5 WAYS TO

5 Ways to Transform Renters into Owners

Perhaps the largest demographic of untapped business lies in the rental market. From major cities and suburbs to rural communities—renters across generations are opting to rent rather than own. The question is: why? For starters, many Americans are undereducated about the inventory and financing options available that might suit their budget and lifestyle. Secondly, many would-be homeowners have difficulty visualizing the potential investment of purchasing property, and how homeownership can build wealth and security in the long-term.

As an agent, you’re always on the lookout for potential clientele. Now, to guide renters toward the real estate market, keep a few of these strategies in mind as you meet and greet this untapped demographic.

1Show renters that purchasing a home isn’t impossible Possibly the biggest hurdle for renters is believing homeownership is possible. Beyond saving for a down payment and boosting credit scores, there are dozen more factors to consider: affording utilities, homeowner’s insurance, renovations, property taxes, and more. Besides that, assembling pay stubs, finding an agent, arranging house tours, negotiating a price, and timing the transition are all major considerations to surmount. One way to combat this thinking is to make the process transparent and demystified. Find examples of past clients who made the leap successfully, or profile the average buyer in your marketplace and see how that renter compares. Provide evidence that it’s been done before and can be done again, then build a game plan from there.

2Help would-be homebuyers create a road-map to ownership It’s no secret that buying a home can feel overwhelming. Compared to signing a yearlong lease on an apartment, taking on the house-hunting process is a daunting affair. That’s where your expertise as an agent comes into play. Consider making a checklist, or step-by-step road-map, that guides clients through the process from start to finish. This way, you’ll manage expectations and create a path to ownership that’s specific, instead of abstract. They won’t have to wonder what goes into buying a home when they can look at an interactive site or read a document and see the steps outlined before them, with you there to guide the way.

3Collaborate with mortgage professionals to find the right financing opportunities Many renters aren’t aware of the variety of mortgage financing options out there that cater to first-timers, offer low down payments, or down payment assistance. Most buyers believe that the standard 20% down is a hard and fast rule, when in reality, there’s far more flexibility out there to cater to renters where they are. There are even loan options catering to freelance workers, renovation options, and other unconventional routes to ownership. Work with a mortgage pro and find the route that suits your renter best.

pay monthly in a mortgage—while building a lasting asset.

5Paint the big picture For most, renting isn’t the most sustainable financial option when it comes to housing. Rents rise, families grow, and retirement looms. Building a financial future and homeownership go hand-in-hand. When planned appropriately, buying a home can create a path toward retirement and position homeowners in a better place for further investment in the future. A rental has little security or investment returns to offer, while owning a home makes a renter king or queen of the castle. Prospecting renters as potential homebuyers may seem like a time-intensive way to cultivate new clients, but logic is on your side. Keep these tips in mind as you broach the conversation with renters in your hometown. All it takes is clear-cut value proposition and a listening ear.

4Compare and contrast rental rates with monthly mortgage payments One way to convince renters to make the shift is to demonstrate the savings potential of paying into a monthly mortgage, rather than throwing away rent on a property they don’t own. To do this, draw up the average rental rates in your area, then find some potential listings that would demand a similar amount in monthly mortgage payments. Sometimes placing these numbers and images sideby-side can prove to renters that what they manage to pay monthly in rent, they can

ABDEL BENOUATTAF

Ranked among the Top 50 Mortgage Specialists working for industry behemoth Bank of Montreal, Abdel Benouattaf has more than earned his stellar reputation as a trusted, honest financial advocate for his many buyers and Realtor partners.

Mortgage Specialist Abdel Benouattaf – of Bank of Montreal’s Gatineau branch – is a hardworking, focused and dedicated lender who consistently places the wellbeing of his clients and Realtor partners in both the Gatineau and Ottawa areas front and center during each and every transaction.

Abdel, who began his career in the mortgage industry in 2016, has already achieved an impressive level of success that many others with much more longevity in the business can only hope to replicate. Ranked among the Top 50 Mortgage Specialists working for industry behemoth Bank of Montreal, Abdel has more than earned his stellar reputation as a trusted, honest financial advocate for his many buyers and Realtor partners.

Abdel is justifiably proud of his association with Bank of Montreal, one of the top five lenders in Canada, and of the wide array of loan products they offer to suit any buyer’s needs. “We offer pretty much every kind of loan product,” he says.

Currently, the lion’s share of Abdel’s business is based upon repeat customers and referrals from his Realtor partners and past clients, a significant achievement by any measure, particularly in the highly competitive mortgage industry. “For me, it’s all about setting expectations,” says Abdel, when asked how he manages to inspire such impressive levels of trust and loyalty amongst those he works with. Whether it’s a good deal or a bad deal, I will always give a prompt response to my clients. Even if the file doesn’t go through, my clients are happy to see that I work so fast and so hard for them.”

One of the primary factors in Abdel’s success story is his indefatigable work ethic, and the unparalleled customer service he provides. “Whether a client is purchasing a first home or their next home,” he says, “choosing the

“Whether a client is purchasing a first home or their next home,” he says, “choosing the right mortgage is an important undertaking. I am committed to helping my clients find the right financing to suit their needs and to make their mortgage experience as uncomplicated as possible.”

right mortgage is an important undertaking. I am committed to helping my clients find the right financing to suit their needs and to make their mortgage experience as uncomplicated as possible.”

Another reason for Abdel’s rapid ascent in the mortgage industry would be the sincere and caring relationships he builds with everyone he works, and he tries to ensure that all of his buyers and Realtor partners know that he is going above and beyond for them at all times. This includes gifts during the holidays, and personal phone calls just to check in and see how they’re doing.

“What I like best,” replies Abdel, when asked what he enjoys most about what he does for a living, “is growing my business and being able to help people reach their real estate

objectives, whether that’s buying a home or helping investors grow their portfolio.”

When he’s not working, Abdel enjoys spending time with his wife and new baby, and he is also a passionate philanthropist who supports multiple charitable organizations, particularly those that assist underprivileged children. Looking to the future, Abdel’s plans are fairly straightforward: to continue growing his already-exceptional business and to build a team to help him support that growth. Above all, however, remains his steadfast commitment to providing everyone he works with the superlative customer service that has become his calling card.