Hello, I'm planning to hang a few signs in neighborhood stores and I would like to know how does everybody manage their referrals/ signs that you may have posted. The store owners I have been talking to want reassurance that I am not giving them a visible number in their store and not being compensated.
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TIP- take your contract, and offer and use the seller's attorney to tell you what is OK in your state and not. For beginners its a great way to get started without writing a check to a lawyer.
R~
Roger Hendrixson said:
Ray-- I agree completely. I have specialized in Lease Options and Rent to owns since 1995. Its been great ! I get paid before the deal,during the deal, and after the deal. The Brokers I work with all have been great too. They bring sellers and buyers to me on a fairly regular basis, I pay full commission up front and they love it ! They enjoy getting the commission today and not wait for 6 months for a traditional deal. But its important to know who is new school and who is old school, creative verses traditional. lol
I have experiemented with direct mail. But the thing with me, is that I usually operate from an impatient stand-point. I don't like to waste my time with "tire-kickers" and "window-shoppers". I personally like to prequalify people in advance. People may want to get out of their apartment, but do they have the resources to qualify. Remember that it's the same type of short-sighted, instant gratification, that creating the mortgage crisis in the first place. People knowing that they can't afford the home, but wanting to "keep up with the Jonses". So, I say if you still have the contacts from those people in the apartments; see what resources they have to qualify for turning their rental payment into a Lease Option deal, and then refer them to someone in their area who does Lease Option deals (after you've negotiated a referral fee for yourself, of course). There's NOTHING wrong with being a broker. I consider myself a broker in Real Estate. I connect A to B, and get my "C-Notes" aka Money when the deal is done. lol
I like the idea of location codes, will definatly try it next time out. Have you experimented with direct mail?
Someone might also like this: I purchased the mailing list for a 400 unit apartment building here in NJ and sent a postcard to each tenant. The responce was huge - 77% called for more information, explaining they wanted to get out of the apartment and into their first home. All I needed wasto buy like a quick 400 houses, still pretty funny .........
If you want to put the same type of sign in multiple stores. You can create a code (ie: X4123, etc.) on each type of flier. And use that code as a reference point (ie: "How did you hear about our company? Was there a promotional code on the flier that you saw?) when you get responses. That way; you can know what worked in the deli area, or the bodega area, or the laundromat area, etc. And then you can compensate that particular flier location. Business always want their piece of the pie. Use capitalism to your advantage.
I always start by going in the pizzia or deli each day at the same time, order the same thing, pick up the same paper and make sure I let the manager know how much I like the place. Then I ask him if is would be ok if I posted a small sign for only one week, then CONTINUE go in as usual. Post your signs outside of every apartment building within 5 miles of the property and you'll never have to worry about compensation to store owners, long vacancies or short rentrolls. ROGER~
Yea, that what they were saying... They are worried about a person calling the number and being cut out the deal. I want to create a system where I can put the same sign up in multiple stores and able to know where they are coming from.
I don't see why they would care about the number, unless they are afraid the customers will think that it's their store number.
You can always sign a paper promising them a referral fee, but it will come down to whether they trust you or not....
I mean a toll free number
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