QUOTE (tonypeters @ Dec 18 2009, 01:47 PM) Hey Mark, This is a GREAT way to crank-up your (Lease To Own) marketing machine! But as I mentioned to you before (and for the benefit of other forum members), you should consider increasing your finder`s fee for Realtors. I would personally recommend you increase your finder`s fee to a minimum of $2,500.00. You may want to consider a sliding (incentive) scale for better quality Tenant/Buyers. Tenant/Buyers that are working with larger down payments, and/or a better credit score. Remember the "Wii-FM" (what`s in it for me) factor I spoke of before? If the finders fee is not big enough, there will not be enough of an incentive for Realtor`s to want to participate. Fact of the matter is…there are MANY realtors out there, and many of them have or know of people that are unable to qualify for a mortgage today, but they like the idea of "owning their own home" instead of renting. So you may as well tap into this huge pool of potential leads!
By doing so, you will not have to spend as much on your (Lease To Own) "marketing machine".
The other thing to consider, by offering Realtor`s an incentive…Everybody Wins!
You may also want to consider the idea of initiating contact with the owners of real estate brokerages in your area. By doing so, you can introduce yourself and your creative and unique "Lease To Own" program. Every real estate brokerage conducts meetings with their agents on a regular basis and they are ALWAYS looking to bring in new guest speakers, and speakers that will otherwise compliment or benefit the agents and the brokerage.
If you show them how you can provide them with a "competitive" edge over the competition, I can guarantee you will get their attention!
The key here…is to set your self apart from the "Real Estate Investor Masses".
How do you do this; by being and doing something different! How do you think I know this?
You do not have to offer (up front) incentives for mortgage brokers, because they will get paid when your Tenant/Buyer is in a position to qualify for a mortgage. As a result, the mortgage broker will get paid by somebody else (the bank or the finance company) at the back end of the deal.
Once again…Everybody Wins!
There seems to be a "COMMON" theme here…doesn`t there?
Just a few more ideas for you and other forum members to include in your…"Creative Real Estate Investing Tool Pouch!"
Hey Tony
Good advice and I enjoyed our conversation yesterday.
I am going to offer finders fees for every one of my properties that someone can put a quality tenant buyer in. For the most part it will be a $1,000 finders fee but may change in the future depending on the type of property. I will also make that finders fee slightly higher for anyone with a license such as a mortgage broker, property manager, realtor and will also extend that out to REIN members. It is actually going to become part of my company slogan. Cash talks and every person that reads the slogan suddenly becomes a salesperson working for me.
