The renters market is often forgotten because agents assume they don’t want to buy a home.
How do we target renters that want and are able to buy?
Everyone’s goal is, and if not should be, to own real estate whether that be a home, condo, etc. There is more money to be had if you own property. A myriad of people begin this home ownership process by renting, but they tend to get stuck in the cycle. Every month they continue to hand over money to their landlord rather than paying a mortgage. What a lot of renters do not realize is just how affordable a home can be and many agents just assume they do not want to buy. So, how do we target renters that want and are able to buy? Check out some tips below!
Lease Renewals
For agents, this will be easy. All of their clients leases come to an end usually every year and they are given the option to renew or move out. This is where you begin sending information whether it be emails or postcards about homes for sale in the area they live or are looking to move to. That way, if extending their lease is the only thing on their radar they have something to look into. It is all about getting their attention and showing them just how affordable a home can be. After sending them information, follow up with them in a couple of weeks and see what they are thinking. This forces them to keep doing their research and helps them realize that buying a home will be a smarter financial investment in the long run.
Affordability
What a lot of renters do not realize is that homes are not way out of their price range. Sure they cannot afford their dream home right away but they can start small and continue to grow. Begin sending promotional items to renters where they can see if they are able to get pre-approved for a mortgage. Something that differs between renting and owning is that down payment that scares renters. While it seems like a big number at first, the more you put down the lower your monthly mortgage. It is not uncommon for renters to be paying more to a landlord than they would toward their own mortgage.
After sending pre-approval items to renters, follow up with a phone call and include the great rates they can get on a mortgage loan. The “good” part about paying down your mortgage is you are essentially paying yourself rather than just throwing money at a landlord. The goal of this targeting method is for renters to understand that they can afford to buy and it is going to be a smarter decision financially.
Conclusion
By targeting renters whose lease is almost up and sending out promotional materials for mortgage pre-approvals, renters will become buyers. A lot of people think they have to start out renting a small apartment, then graduate to something a bit bigger, then eventually purchase a home. Just because a renter cannot afford their dream home right now does not mean they should hold off on buying a nice, conservative home. Agents need to help renters realize that not only does buying a home make a smart investment, but it is not as far of a financial reach as renters may think.
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Call us (407) 380-2800 or visit www.premiumproperties.com
