When Ricardo Suber obtained his real estate license in the summer of 2022, the pandemic-fueled home buying boom was just starting to run out of steam. The rental market fared much better, benefiting from prospective buyers who were discouraged by falling home ownership prices. Suber, who was living and working in Miami at the time, began exploring whether rental deals could help grow his business while the purchase market headed for a correction.
But his strategy was never to become a full-time rental agent or simply take advantage of the strength of the leasing market. “Renting is a powerful way to build lasting relationships with potential buyers,” explains Suber, an agent with eXp Realty who has since relocated to San Francisco.
This is a business philosophy that may work for now for many real estate professionals who are struggling to close sales. According to data from the National Association of REALTORS®, worsening affordability is reducing home purchase transactions, while rent relief and increased multifamily construction are expanding housing opportunities in the rental market. By addressing your needs as a renter now, you can strengthen your future business as a homebuyer. And with challenges in the sales market expected to continue for the foreseeable future, practitioners have significant scope to implement this marketing strategy.
Suber’s efforts solidified when she discovered the benefits of NAR membership, which helps her connect with renters and begin to build trust. Rental Beast, a NAR REALTOR Benefits® partner, provided Suber with an exclusive rental property platform and his FCRA-compliant rental application and tenant screening tools. Rental Beast University, a free add-on with courses and workshops to turn renters into homebuyers, also helped him hone his marketing strategy.
“Rental Beast not only gave us access to rental listings outside of MLS, but also provided us with exclusive training and hands-on coaching from rental experts,” Suber said. “The Success Management team helped me get familiar with the platform and provided leads tailored to my field.” Rental He says Beast has delivered about 30,000 properties to him, including his 13,000 were specific to his Beast rentals in South Florida alone.
Building a customer base: “Everyone leads”
Thousands of REALTORS® are active users of Rental Beast, and that number continues to grow, according to Founder and CEO Ishay Grinberg. “Many real estate professionals recognize that they may no longer be able to rely on a steady stream of buyers and sellers in this market,” said Greenberg, who has worked as an agent, broker, developer, property manager and landlord. he says. “Rental is becoming an essential part of real estate agents' business strategies and the longevity of this industry, allowing real estate agents to weather booms and busts. There is even more interest in our tools.”
Get qualified and exclusive rental leads from Rental Beast, a NAR REALTOR Benefits® partner.
Suber uses Rental Beast to foster long-term relationships with renters while also helping to generate rental business that bridges the gap between purchasing customers. Through the platform, he connected with rental clients who happened to be in the real estate business. “Within 24 hours, I showed him three places,” Suber recalls. “On his third visit, he said, 'This is it.'” He completed the rental application that day. ” Suber is currently working with this client on potential real estate investment opportunities.
While Rental Beast has brought new business to Suber, he says the real impact has been in expanding its reach. “I can market this as a service that I provide,” he added. “I can share that I have access to properties for sale and a wide range of rental properties. Not everyone is ready to buy a home, but everyone needs a place to live, so Rental Beast is a great addition to my business. It has given us value. Everyone can be a lead source, allowing us to add value to both renters and buyers.”
Consider how the lack of homes for sale could impact your business over the next year or two, and think about rental opportunities in the market. Although there are positive expectations for home purchases in 2024, you will probably need to secure other sources of business. NAR Deputy Chief Economist Jessica Lautz said there are still headwinds in the market, adding: “We expect more buyers to enter the market in the spring as mortgage rates fall; “In an environment of limited housing inventory, bidding wars may intensify.” These bidding wars could drive up home prices in some areas. Even last year, the biggest challenge for homebuyers was finding the right home, as mortgage rates rose and the number of buyers decreased. ”
This is why Super is gearing up for business. “You have to be creative in this market,” he says. “To succeed in this industry, agents need a way to consistently generate qualified leads.”
