Real estate agents often get calls from people looking for rental units, and many feel these clients are a waste of time. For example, not every landlord will pay a commission, and few renters offer to pay for a real estate agent’s services. However, before you dismiss a potential renter who is looking for guidance, consider the long-term possibilities of such a client.
Not everyone who is looking for a rental wants to rent forever. In fact, there may be good reasons to believe such clients are in the market to buy a home in the near future. Working with renters and staying in touch with them may help you build a viable pool of homebuyer leads.
Who are renters?
Chances are that the client you help with finding a residential rental home is already thinking about moving again soon. In fact, according to one study, almost half of renters already know when they sign the lease that they want to move when the lease expires. One third of them are determined to buy a home within the next year, and many more have considered the possibility.
Your guidance may help dispel the uncertainty for some of those renters. In fact, renters are more likely to think about buying a home under the following circumstances:
- They have just moved into the state and want to get to know the best areas to live.
- They have just combined their households with a partner and are planning a future together.
- They have children under the age of 18 or are planning to have children, and they want space for their family to grow.
- They own pets, particularly dogs, and are finding that too many rentals place restrictions on pet ownership.
Even if the clients you assist are not looking to own a home, they may be living near other renters who are in the market. Real estate agents get much of their business through referrals, and your excellent service may help build your reputation among tenants who are on the move.
The next step
Once you have helped a client find a rental, you can check back about six months later to see how things are going. Is the tenant happy renting? Have they given more thought to the idea of owning their own place? Would they like to get together and discuss their goals?
Often, those who rent do so because they have some misconceptions about what it takes to own a home. Perhaps they are concerned about their credit scores or the complex process of getting to closing. Your patience and enthusiasm may be just what it takes to turn a renter into a happy homeowner.