For Rent By Owner / Investor Leads
Build your Investor database by calling Investor / Owners directly.
Successful high producing agents always have a number of investors they work with. Investors buy several homes and sell off those they no longer want. Having a few investors in your pipeline is a great sphere strategy for any agent. Investors are always considering when to cash out, and always looking to identify properties that meet their specific criteria.
BEST PRACTICE: When you call a FRBO you are not necessarily trying to discuss only the home they have for rent but it is a great place to start. Listen or read below for some great examples of topics to discuss.
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Script / Dialogue:
Getting a Conversation Started with a FRBO
and Identifying a Potential New Listing
Tonality is critical in the first line of the script. You must be clear and
confident, do not rush and be genuinely inquisitive.
Agent: Hi, I don' know if you can help me. This is ________ at XYZ Realty. I am calling because I came across the property you are renting over on 123 Main Street. Is that property still for rent and are you also the owner?
Owner: Yes, my name is Mr./Mrs _________ and I’m the owner. Do you have someone who wants to rent it?
Agent: No, I don't, but we do have renters and buyers who come in and inquire on a regular basis and I am curious, do you have other rental properties in the area?
Owner: Yes, at this time, I have about a dozen in my portfolio. I purchased this one about 5 years ago and I've been very happy with it.
Agent: Five years! That's great! It sounds like you have figured out a good system for finding income-producing rentals in this area. Have you ever considered cashing out of any of your current real estate investments in exchange for something more lucrative, such as through an IRS 1031 tax-free exchange?
Owner: Well that is interesting you should ask. I do have one which is getting to be a bit older and is not bringing in the income I would like.
Agent: That's interesting. You know, we see that in the area, especially with some of the newer up and coming units close by. Tell me a little bit more about that property. How long have you owned it and what would be your ideal
replacement for it?
Owner: I've had this one for apx 15 years. I should have gotten rid of it several years back. It's a 3-bedroom 2 Bath in average shape compared to other homes in the area. I would really like to find something similar in size and style but over in the College District closer to where the students like to live. How much do you think I could get for this one in today’s market?
Agent: That's a great question. I would be happy to look into that for you and meet up with you one day when you have a few minutes. Would Thursday or Friday at 2 or 3:00pm work for you?
Owner: Yes, I have time on Thursday at 2:00pm
Agent: Wonderful. I'll put that on my calendar then. By the way, Mr/Mrs_______, so that I am fully prepared for our meeting, if what I say makes sense and you are comfortable with the estimated net sheet and my marketing;
are you prepared to put that on the market with me when I come out on Thursday?
Owner: Sure, I'd like to hear what you have to say, but I would be willing to do that.
Agent: Great. Are there any other decision-makers who need to be present or is it just you?
Owner: No, it is just me.
Agent: Perfect. I look forward to seeing you on Thursday at 2:00pm
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