Converting Renters to Buyers Mid-Stream

Real Estate Agent

Roaring down the gravel lane kicking up a cloud of dust in a buggy with a 1970's engine, Fred Cromack, an easygoing guy, was meeting up with me to see a rental property. There were plenty of great homes for sale in Fauquier County, Virginia but he had made it clear he was not ready to buy just yet.  I was happy to help Fred with the rental but as it is my routine with my clients I filled him in on the benefits of buying.

Each year I have renters decide to purchase mid-stream as a result. Fred liked the rental property and filled out the application on the spot on the hood of his friend "Shorty's" truck (pictured below).

If his rental appliction was accepted, he was ready to move in immediately. The landlord sprung an unreasonable demand on him so he said "forget it" and we went right back out to look at homes. Only this time...FOR SALE! Within a few days we were under contract on an incredible property in Warrenton, VA with 5 acres, a brick rambler and a beautiful pond.

"Renters" are often your next buyers and that time might even be now! Give them the information they need and see what can happen. 

I love the video below! It's Fred leaving after filling out his rental application. I filmed it for my wife on my iphone because I loved his "ride."  Little did I know I would soon be sitting across the settlement table from this gentleman in the buggy!

Comments (3)

Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Jonathan, I love this story but rentals don't pay anything in our market ($50-$100). It costs me money to take renters out. I used to do it early on for the reasons you've indicated but it never lead to a sale so I stopped. Now I use different ways to attract buyers.

Mar 22, 2014 05:36 AM
Jonathan Thoburn
Fairfax, VA
Keller Williams Realty - Northern Virginia

Thanks Tammie. Rentals are far higher here but I can see your point. I am also hoping to keep in touch with these clients who do rent just as I would a buyer. As thier lease terms nears the end I hope to convert them to buyers at that time.

Mar 23, 2014 10:49 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL

Jonathan - Not only do renters turn into buyers they are a great referral source too! I can't count how many times renters I was working with turned into buyers and if they didn't called me when they were ready to buy.

Mar 25, 2014 09:20 AM