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.