At a recent Never Use Your Own Money Again training, I set a challenge to see who could book the most viewings. Renato and Ana booked the most viewings, so as a prize, successful property investor and mentor Ricci Mandal agreed to go with them to an amazing rent to rent viewing they found.
Often I find that people are a little confused as to how exactly to go about viewing rent to rent leads. Sometimes people don’t know what to say or how to say it. Therefore in this article, we will take a look at exactly what you need to do on a viewing for a rent to rent property.
1. Booking the viewing
In a recent article entitled How To Find Rent2Rent Deals! Winning £200 for 52 Leads! I explained how to find Rent2Rent leads on a site called OpenRent. OpenRent allows you to contact landlords directly, rather than going through an estate agent. So as I explain in that article, the first step is to find the leads and the next step is to contact as many landlords as possible. This isn’t the time to do detailed due diligence, there is no point doing due diligence if you don’t even know if the landlord will say ‘yes’ yet.
There are other sites that you can use such as SpareRoom, which also allow you to contact landlords directly. You need to be clear that you are looking for a corporate let, but now isn’t the time to get into detail about the rent to rent strategy.
Here is an example script you could use from Everything You Need To Know About Rent To Rent:
“Hey, I’ve just seen your property on [property site]. Would you be interested in receiving a fixed guaranteed rent or maybe selling your property all together? If so, please text back and let’s jump on a quick call. [your name]”
2. Viewing the property
Renato and Ana were shown around the property by a property manager, rather than the landlord themselves. When this happens, you will need to speak to the landlord following the viewing to secure the deal.
During the viewing, try to find out as much as you can about the area and the type of tenants that area, or the block of apartments, normally accommodate. Assure the owner or whoever is showing you around that you have measures in place to ensure anyone staying in your corporate let will be respectful to neighbours and the neighbourhood.
Try to find out if the landlord owns any other properties in the area which they might be willing to let out on a similar basis. Remember, even if you don’t have the capacity to take on more deals, there may be an opportunity to package and pass on leads.
3. Securing the deal
Finally, you need to secure the property. You will need to talk to the landlord about how rent to rent works, and see if there is room to negotiate on the rent in exchange for you taking on maintenance. If the landlord is happy to go ahead in principle, you will need to do extensive due diligence on the property and the area before getting back to them with your offer.
You will need to negotiate with the landlord until both parties are happy. If the numbers stack up, go ahead with the deal. If not, don’t be afraid to walk away. Once everything is agreed and contracts are signed, it is time to celebrate your first rent to rent deal!
