Wealthy renters are great prospects for realtors looking for future sales, so how do you identify them before they make their purchase?
Whether you're in the business of property, casualty or home insurance, you want to land on the radar of wealthy renters. The first step is to have a tool to identify renters in this wealth bracket:
How to Identify Wealthy Leads?
To make this happen, you'll need an up-to-date online portal that can identify leads. Be sure to match with renters who fit these two criteria’s:
1) They Belong in a Strong Wealth Code
The real estate market is constantly in flux. Make it your responsibility to read industry periodicals (there are some great ones online!) and stay abreast of markets that are expanding.
In 2016, Dallas, Denver and Miami are hot markets. This is relevant now, but may change in years to come. Don't let your expertise grow stagnant!
You should know that the Wealth Code is not necessarily tied to zip code. If you don't have a strong background in this concept, read up on how CEOs of Fortune 500 companies invest and manage their money.
Being well-versed in financial advising language and skills can help you think like, and then engage with, the wealthiest renters.
(Note: wealthy homeowners consider realities like wealth transfer, or passing on their properties to children in decades to come. Wealthy renters will consider the future of the area where they will rent. This is another reason you will need to stay on top of market trends, and be able to describe why an area is appealing to wealthy renters now and in the future.)
2) They are Labeled as Renters
Collect information from members of the wealthier bracket who are currently renters but looking to make a real estate purchase soon.
Remember that when researching leads, income is not the only (or most important) factor. Research clients with large assets, including other properties owned.
So How Do You Correspond with Wealthy Leads?
From here, you want to make sure your agency is attractive to this demographic. Use a combination of correspondence options to get yourself on their radar.
Social Media Engagement: Posts made over social media can be addressed to a larger audience, but consider how your language will resonate with wealthier clients, and encourage them to leave their contact information with you.
Direct Mail:: From a postcard to a long-form letter, direct mail can be a great tool to begin a conversation with wealthy renters.
E-mail:: Sending out well-crafted e-mails to leads can and should lead to individual responses from wealthy clients, beginning a deeper form of engagement.
Call Scripts: This is an important step in your relationship with leads, especially if they contacted you because of a postcard or social media post. Make these calls personal, and collect lead information with care. Successful calls lead to in-person meetings with clients.
How to Develop Client Relationships
A key concept here is that insurance agents need to build rapport with wealthy leads.
Because these highly wealthy individuals are looking to make a home purchase soon, time is of the essence. Present yourself or your agency as the perfect match for renters looking buy a home.
Make it clear that you are the best fit for people looking for a realtor, home insurance, Property and Casualty insurance, and more.
Instead of beginning a conversation with a hard sell, use your listening skills and gather information on a client's needs and interests.
This principle should guide all correspondence with a real estate lead. Whether chatting on the phone or sending direct messages across social media, strong rapport is your goal.
Never let a potential client think you are copying and pasting a script, or otherwise recycling your language. Personalization is of the utmost importance in all interactions.
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