Buyers Are Everywhere!!
I keep hearing and seeing that it is a buyers market however, there are buyers everywhere. I just ran an ad for a rental property I own and received 47 calls in 3 days. AWESOME!! Needless to say I rented my place immediately and tried to pick the brains of the other 39 people as to why they are choosing to rent?? I referred 3 of them to a real estate agent in my area. Guess what they all are…BUYERS!!
Top 3 Renter Responses:
- My credit sucks
- I do not think I can buy a house
- At 29 I do not want to live with my parents anymore
My responses: Are you sure your credit sucks to the point of not being able buy a house; Why are you thinking and not finding out if you can buy a house; and how cool would it be to never have to rent and go right into home ownership.
I Coach and Train this way: In a Sellers Market, everyone is a potential client. In a Buyers Market, everyone is a potential client. Pretty simple huh?? You have to knock on the door and call every single apartment complex, rental unit and find all the tenants you can to let these people know NOW IS THE TIME TO BUY!! It is a buyers market, there are deals everywhere and interest rates are still incredibly low….myself and my loan officer can be at your apartment Wednesday at 4:00pm or Thursday at 7:00pm??
You as a Real Estate professional have to understand that you MUST educate the public on how the market works and functions. Most people assume they cannot buy a home or qualify for a mortgage when in fact most of them can. Stop allowing the consumers in your area to ASSUME things…make them KNOW things!!
Renters need GOOD AGENTS! What a huge opportunity for the agent willing to door knock and educate.
Isn’t it amazing that by simply ASKING a homeowner why they are making the decision they are, you can easily determine that they may not be taking the best course of action? Agents…you need to do what i call “Listen, and Target”. Listen to their situation, target what is most important to them, or what they are missing…and conduct business accordingly. You may even make a friend (or referral) in the process!
As a real estate investor, I own multiple rental properties. All and I mean all of my rental properties are always for sale. But, only to the tenants who live in them. The reason for this is because, I believe everyone should own a home and eventually can own a home. If the tenant can not immediately finance a home I educate them on how and what they need to do in order to receive financing. This can be done with all renters. Some day those renters will get there credit in order and guess who they are going to call to buy a home? Me, me, me. How sweet it is when one of my renters calls me and says I have paid down my debt, fixed my credit, saved a few dollar and want to buy your house. This can happen to every real estate agent who contacts those renters and educates them. So keep gathering leads, making new contacts and educating the public. Do this and you will soon get those folks calling you back to buy a house. Make today your personal best.