Most agents don’t want to talk to For Rent By Owner prospects but they are actually an untapped source of quality leads that are still open to talking to us. Is the dynamic of the call different since they aren’t getting hounded by multiple phone calls? How do we use FRBO leads to build long-term relationships? On this episode, we talk about how to generate high quality leads through For Rent by Owners.
FRBOs are open to having a conversation with you, as long as you’re inquisitive and there for their best interests. -Greg McDaniel
Three Things We Learned
Why FRBOs are a win-win
Whatever answer you get from a FRBO is a win-win. First you’re building a relationship. Secondly, you can help them rent out the property. You won’t make a lot of money but you will build a relationship with someone who can bring in more business in the long-term. If they say no, go in for the real kill and ask them if they are interested in picking up another rental property.
Why FRBOs are less resistant than other leads
There’s a lot less resistance with FRBOs than any other lead type. Their minds are already in the real estate realm so you don’t have to start or restart a conversation with them.
The power of follow-up in the FRBO strategy
FRBOs, if done right, are going to create long-term business opportunities with multiple leads. But if you’re going to talk about a long-term strategy, the fortune is in the follow-up. We have to stay top of mind by scheduling our communication and reaching out.
If you want to build a portfolio of investor clients who are always looking to buy, even when the average consume is scared out of their minds FRBOs offer that opportunity. They will still want to jump into the market even when it’s shifting and they are already thinking of buying and selling so it’s easier to build rapport. Right now is the time to lay foundation because no one is calling them right now. If we can think of it as long-term business, these relationships can be very fruitful.