With rental prices skyrocketing and people shelling out more and more for rent, agents are right to wonder why some don't just buy? Rental clients are a great place to nurture agent relationships and guide their clients from a rental into the era of homeownership.
Game Plan for Rental Clients
Start out with a game plan to guide your rental clients. Sit down with your clients and figure out what they're spending on living expenses each month while renting. Once this number is concrete, it'll probably be clear how much can be spent on a mortgage, etc. The hard part is that it's difficult to save for a down payment when paying high rental costs, but luckily FHA loans exist so that mortgages can be secured with low down payments. Rental clients can become buyers with a clear game plan of what to do, how to save, and what to look for.
Maybe agents will go as far as to help potential buyers get into a rental that costs less for a short time while they save for a down payment. Many are willing to sacrifice for six months to a year in order to become homeowners. If some aren't ready to buy quite yet but know they want to in the near-ish future, that's great too! Agents should take this opportunity to keep in contact. Offer support as much as possible from afar. Then, when clients are ready to buy - they'll call their trusted agent.
Execute
It's time for all the hard work to pay off and execute the game plan. Agents help their rental clients find homes all the time! But now it's time to look to buy! Get your clients prequalified, stick to the budget (especially important with this demographic of buyers), and happy shopping.
Paying towards one's own mortgage is so much more satisfying than paying someone else's. Agents can really make a difference in long term client relationships by bridging this gap. The bridge between rentals and homeownership is a hard one to cross and agents can be the missing link that gets clients all the way over.
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