I had just come off stage at one of the state mortgage association conferences when a loan officer asked me a great question:
“Carl, should I market to renters of apartment complexes?”
Here’s what I shared with her…
The biggest challenge when targeting renters is this: You have no idea when they’re ready to buy.
It’s a 2-step uphill battle:
- Convince them that buying a home is the right move.
- Convince them that you’re the lender to help them do it.
I’m not a fan of that approach.
Here’s why:
I’d rather spend my time finding people who are already looking for me—prospects who’ve already made the decision to buy.
Look for people who are looking for you.
And the best way to find those buyers? Through referral sources who are already talking to them: real estate agents, financial planners, property managers, insurance agents, and more.
Otherwise, while I’m busy convincing a renter that buying is the right move, I’m missing out on the prospects who’ve already made that decision and are just waiting to be connected to me.
Now, I’m not saying renters should be ignored entirely. The idea of befriending property managers who can alert you when someone is ready to buy—that’s a great strategy.
But doing general marketing to renters without knowing their intentions is like digging dry wells: labor-intensive and unpredictable.
I prefer to dig wells that produce an ongoing stream of business.
Real estate agents, financial planners, and others already have access to motivated buyers and can keep sending deals your way consistently.
Why chase when you can attract?
Ready to dig wells that actually flow with business?
Set up a quick chat here, and I’ll show you how.
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