This is part 5 of my series designed to enhance your understanding of lease options. I’m using a lease options one-pager I originally created when I was speaking at a seminar a couple of years ago.
Today I’m talking about marketing the property you have under contract for lease option. If you’re doing an assignment, you market the option. If you do sandwich lease options, you market the property.
I recommend making a checklist for the steps involved in marketing. Not that it’s so complex, but we can all use a little more organizations in our lives, right? The SLO Course includes my marketing checklist.
Just like in any real estate transaction, there are disclosures that must be made and usually some minor repairs to do. The checklist shows all tasks and who’s responsible for doing them.
A good and cheap method for marketing a rental is signs. Put signs in the yard of the property and around the neighborhood. Use bandit signs in areas further away from the house.
I recommend you use REI Simple CRM if you’re going to be doing a number of lease options. It answers calls with a message and texts callers back. It captures caller’s numbers and sets up a follow-up time.
You need a website that features the property with photos or a video tour. There are numerous ways to set up websites… 2 that I use are Investor Carrot and REI Simple.
Facebook Marketplace and Craigslist are good places to advertise. The property can be listed under rentals and for sale by owner. I’ve tested whether photos affect ad response with interesting results.
You can answer calls and send out applications yourself or hire a leasing agent to manage it. That’s up to you. Find leasing agents at REIA meetings or use an online employment listing.
Listen and learn:
- Step 5 for lease options is marketing the property to a tenant buyer or the option to another investor.
- Recommendations for advertising strategies are included… and you don’t have to spend a lot.
- If you haven’t found a tenant buyer in 4 weeks, you need to step back and review the deal.
- Use a checklist to be sure all the necessary steps are done and done correctly.
Mentioned in this episode:
- Joe’s podcasts on iTunes: Real Estate Investing Mastery Podcast
- Get Joe’s book: WLOBook.com
- Lease option website: JoeLikesCarrots.com
- Recommended CRM: REISimple.com
- Joe’s Wholesaling Lease Options webinar: SLOClass.com
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