Marketing to renters has traditionally been used to attract first-time buyers. But in today’s market, many renters are not first-time buyers at all. For instance, renters are often in transition – changing jobs, between homes, or going through a divorce. Marketing to this diverse group can sustain your business for years to come.
Real Estate Marketing Strategies for Attracting Renters
Postcards are a perfect marketing tool for reaching renters in your area. Here are three ways to work this niche market to your advantage.
1. Be consistent. Like all your real estate marketing strategies, consistency is key. Create a “renter series” of six to eight postcards which go out over a 3- or 4-month period. Use a targeted mailing list to send cards to higher-end rental properties or apartment complexes in your area. After each mailing has reached its audience, follow-up by phone call or host a Q&A at a local café or coffee shop.
2. Get renters off the fence. Use mailings to lay out arguments in favor of buying versus renting. Give them facts, statistics, and incentives like: “Did you know that for as little as your first and last months’ rent you may be able to buy a home?” Talk about down payment options and zero-down loans. Make home ownership attractive and attainable.
3. It’s no secret that the agent with the most listings wins. A buyer’s agent gets the same commission as a listing agent, so renters can be an excellent source of revenue for an agent. While being a buyer’s agent can be a bit more work, the real value of working with renters is that you are building relationships. History shows that at some point, most people will go from renting to home ownership. Be the person they think of when they’re ready to make the switch.
Get to know a prospect’s story and their home ownership goals. You’ll find that working with renters is an excellent real estate marketing investment that can have a remarkable payback.