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Mindset of your Buyers: Renters

t’s no secret that the economy has been unkind to many would-be homebuyers. This is the primary reason that so many credit-worthy individuals are choosing to rent. Here are some quick facts about these renters:

  • 94% of young renters (ages 34 and under) want to buy

  • 83% of current renters (all ages) want to own

  • 77% consider homeownership a part of the American Dream

  • 84% believe buying a home is a good financial decision

 

The top 2 reasons renters are not buying are:

  1. Inability to afford (53%)

  2. Lifestyle requires flexibility of renting (19%)

 

While pay is not a motivating factor for working with renters, it’s important to remember that many of today’s renters will become buyers in the near future. This creates incredible opportunities for real estate professionals who choose to service renters: foster relationships and create return customers, and build or add to a client database.

The leads generated through positive business dealings with renters are certainly of great value. Working with renters will bolster your most important asset: your client database.

When you work with renters, you will know when their lease will come to term. With this very targeted list, you’ll be able to gauge the market and follow up with valuable insights and information.

Be the real estate professional who took the time to work with them when they were renting; you’ll end up being the one they go to when they’re ready to buy a home or refer to their friends and family. And to help prepare renters-turned-homeowners for the new costs of maintaining their homes, HSA Home Warranty can offer a home warranty plan to fit their needs.

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