Have you been receiving a lot of rental leads? Are you guilty of discarding them immediately? Don’t worry you aren’t the only one! However, you shouldn’t dismiss them as the rental market has so much untapped business and potential. Many renters are ready to own they just aren’t fully aware of the many different financing options that they have and are somewhat uneducated with the home buying process as a whole.
There is so much potential clientele in the rental market, all you need to do is put a little extra work in. Keep these 3 strategies in mind when you meet with renters:
1. Seek guidance from your preferred mortgage lender
They can explain the options your renters can take advantage of. Having them speak with an expert on how they CAN afford to buy will help them overcome their doubts in that department.
2. Compare and contrast rental rates with mortgage payments
This will certainly open their eyes to where their money is going and that they can afford to spend a little bit more to invest. Don’t just tell them, SHOW them. Use real life examples.
3. Explain, step-by-step, the home-buying process
Many view the home-buying process as extremely overwhelming, which it is. Sometimes all it takes is creating a roadmap or an outlined step-by-step process as to what the home buying process entails. This will also help to show your clients what they can expect from start to finish.
By using these 3 strategies you have a greater chance of converting a renter into a first-time home-buyer!