Rentals Could Be a New Business Niche
In a tight home sale market, real estate pros may want to develop relationships with a network of renters, who might become homebuyers in the future.
CHICAGO – With tight home sale markets, real estate professionals may want to consider tapping the rental market for business.
The National Association of Realtors (NAR) reports that the rental market has seen more multifamily construction and stabilizing rent increases, which could help professionals get in front of renters and meet their needs before they are ready to buy a home.
These relationships can establish trust with renters, enabling real estate professionals to capitalize later when those renters are ready to buy a home.
NAR Realtor Benefits partner, Rental Beast, can provide real estate agents with access to rental listings and FCRA-compliant rental application and tenant screening tools. The add-on of Rental Beast University, which offers courses and workshops, can help convert renters to home buyers and improve marketing strategies.
Realtor Ricardo Suber says, “An often-overlooked aspect of real estate is the value of cultivating a consistent network of clients who may buy in the future.” Suber gained access to about 30,000 listings of which 13,000 were unique to Rental Beast in South Florida alone.
Source: Realtor Magazine (01/26/24) Baumbach, Alyson
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