Some will treat the entire process with a laid back attitude that can get them lured into a bad deal. Others will be of the more paranoid variety and overanalyze every small detail without ever actually pulling the trigger.
Your job as the agent for a first-time buyer is to get them into a position where they make a reasonable offer and eventually close on a house that is a good fit for them both physically and financially.
When working with first-time homebuyers, here are five key principles to keep in mind at all times:
Take Your Time
Buying a home is a big commitment for anyone. If your clients are making this commitment for the first time, they are understandably going to be very cautious about their decision.
Take your time with them and don’t rush to oversell them on the first property you show them. Let them see a wide range of different properties so that they can gain a better understanding of what they are actually looking for.
You should not be surprised if they ask to see the same home multiple times. This is all part of the decision making process for many first-time buyers who are nervous about making such a big decision.
Explain the Process
Whether they act like they know everything or have not even bothered to look at the price, your job is to make sure that your clients know what they are getting into.
As you proceed with showing them different properties, make sure that you take the time to explain things like getting pre-approved and how their credit score can impact their mortgage rates. Help them to understand what to expect from the mortgage and closing companies.
Answer Questions They Forget to Ask
If you have been an agent for any amount of time, you already know many of the most popular questions that first-time homebuyers will be asking. If you are new to the game, just spend 30 minutes looking online and you will have a pretty good idea.
Since you are the expert, make sure that you are answering the questions that your clients are forgetting to ask. Remind them about details like paying for an inspection and calculating closing costs so that they are not blindsided by those expenses further into the process.
Help Them Find Help
Most local communities have a number of different agencies and programs designed to help first-time home buyers purchase their homes. You should be well versed in what these programs have to offer and what it takes to qualify.
Once again, even if you don’t know much about local programs for first-time homebuyers, just ask around or look online. Getting a couple thousand dollars from a local organization to help with closing costs can make a huge difference in the budget of many first-time homebuyers.
Watch Their Backs
The biggest thing to keep in mind with first-time homebuyers is that this is likely going to be the first of multiple homes they buy and sell throughout the rest of their lives. You should be thinking more about their long-term business potential than getting this particular deal done quickly.
Going out of your way to make sure that your clients get the best possible deal on their first home is a great way to ensure you get their future business. You can probably count on plenty of recommendations as well!
It is important to keep in mind that first-time homebuyers are potential real estate experts that are just getting their careers started. Even Donald Trump was a first-time homebuyer at one point.
The more helpful you are in getting someone a deal on their first home, the more instrumental you are likely to be in every subsequent deal they take part in.