Since the real estate bubble burst a few years back, there has been a big increase in the number of people who rent rather than buy properties. It’s not as if many of these people don’t want to buy their dream home, it’s that they can’t get a mortgage to make that happen. So, until they are eligible for a mortgage that will pay for that big, beautiful, lakeside house or find a home that costs substantially less, they have to resort to renting a place to live.
This dynamic has affected the real estate market but can be viewed in a couple of ways:
• More renters means fewer buyers: More people are renting because they can’t afford to buy. This translates to fewer properties being sold and a much more competitive market. Faced with a tighter market, realtors need to step up their game and use technologies that will greatly facilitate communication with clients and simplify buying and selling real estate.
• More renters means more buyers in the long run: Although renters aren’t buying right at this moment, most of them hope to some day and a fair percentage are going to be in that position at some future time. Use tablets, social media, and other technologies to connect with and market to them now so they will buy from you when they are able to do so.
There are several technologies that allow you to provide exceptional experiences to these renters so that when they are ready to buy, the natural decision will be to come to you. Leveraging solutions like dotloop provide an experience that will be unforgettable to them because of the time savings and efficiency provided.