We often deal with landlords when we are looking for investors that are buying rental properties. Calling landlords is always a great way to add to and diversify your buyers list. I want to look at landlords as being a source of motivated sellers as well.
There are usually two conditions that will cause a landlord to become a tired landlord or motivated seller. The first is when they are dealing with really bad renters. The renters have torn up the property or they have been constantly late on the monthly rent payment. Whatever the case, the landlords are tired of dealing with renters. The second type of tired landlord is one that is older and has been dealing with rentals for many years. Sometimes these landlords just need a little push to get them to sell their properties. Here are some questions you can ask when you start reaching out to landlords to give them that little push.
- I see you have a property for rent; I was wondering if you have ever thought about selling that property?
- Do you have other properties that you would be interested in selling?
- Especially with the older, tired landlords, they my have many properties they are looking to get rid of, so make sure you ask.
- Do have any friends or business associates that may be interested in selling properties?
- Make sure you are always networking for more properties that may have a motivated seller.
- Are you still picking up properties currently?
- This question if very important, especially if the answers to all the other questions are no.
When you call landlords make sure you go through all these questions with them. This is a great way to find motivated sellers and continue building your buyers list.