As a new real estate professional, building a client base can be a daunting task. One effective strategy is to use the residential rental market as a way to build your homebuyer pipeline. By establishing relationships with renters early on, you can position yourself as a trusted source of knowledge and advice to potentially help them buy a home down the line.
Establishing Relationships with Renters
The first step is to establish relationships with renters. This can be done by reaching out to property management companies, offering your services at universities/colleges, and utilizing online rental platforms such as Rental Beast.
Once you form a connection with a renter, it’s important to provide them with your expertise in the housing market so they see you as a trusted source of knowledge and with excellent customer service so you leave a good impression. This will leave a mark in their mind so that when they are ready to make the jump from renter to buyer, they think of you first.
Converting Renters into Homebuyers
While your primary goal may be to help renters find a great rental property, it is important to consider the long-term potential of converting them into homebuyers. As you establish relationships, make sure to keep in touch and provide them with valuable information about the home-buying process. Keep them up to date on new mortgage rates, first-time homebuyer options, and more.
When the time is right, suggest the idea of homeownership and offer your services as a real estate professional.
Another benefit of working with rentals is the possibility of referrals. Renters may have friends or family members who are also in the market for a home (to rent or buy), and by successfully working with them, you increase the likelihood of receiving referrals.
Make sure to follow up with your clients after the rental process and continue to stay in touch via email or text, especially as they approach the end of their lease term. By building a solid network of satisfied clients, you can continue to grow your pipeline.