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How Can You Turn Renters into Homebuyers?

Most renters generally like the idea of homeownership but they’ve put it off or incorrectly think there’s no way that a bank would consider them for a mortgage.

NEW YORK – Most renters generally like the idea of homeownership but they’ve put it off or incorrectly think there’s no way that a bank would consider them for a mortgage.

Agents can use several strategies to turn rental clients into real estate buyers, such as educating them about the real estate market, including opportunities to purchase homes through programs offered by the VA, FHA and other entities that help first-time home buyers.

After clients rent a house, agents can offer free publications and newsletters about the real estate industry. They can also connect on social media to highlight the advantages of purchasing property over renting, such as building equity through ownership and an improved credit rating.

Agents can also offer a small housewarming gift with a business card and send holiday and birthday wishes to maintain a connection.

Because many renters continue to rent because they lack relevant resources, agents can create a webpage or pamphlet with resources for renters who want to learn more about buying a home. The site should feature local, state and government offices that might have helpful programs, along with a list of publications and websites offering tips for first-time buyers.

Agents can also connect with attorneys, builders, accountants, investors and other professionals that can provide a variety of resources to rental clients. Encourage reciprocal referrals from this network of professionals to build businesses and the community.

Some people, of course, don’t plan to become homeowners. Agents should also be familiar with the current rental market and maintain an inventory of desirable rental properties.

Source: Better Homes and Gardens Real Estate Blog (05/21/2020)

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