I found this great article on how to convert renters to buyers in this market.
How to convert renters to buyers in this market.” Well, ask and ye shall receive. So let’s talk about it. Its no secret that there are 2 things happening in this area of the country. #1…home prices are increasing along with a lack of inventory and #2…there are a TON of people moving to this area for jobs, and will continue to do so. Many people who move here are either not sure of their status in terms of staying, or are shocked as to the housing prices compared to where they came from. The Washington DC area is currently the 3rd most expensive area in the country behind San Francisco and New York City. Having said that, the same goes for rents! They are high priced as well. So how do you convert renters to buyers with that mentality?
Ask a lot of Questions!
Just like in anything else…ask a lot of questions. You have to find out WHY the person you are talking to is renting…and WHY they want to continue to rent.
These are all “qualifying questions” that you can use to find out someone’s motivation for renting. Then you can inform them of what you know is true and how you can add VALUE.
Stay Top of Mind
Another way to convert renters to buyers is stay “Top of Mind.” Not everyone you talk to wants to buy a home now no matter how many facts you put in front of them. So…you have to create a contingent plan. Than plan consists of being routinely in front of that renter with follow up emails, calls, new market information because renters that all of a sudden want to purchase will cheat on your with another Realtor if you are not in front of them. I’m sure you are recalling a time right now in your head where that happened to you. Without staying in front of these people in a consistent manner it makes it even harder to convert renters to buyers.
If you have any questions, please get in touch with me; I’m always happy to speak with you.