What to Do When a Property Owner Rejects Your Initial Offer to Buy an Option

You must understand that when you make unsolicited offers to purchase options on properties that are not advertised as being for sale, there is a better than 50 percent chance that your initial offer will be rejected. In fact, I consider a 5-to-10 ratio—which means that for every 10 property owners you approach, 5 will accept your offer—to buy an option probably to be overly optimistic. My acceptance ratio is more like 2 to 10. And this is why, to be successful in this business, you must learn how to overcome property owners' objections and outright rejection of your offer to buy an option. The best way that I know to do this is to become consistently persistent by sending owners brief follow-up letters every 30 days stating that you are still interested in buying an option on their property. You want to maintain contact with property owners who initially reject your offer to buy an option because their situations and circumstances can change in an instant, and your offer, which was rejected out of hand last month, may be perfectly acceptable this month. I am very persistent, and I once sent a property owner 10 follow-up letters before she sold me a low-cost option. The reason for her change of heart had nothing to do with me directly. Her sister, who lived in Georgia, became sick, and she had to move there to take care of her. It just so happened that she received my tenth letter on the very same day that she was notified of her sister's illness. And because I had not rolled over and given up when my first offer was shot down, I was able to realize a fast $15,000 profit for my resolve and stick-to-itiveness!

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