“You’re either paying your own mortgage, or you’re paying someone else’s.”
That sobering fact, wisely stated by a real estate agent and friend of mine, was all it took to get me thinking about home ownership. I’ve been renting, in some form or fashion, since I was 18 years old. The agent called attention to the fact that all that money, (totaling over $40,000) amounted to nothing more than a few lost security deposits and ZERO assets.
It hurt, and so I did what any ignorant millennial would do… I immediately started house hunting via the internet.
The problem was that I knew nothing about the process. I started inquiring with friends and family and received a ton of not-so-reliable information, more opinion than fact. Everyone told me stories with the air of an expert, yet they were void of any actual authoritative credentials.
I needed an expert, but I wasn’t ready to hire an agent, because after all, I didn’t even know if I was ready to. This is what lead me to enlightenment, and acted as the inspiration for this post.
The best way to convert a renter, no matter what their age, is through education.
Many renters love the convenience of their living situation, they love the freedom of rootlessness. But these objections can be countered with facts about equity. Put them in position to be confidant buyers, where they can have educated discussions about pricing and financing so they don’t get taken advantage of. A year-long lease is a whole lot less complicated than all the paperwork that comes with purchasing a home.
So, what can you do to help convert a renter?
Start a monthly class about home ownership for first time buyers at your office. Create an ad campaign on Facebook to drive attendance. You can enlighten the masses and generate a ton of leads in the process, empowering them to buy their first house with you as their trusted advisor. You’ll also help folks like me to stop throwing away so much money on rent.