How to Get Home Buyer Leads From Apartment Complexes
Written by John Kennedy on April 16, 2018. Edited August 17, 2020.
According to the National Association of Realtors’ 2017 report entitled “Profile of Home Buyers and Sellers”, 41% of all homebuyers were previously renting. For real estate and mortgage businesses, this presents the need to target current renters with their marketing. Getting mortgage or homebuyer leads from apartment complexes is best done through a carefully planned direct mail campaign.
A Mailing List
The first step is getting the right mailing list. You can target individual prospects by location, income, age, and marital status to hit the market you’re looking for. You can also target entire apartment complexes. Do your research before you start mailing to an apartment complex; they may have tons of vacant apartments, in which case you’d be wasting tons of money. They may accept government subsidized housing, which would indicate that many of the renters may not be financially capable of purchasing a home any time soon. Make sure that your mailing list matches the demographic you want to target for homebuyer leads.
Your direct mail campaign could consist of postcards or flyers. Either way, they need to be consistent and well-timed. Sending a series of 3-5 postcards with 10 days between each mailing is an effective way to make sure prospects remember your brand.
The Message
The messaging of your mail campaign shouldn’t be technical, it should speak to the prospect’s needs and appeal to their emotions. You have 2-3 seconds to capture a prospect’s attention before your mailer gets tossed in the recycling. You need a prominent headline that immediately gets the prospect thinking about homeownership. One of the most common and effective headlines that real estate and mortgage companies use is, “Where will you be living when your lease is up?”
The content of the mailer needs to communicate two things: You can afford to own a home and you would be better off owning a home. Speak to their pain points. Rent is on the rise and all of your money is going to your landlord when you could own your own property and begin building long term wealth. These are the ideas that get people to consider buying a home. And if they’re really interested, they’ll know who to call.
Targeting First-Time Homebuyers
Marketing to renters is especially important for real estate or mortgage lending businesses targeting first-time homebuyers. First-time homebuyers accounted for 34% of all home sales in 2017. Whether you are choosing this audience as your niche or looking to expand into a new market, there is and never will be any shortage of first-timers. Most of them rent, so apartment complexes and other rental properties, like multi-family homes, are your best bet for reaching them.
The best way to market to first-timers is to educate and make them feel more comfortable about taking the plunge and buying a home. Many of them don’t realize that they could afford to own a home or that owning a home would be better for them in the long run. A postcard that gives them an example of a down payment and mortgage rate is all it takes to get them thinking about it.
During the winter months when your sales are slow, keep your marketing consistent. First-time homebuyers have a slower sales cycle so you need to make sure you stay in their minds and gently influence them until they are ready.
A great way to do this is to send out a monthly newsletter to rental properties. Feature location-specific advice for first-time homebuyers. As renters read your tips on buying real estate, not only are they warming up to the idea, they’re warming up to you and learning to trust you as the local expert and a helpful resource.
Another way that mortgage and real estate professionals market to first-time homebuyers is by holding seminars. Send invitations to apartment complexes. Your marketing should show potential clients the simple benefits of owning a home. Benefits such as independence, long-term wealth growth, tax savings, etc.
Bonus Tip
A successful direct mail campaign relies heavily on the marketing agency that you choose to work with. You need a company that can get you a highly-targeted mailing list, handle designing and printing, and help you follow up with leads. Plum Direct Marketing offers direct mail campaigns that cover all the bases to make sure that you get a high number of quality home buyer leads from apartment complexes. We can even build an online landing page to direct recipients, which will increase your conversion rate! If you’re interested in learning more about our services, check out our direct mail services.
