Many agents overlook the rental market and focus entirely on home buyers and sellers. Although the commission today might be smaller, adding a specialty in rentals can provide you with a quality source of home buyer leads over the long term.. Here are a few groups to focus on when incorporating rentals into your real estate operation.
Families putting down roots
Many families move away from renting as their size grows, especially in markets where it’s difficult to find single-family homes and other larger rental properties. These families often rent in more urban areas until it is necessary to seek out neighbourhoods with good school districts and proximity to family-friendly entertainment. They are also looking to minimize their work commutes for as long as possible before moving to a more suburban environment. Eventually, they make the choice of home ownership to provide roots for their children and to gain access to equity instead of spending money on rent. As an agent, great service provided to them now can pay dividends down the road when they make the decision to purchase.
Professionals advancing in their careers
Many of today’s renters are just getting started in their chosen fields of work and often choose renting for the flexibility and low cost. As they move up the career ladder, they see an increase in their incomes and often their job security. As this happens, they will inevitably move into a larger home to enjoy the fruits of their labour or settle down in a more permanent location after they’ve been working for the same company for several years.
Renters exploring neighbourhood options
A neighbourhood might look nice during an open house, but the only way you can truly understand what it’s like to live there is to spend day-to-day time in the area. Some renters are exploring options for their permanent home. They immerse themselves in a particular neighbourhood to find out whether it matches what they were expecting, what the commute is actually like and how easy or hard it is to perform errands.
Some renters are exploring options for their permanent home.
Sutton Group Realty Systems Inc., Brokerage