There's one thing we've all done as human beings, living in the United States of America. I guarantee every adult has thought about this at some point:
They've thought owning a rental would be super cool.
Even if they're not homeowners yet, they've thought it would be nice to be on the other side of the equation — and not be paying rent, but also receiving rent.
So this makes for a great conversation. And there's something interesting that's happening in the world today, which we don't talk enough about in the real estate world, which is this:
A lot of millennials and the next generation of buyers coming in are being taught and embracing this concept that they don't want to own their own home.
They wanna continue renting their own home because they want a mobile lifestyle. And they wanna be able to move from New York to Miami to LA. They wanna surf around and have that mobile lifestyle, but they wanna own a couple rentals.
So we might see a generation of buyers that don't actually become homeowners themselves, but become real estate property owners because they own real estate. Like owning Airbnbs for instance.
So this question I'm gonna pose to you is such a great question when it comes to everybody in your database. Here it is:
You should ask everybody in your database -- either by text or by phone or through social media or all three -- asking this question:
"Have you ever thought about buying a rental?"
Almost everyone will say, "Yeah, you know what, I have thought about buying a rental."
And here's where it gets juicy (and profitable):
They'll put a little "but" in there.
They'll say, "Yeah, but...
a) I don't think I could finance it.
b) I don't have a down payment
c) I don't know where I buy them
d) Prices are too high
e) I don't know how I'd rent it, manage it, or anything else.
And that's great. Now they've given you their objection, or the reason they think that they have an obstacle in their way. And you're the problem solver!
You could say, "Hey, I understand. I've had a lot of clients that have felt exactly the same way you do. They felt like that was a little bit of an obstacle. But if I could guide you through that, would you be interested in being a property owner? Because I could do that for you. And it'd be really interesting to walk you through that process."
Now you get them on board.
And I guarantee you that out of your entire database, if you got a couple hundred people in your database, there are 10, 20, maybe even 30 people that want to be a rental owner.
Once you get a couple people on board and you document the process as you're out showing homes, duplexes, or single family homes, let people know what's going on.
Make a post like this:
"Hey, I got some friends of mine. We're out looking for homes today. They wanna buy their first rental. I'm super stoked to work with them."
Get people involved with what you're doing and inspire them.
And by the way, us real estate entrepreneurs should also buy real estate every year for ourselves. Every year, buy one rental property and document that process. That way, your clients see the process of what you're doing. It'll get people excited, fired up, and motivated about working with you.
There's another idea for you for today. Hope you go out there and crush it.
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