Each interaction an agent has with a client has the potential to yield future business. Past clients come back and refer other clients to a trustworthy agent. Rental clients may have great potential to become profitable buyers in the future. Renters have many reasons why they choose not to buy a home. Discover eight savvy strategies to turn rental clients into real estate buyers.
Become a Go-To Agent for Renters
Renters have specific needs, and the right agent helps them find the ideal situation. An agent who becomes a go-to agent for renters has an opportunity to connect with these future buyers. Find out about the current rental market. Stay in touch with investors, builders, and landlords, who may have viable rental opportunities. Maintain an inventory of desirable rental properties to appeal to the pickiest corporate renters. When renters trust an agent to find the perfect rental property, they will contact that agent when they are ready to buy.
Educate Renters About Real Estate
A myriad of real estate myths and misconceptions may hold renters back from buying a house. Rental agents must educate renters about real estate, so they have all the facts. Often renters believe they need a sizable down payment and a stellar credit rating to buy their first home. Talk to renters about opportunities to purchase homes through programs offered by the VA, FHA, and other entities that help first-time homebuyers get into a house. Renters are often less hesitant when they know owning a home could be a realistic goal.
Stay Connected to Renters
Remember to stay in touch with rental clients after they move into a house. Offer free publications and newsletters about the real estate industry. Connect with rental clients on social media and share updates about the market. Offer a small housewarming gift with a business card after the renters get settled in their new place. Remember to send holiday and birthday wishes to maintain the connection. When renters are ready to buy, they will remember the agent who continued to care about their housing needs. Better Homes and Gardens® Real Estate affiliated agents have a variety of digital marketing tools at their fingertips to help them make and maintain meaningful client connections.
Curate Compelling Content About the Market
Facts and persuasion are two of the most powerful ways to transform rental real estate clients into buyers. Gather the facts by curating the most compelling content about the current real estate market. Quote relevant resources renters will recognize. Create a blog and social media entries to share the latest data and personalized insights to help potential buyers make educated decisions. Explain what the content means and the advantages of purchasing property over renting to encourage renters to make the transition.
Share Relevant Resources
Many renters wind up renting because of a lack of relevant resources. Rental agents should create a web page or pamphlet with resources for renters to find out about buying a home. Include local, state, and government offices that might have programs to help buyers. Make a list of publications and websites offering tips to first-time buyers. The more information renters have, the most likely they will find a way to own a house rather than rent.
Tap Into a Network of Helpful Professionals
Rental agents should tap into a network of helpful professionals who can help them transform renters into buyers. Connect with neighborhood lenders, mortgage bankers, attorneys, builders, accountants, and investors to provide a myriad of resources to rental clients. Encourage reciprocal referrals from this network of professionals to build businesses and the community.
Learn About Lending
Qualifying for a mortgage is one of the most significant concerns of renters. A rental agent who knows about loans can help renters make smart choices about their housing situation. Talk to mortgage bankers and lenders regularly to learn about new programs and updates to existing ones that could help renters buy a house. Find out about creative lending opportunities, such as renting with the option to buy. An agent who can help renters qualify for a mortgage is sure to get this future business.
Prove the Value of Owning a Home
Some renters appreciate the flexibility and freedom of renting over owning a home. A smart rental agent proves the value of owning a home, such as building equity through ownership and an improved credit rating. Even short-term renters who choose to buy can reap these benefits within a year or two of homeownership. Renters also enjoy a different type of freedom when they own a home where they can decorate and live as they choose.
Use these eight strategies to help rental clients realize the benefits of buying a house. Agents who help renters make this challenging transition are sure to enjoy repeat business and referrals.