Strategy #18 - How to Find Leads by Contacting Properties for Sale ( 9 minutes)
When it comes to generating leads for your rental property portfolio, contacting properties listed for sale—especially those with other agencies—can be a highly effective strategy.
By approaching this ethically and strategically, you can position yourself as a trusted property manager ready to step in if the property doesn’t sell.
Sales agents' job is to sell the property and do everything they can to do so.
A good sales agent will offer the seller the option to potentially rent out the property if it’s receiving very few enquiries.
They can still sell the property with the tenancy in place and then target investors, or they’ll advise placing the tenant in the property and reviewing the sale market again in a few months.
There is a high number of sales agents who don’t offer this, as they would prefer to sell it vacant, and they can also feel as though they’re losing income.
In this strategy, we’ll break down this approach into five practical steps to help you grow your rent roll.
Step 1: Investigate Properties Ethically
Before reaching out, ensure the property is eligible for contact. Here’s how:
• Check for Tenancy: Review property listing portals to determine if an agent is seeking a tenant or if one is already in place. If there is, the property likely has an active management agreement, so do not contact the seller.
• Talk to Your Sales Team: If you have an in-house sales team, ask if they’ve had any prior interactions with the seller. Your agency sales team may have had contact with them in an attempt to sell the property and didn’t get the listing, or they could be a previous contact.
• Read the Advertisements: Listings often indicate whether the property is targeted at investors or owner-occupiers, which also helps you determine if it’s advertising at a current rent.
• Send a Discreet Enquiry: Use a separate email address or call to ask whether the property is currently tenanted.
Important: Only contact properties that are owner-occupied or vacant, avoiding any that already have an active management agreement.
Step 2: Make the First Contact
Once you’ve verified that it’s appropriate to contact the seller, reach out:
• Congratulate Them: Start with a friendly call or letter acknowledging their property is on the market.
[Script] “Congratulations on listing your property! Best of luck with the sale—it looks fantastic.”
You're also clear at this point that you’re from the property management department, not sales. You can also add that you hope an investor will purchase the property, as it would make an ideal rental property. You often share properties for sale that would be ideal for rentals, and you wanted to let them know.
• Be Helpful: Offer light suggestions if the marketing needs improvement, but keep the tone
supportive. I’ve often met people selling a property at another sale open that they’ve attended and I’m at, and I’ve even offered a complimentary marketing suggestion, where I can come around and give a complimentary walk-through with some tips and advice. This works well if the property has been on the market for a little longer than expected.
• Identify Yourself Clearly: Emphasise that you’re from the property management department, not from real estate sales (this is very important). You can use that you are from the Investor Support Department.
This initial interaction lays the groundwork for building trust and rapport.
Step 3: Time Your Follow-Ups Carefully
Timing is everything when contacting sellers. Reaching out during the initial ‘hot sale’ period is unlikely to yield results, and you also don’t want to be stepping on the toes of sales agents, as they’re in the just-listed-to-sell mode and don’t want anyone interrupting their flow.
Instead:
• Understand the Market: Research how long properties typically take to sell in your area. Also, consider that if you’re reviewing a property that is above average in selling price, the sale range expands more.
• Plan Strategic Touchpoints: For example, if the average sale period is 90 days, schedule a follow-up call around the 60-day mark when sellers may start feeling anxious about not getting the sales results they were after.
Hot Tip: When you’re having one-on-one meetings with sales agents, this is the perfect time to learn from them about days on market.
By approaching at the right time, you increase the chances of a productive conversation.
Step 4: Offer a Solution
When you follow up, focus on providing value:
• Ask About Progress: “How is the sale going? I was simply checking in to see how things are going. Have you had much interest?”
• Introduce Renting as an Option: If the property remains unsold, suggest renting it out as a temporary or long-term solution and provide the expected rental amount.
One way of making the suggestion is by asking if they’ve considered earning an income from the property while it’s for sale.
Position yourself as the expert offering practical advice when they need it most, and remember that the sales agent may not have presented this option yet.
Step 5: Stay in Touch and Provide Value
Consistent communication is key to converting leads into clients:
• Regular Follow-Ups: If the property hasn’t sold after 30 days, check in again.
• Offer a Rental Evaluation: Provide stats about the strong rental market and how their property could perform as a rental.
• Share Educational Content: Keep them informed with relevant market updates and rental insights. These can be examples of properties that you have listed and leased in the same area.
Power Tip: During your interactions with them, invite them to follow your social media accounts. This way, they can stay up-to-date with your market updates, investment knowledge, and educational content you share. Always about being top of mind and adding to the trust factor.
Staying in touch demonstrates your expertise and keeps you top of mind when they’re ready to consider renting. When they see that your office is also doing investor evenings, this will also stamp your authority in the local marketplace.
Need help implementing this strategy or growing your rent roll by adding coaching, accountability and tracking to your results?
Visit LeadMachineSystem.com for what we offer you or book a chat directly with Deniz at LeadMachineChat.com.
Let us guide you to reaching your rent roll growth goals.
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