- Comparing the costs of renting and buying is still a great way to sell people, including millennials, on homeownership. Sharing hacks on how to make a profit on homeownership is taking value a step further.
If you’re having trouble turning members of America’s rental generation into homeowners, Linda Liberatore has one suggestion that might make a huge difference: sell millennials on homeownership.
With a couple clever real estate hacks, it’s pretty easy for homeowners to create cash flow to offset the costs associated with owning a home, and by sharing these real estate hacks, you’ll become the go-to agent for millennials.
During an interview with Pat Hiban, Liberatore explored several real estate hacks designed to make homeownership as profitable as possible. Below, we’ll cover a couple of the hacks you can use to convert rental-minded millennials into eager buyers.
To learn other real estate hacks and more ways to build a strong base of millennial buyer clients, listen to the podcast below.
Long-term real estate hacks: Find roommates with Roomster
Getting a good roommate, or even several roommates, to help supplement a mortgage payment is easier than ever before. Services for screening potential roommates such as Roomster reduce risks associated with subletting and increase homeowners’ chances of finding compatible people to live with.
Buying a home in a desirable location is the best way to ensure renters are always easy to find. For most millennial renters, these locations include areas near major businesses or state colleges. Public transportation options help, but decent walkability is even better.
With the right location and a few good roommates, it’s possible for a homeowner to collect more than enough rent to cover the entire mortgage payment every month!
Short-term real estate hacks: Earn fast cash with Airbnb
Living with long-term roommates isn’t the only way to ensure spare rooms generate consistent cash flow. Turning spare rooms into short-term rentals with sites such as Airbnb can easily put several hundred dollars in a homeowner’s pocket each month.
For people who aren’t interested in sharing their space with someone else every day, this is an excellent option.
Renting out rooms on a short-term basis isn’t the only way to make money with Airbnb.
During popular local events, it’s pretty easy for a homeowner to make hundreds of dollars in days by renting out the entire house.
Planning personal vacations around the times tourists are most likely to need rentals is an excellent strategy for short-term rentals; it’s essentially a way for homeowners to get paid to go on vacation!
Compare the costs of renting vs. buying
It’s easy to get wrapped up in real estate hacks and forget to cover the basics. If you’re trying to sell a millennial on homeownership, remember to explain how owning a home often makes more financial sense than renting.
To do this effectively, you really need to compare costs between the two options.
Before meeting with potential buyers, research rental costs in your market and the costs associated with owning a home. More often than not, the scales are tipped heavily in favor of owning.
With these figures and several real estate hacks backing your argument for homeownership, most millennials will be more than willing to entertain the thought of buying a new home.
For more real estate hacks and strategies for selling millennials on homeownership, listen to the complete podcast with Linda Liberatore.
Pat Hiban is the author of the NYT bestselling book “6 steps to 7 figures: A Real Estate Professional’s Guide to Building Wealth and Creating Your Destiny,” the founder of online real estate sales training site Rebus University, and the host of Pat Hiban Interviews Real Estate Rockstars, an agent-to-agent real estate podcast with Hiban Digital in Baltimore, Maryland. Follow him on Instagram and Twitter.