Like Mom’s apple pie and the stars and stripes, the American Dream isn’t complete without homeownership. Owning a home has been the objective of generations since the very beginning of the republic. While recent has been talk that Millennials would prefer to remain city dwellers, the truth is that economic conditions have slowed their migration to the suburbs not stopped it.
As a real estate agent, your primary task is to find the right home for your customer. But, you also have an opportunity to promote the concept of homeownership to those who’ve yet to take the plunge. By doing so, you market both your expertise on the subject and your business.
Holding a First-Time Homebuyer seminar is one way to introduce the benefits of homeownership to those who are debating whether or not to enter the market. Reaching out to renters directly is another way. While it may seem that landlords and apartment managers would oppose you’re tempting their residents away, renters moving on is part of the process and allows for upgrades to apartments and of course the occasional rent increase.
Consider the monetary advantages of buying instead of renting, as well as the pure pleasure of having a house of your own.
The Disadvantages of Renting
- No tax incentives
- No control over what you pay currently or future increases
- You’re paying your landlord’s mortgage and building their equity
- Restriction on making changes to your living space
- No pride of ownership — you can’t say “this is my house.”
The Benefits of Buying
- Yearly mortgage interest deduction
- Build wealth over time through increased value known as equity
- Build and maintain a strong credit rating by making regular mortgage payments
- Take control of your cash flow
- Enjoy the pride of ownership and be member of a community
Making it happen
- Do a post card mailing to renters in your area
- Advertise your renters workshop in the local paper
- Distribute flyers at apartment buildings
The desire to make a house a home is like the need for community and stability is universal. A home is still a great investment today and tomorrow. Growing equity is also a great way to make your money work for you when planning for retirement.