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. 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

2Help would-be homebuyers 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.

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 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.

YOANA VASILEVA

YOANA VASILEVA

Fifteen years ago, Yoana Vasileva moved from Bulgaria to the United States. Here, she began her career helping homebuyers improve their credit; however, along the way, Yoana came to take an interest in the real estate industry. Inspired, she earned her license and dove in—and she hasn’t looked back. “Right away, I realized that I loved what I was doing,” she says. “Real estate gives me the ability to guide people to a better life. My work comes down to what I care about most: personal relationships.”

Today, Yoana is a Realtor for Virtual Properties Realty where she services clients throughout the Atlanta metro area. Recently licensed in Florida, she also handles transactions across state lines. A rising star in the industry, she has quickly fashioned a boutique process to assist any buyer or seller.

When listing a home, Yoana provides her clients with a comprehensive strategy. Starting out, she equips her listers with professional photography and videography—all to guarantee that their home

stands out above the rest. Afterwards, she lists the property through targeted digital and social media campaigns. While utilizing the wealth of resources at Virtual Properties Realty and her network of fellow agents, she is constantly there for her clients to make sure the sale goes as smoothly as possible. “I get to know all my clients on an individual level,” she says. “That way, I can keep track of them and make sure all their problems are solved by the time their property lists.”

Elsewhere, Yoana is equally attentive with her buyers. By protecting their interests with boundless energy and a tireless work ethic, she sees to it that her clients find a sound investment to fit their lifestyle. She also remains in touch long after closing to ensure that her buyers are loving life in their new homes. “I don’t believe in treating my clients like transactions,” she says. “Instead, I want to get to know them and cater my services directly to their best interests.”

For her commitment to client satisfaction, Yoana has won an outstanding reputation around Georgia, with the vast majority of her volume coming from either repeat clients or referrals. The key to her success? “I love what I do,” Yoana says. “You can’t replace the joy of negotiating a great deal or helping a client into their first home. To me, there’s nothing more fulfilling.”

Outside of her career, Yoana is active in her community, participating in Thanksgiving and Christmas giveaways around Atlanta. When she’s not assisting clients or giving back, she can be found spending quality time with her two children or playing around with her four pet dogs.

Looking ahead, Yoana has bold ambitions for her career. Having cemented her reputation as an honest, hardworking Realtor, she now intends on growing her client base and developing a team. Above all, Yoana will continue serving Atlanta in the only way she knows how. “A real estate deal is always about more than just a house,” she says. “It’s about getting to know your clients, educating them and finding the right investment to secure their future.”

To learn more about Yoana Vasileva

please email soldbyyoana@gmail.com, visit www.Yoanavasileva.northatlantahomesalesteam.com or http://yoanavasileva.gocrr.com or call (678) 663-1998