How to Make a Renter a Buyer
Renters are a major untapped potential to turn into buyers now and in the future. There are studies that state that buying is still better than renting in most states. Affording a home by either renting one or buying have challenges that are weighing on the housing market. Many home buyers and sellers contend with either being unable to sell their home at the price they want or for renters to find a home within financial reach.
With that in mind, remember that renters are a vast market for leads. Every request for information on a rental property that your company handles is a serious possibility. While millennials are moving towards homeownership, many can only afford to rent. This means that there is a large portion of potential homeowners at your fingertips. If you can work with these clients now to help them find the perfect rental property, you’ll know exactly when their lease will expire. This puts you in prime position to contact them about buying a home as their rental period comes to a close.
Before you start working with rental leads, decide at what rental price level you want to work with. This means you should work with clients who are looking for a rental unit priced at a certain level and above. Choose a rent price that is higher as their income will probably be enough for them to afford a down payment eventually. If you are not assisting in the rental search, make sure you at least introduce yourself and get the vital contact information. Make sure to stay in touch with the renter throughout the process. After they’ve found their dream rental property and moved in, send a small gift basket to congratulate them. This sets up a warm relationship between you and them and will give you something to build on in the future.
When your clients have settled in, add them to your latest drip email campaign so you can stay in touch. Invite them to follow you on your social media pages. Send periodic emails that includes articles with tips for saving for a down payment or how to fix your credit for buying a home. You are now enticing them to begin their journey to home ownership. After they’ve been renting for a few months and getting closer to the end of their rental contract, contact them directly to ask if they’re interested in buying. Since you met them way back when they first started renting, you have a pretty good idea about what they are paying, where they live and what they like in a home. This gives you a great advantage in helping them in their home search. You can always entice them with properties you’ve selected and show them how much they could be saving by owning instead of renting.
Rental leads can provide a great way for you to increase your client list in the long run. Too many realtors do not focus on rental leads. This leaves an untapped market that is huge for you to explore.
At Everest Direct Mail & Marketing, we can help with the development of rental leads. Direct Mail Marketing is one of the best advertising strategies you or your business could utilize to reach customers and prospective clients. It is cost-effective, versatile, highly customizable, quick and easy to set up, reliable and helps you stand out from the typical marketing routines of your competitors. The advantages of direct mail marketing are limitless! Also, the results of your marketing efforts can be measured and tracked easily when using direct mail – no more complicated analytics or time wasted wondering what works and what doesn’t. In the spam-riddled world of today’s online marketing, using direct mail to publicize yourself makes every cent of your marketing budget count with a high chance for a strong return on your investment.