Metro Brokers Company News

CARTER CULTIVATES FUTURE BUSINESS IN THE RENTAL MARKET

December 21, 2011

Deanna Carter of the Douglasville office started working with her own rentals over seven years ago, since before she became licensed in 2006. When she became a real estate agent, she realized that consumers looking for rentals are a sometimes overlooked market segment, which she immediately worked on capturing.

Carter doesn’t go looking for rental listings besides her own properties, but willingly lists them when they come her way. Why? For each listing she has, she averages 30 calls from potential renters about the property. And those 30 calls are the key to not only her current success, but her future success as well.

How She Does It

When Carter has a rental listing, she logs all of the phone calls she receives regarding the listing. First, she finds out if they are a suitable tenant for the property advertised. She then takes their name, phone number, and email address to put in her database of clients along with the date she spoke with them.

While she has them on the phone, she asks if they are interested in purchasing a home instead of renting. Most people tell her they would love to purchase a home, but there is always something about their current situation that is holding them back.

Carter talks with them to find out what their particular situation is when it comes to the possibility of them buying in the future. Her most common obstacle – finances. Whether it be affording a down payment or working on raising a low credit score, most renters are not in a financial situation that allows them to look at purchasing as an option.

“I ask them about their financial situation by asking if they know their credit score, do they know when it might be a possibility to buy, etc.” explained Carter. “I screen them as much as I can. Then I ask if I can refer them to a loan originator who could work with them on formulating a plan to help get them in a position to buy in six months to a year.”

If the consumer has no intention of buying, she drops them off her list, but not before asking if they know anyone who is looking to buy or sell.

Her Success

Out of all the potential renters that she has worked with thus far, 5 of them have been turned into a home purchase. She is still working with many of the clients in her database, cultivating future business.

“I believe the future business from it will be better, as I build the database,” Carter explained. “Most people would prefer to buy if they had the guidance on how to get there. I make sure to follow-up with them periodically to see how they are coming along with their plan to purchase a home in X amount of months.”

“One thing I know for sure though,” Carter continued. “Landlords will want to sell their properties when the market improves. Some are doing it now through short sales or foreclosures, but most landlords are holding on until the market turns. It’s just another avenue for future residential listings.”

The biggest benefit to working with rentals?

“Building for the future in a down market,” Carter said. “The best thing about it, is your phone ringing a lot with people – people who need housing now and in the future and people who know other people. In this market, we shouldn’t be turning away any business.”