Fifth Day - 9/27/2006

Apparently due to Brokers renewing their licenses and new rules regarding license issuance, there is a huge backlog at the MREC. Apparently I can expect to receive my Broker license no earlier than mid October.

Todd and I went to look at a FSBO property on North Kingshighway this morning. The owners are looking to exchange into a strip center from the 20+ unit apartment building. The property is advertised as partly improved and we looked at one of the “improved” units. It appears that a lot of the repairs have been cosmetic with a few broken windows.

Todd had apparently looked at the property previously and had some very interesting comments about the status of the building, its operations and the location.

We returned to the office and practiced a few more calls and planned additional responses to “nos.”

I spent the afternoon walking around a couple streets in my farm area collecting for rent addresses and phone numbers. For Rent signs are a great way to generate leads for a number of reasons. First, the numbers are readily available and it shows if the building is managed by a PM or by the owner etc. Second, one or more units are empty and the property is cashflowing less than the maximum amount which might create a negative cash flow situation, aka motivated seller. Third, there is at least one unit vacant meaning if a meeting is set up, you can see a unit without interrupting a tenant and have a quiet/private onsite location to discuss a listing.