Action idea – Should you rent or buy?

Need to get your client thinking about renting or buying? Try this:

Pull together average home prices in the neighborhoods you expect your clients might be looking for homes – starting with the one in which they currently live, presuming you know they like it. Then run a quick mortgage qualification to determine how much house they can afford based on a 10% down payment, and calculate that monthly payment based on your knowledge of their cash flow. Use that number as a jumping off point for a discussion about whether the time is right for them to invest in a home of their own. This is one of those elements of client service for which you won’t receive direct monetary compensation, but which will pay off in the form of loyalty when you help clients make the right call on a key decision.