It’s normal for people to spend between 25 and 30 percent of their income on rent – that’s what’s considered affordable. According to the Bureau of Labor Statistics’ Nashville-Area Economic Summary, Nashville residents are spending, on average, 32 percent on housing… and many of those people would likely be better off buying.
But how do you reach renters? Further, how do you show them they’ll benefit from buying?
Getting to Renters
There are hundreds of apartment buildings from Nashville to Franklin (and everywhere in-between). Other than launching a direct mail campaign, which we’ll cover in a future blog post, there are a handful of ways to reach your target market.
Don’t do anything that will make people dislike you (such as posting an ad on the “Apartments for Rent” section of Craigslist). Instead, work through your social media accounts and your blog. Try topics like these:
- Taking the big step from renting to buying
- Working out a budget to save for a down payment
- Why buying is better than renting
- Good old face-to-face contact
Let’s be honest: many renters think that buying is out of reach. The truth is, though, it’s not. It’s just up to you to show them how it can be done.
How to Talk to Prospective Buyers Who Are Stuck in Apartments
When you’re talking to renters who are on the fence, so to speak, you can refer them to the NAR and Ginnie Mae Buy vs. Rent chart, which illustrates how much people will save over time if they make the switch. While it’s not exact, and it may not be right for everyone, most people – especially in the Nashville area, where people are shelling out a huge chunk of income for rent – really will benefit from buying a home.
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