Mortgage and Mediation

Turning Renters into Buyers

I recently had a brainstorming session with a couple of top producing Realtors to talk about renters, why they rent and how can we help them move forward into buying a home. We started the process by working with a title rep to understand how many renters we were talking about in the area which included SFR, Condos and Apartments.  Once we knew how many renters we were talking about, we wondered why they are renting and not buying and how can we help these folks understand the benefits of buying and/or what was keeping them in a rental. 

We started with apartment renters:

We assumed that some folks like renting or they think they do.  It’s convenient except for the loud neighbors that have parties or the heavy walker that live above you, something breaks down and hopefully the landlord has someone in due time to fix the repair and you don’t have to, the amenities like pools, spas and health club facilities are available but you do pay for them and don’t forget all the parking that is available, until someone takes your parking spaces and you have to park a small hike back to you place.  And let’s also not forget the  storage space you have rented that is costing you monthly for all that stuff you can’t fit in your rental and the pet you can’t have but always wanted.  (We also assume as we know, that some are looking to the future and working towards buying and doing very well in planning and some are very comfortable renting and really aren’t in a financial position to buy).

Ok then……

I believe our renter is now saying, “Why the heck am I not owning my own home?  Renting kinda suxxx!”  And that is where we start farming the apartments with “Gotcha” marking materials.  Catch their attention, “What about that pet you always wanted and should have”, “Credit Score Fear, let’s work together to see it soar into that new home”, “Need some motivation, we have a truckload for you” and make sure your graphics are great.  Better yet, find a targeted renter to help you with the project.  Help them feel important.

And then Karen pulls the credit of the renter helping with the project and we find it isn’t as bad as we thought, it is actually pretty good.  And Karen looks at our budget and we brainstorm on ways to save money if we can and we talk about our short-term and long-term plans financial plans.  Now we are getting somewhere.  We talk about our lifestyle and where we see ourselves in 5 and 10 years and that pet that we would like.  All of a sudden, we have no fear, we are confident that we can buy a home and possibly save money after getting rid of the storage space and the paid covered parking and shared extras with all the other renters.  And we won’t have to hear Paul upstairs playing golf in his living room all hours of the night or his tv that is turned up too loud and I can have my own garage.  Wow, I’m excited!!!!  Let’s move forward with a great Realtor that fits our style.  And Karen finds that perfect Realtor and now we have a client for life. 

I just made a wonderful new relationship, a new client and my new client knows her apartment neighbors and probably has friends in apartments and so on and so on.  You see it isn’t just about making another $ first.  It’s about relationships, which come from trust and then the $$ will follow in abundance.   

See you tomorrow,

KB

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February 19, 2007 Posted by | credit, fear, first time homebuyer, home, loan, marketing, mortgage, purchasing, realtor, relationships, renters, trust, Uncategorized | Leave a comment