glad you did.

You might even be surprised by the opportunities you're presented from a simple phone call.

A colleague of mine, for example, ended up listing several apartment complexes as the result of a cold call to a FSBO concerning a small plot of vacant land. What she hoped for was a $50,000 listing; what she achieved was about three million dollars in listings. I have had similar experiences. You never know what the needs of a person are, or how rich the opportunity, until you open up a discussion. Bear in mind, real estate is called a contact sport for good reason.

4. Follow up - be sure not to drop the ball; whether by phone or email, unless you were given an adamant no response, always follow up your previous discussion. Each subsequent follow-up contact narrows the playing field and increases your chances to create a transaction.

Okay, here's one final, important point.

Of course, your success depends on timing, your individual people skills, and determination. But I would be remiss to gloss over the importance of presenting clear and concise income property data to those you contact. Bear in mind that customers are more likely to respond favorably to knowledgeable information, than not.

It may sound like a shameless plug for my real estate investment software, but if you currently don't own real estate analysis software, or otherwise have the means to create cash flow and rates of return presentations, think seriously about making the investment. It is the surest way to grab and retain an interested customer's attention, and by far, the most beneficial way for you to gain investor-customers and as a result create the rental property transactions you desire. I attest to it.

Here's to your success.

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