For most first-time homebuyers, the experience of buying a home is stressful. Not only are they dealing with an unfamiliar process, but they’re also likely making their largest purchase to date.
Without some help, they could easily make a mistake that will cost them for years to come.
As a buyer’s agent, it’s your responsibility to help first-time homebuyers get up to speed on the process as you help them find the right home. If you’re doing both of these things well, you’ll ensure clients avoid costly mistakes and will make the process of purchasing a first home far less stressful.
Here are five ways you can make a buyer’s first home purchase less stressful:
1. Put them in touch with a good mortgage professional
There’s plenty of misinformation out there regarding home loans. The best way to ensure first-time buyers have the correct information is to put them in touch with a trusted mortgage professional.
In addition to ensuring your buyers know what their mortgage options are, a mortgage professional can start the loan-qualification process.
2. Give them an overview of the process
When it comes to the process of buying a home, most people don’t like surprises. Sit down with your buyers and give them an overview of the entire process, including potential setbacks they may encounter.
Doing this will make them more comfortable with the process and will prevent any nasty surprises from ruining their home-buying experience.
3. Find out what your buyer wants
Believe it or not, some buyer’s agents waste everyone’s time trying to sell clients on homes they don’t really want; don’t do this.
As you’re building rapport with your buyers, you should also be learning about what they’re looking for. Dial in on the qualities that make up their ideal first home, and find listings that fit the bill.
4. Make yourself available, and stay in touch
Imagine how stressful it must be for buyers to make an offer on their dream home only to hear nothing for days on end.
Even if you have nothing new to report, make a habit of reaching out to your buyers frequently to assure them you’re staying on top of things.
If your buyer reaches out to you with a question or a concern, you should respond in 24 hours or less.
5. Give your honest opinion on available listings
If your buyers ask for your expert opinion on one of the listings they’re considering, be honest.
Don’t betray their trust in an effort to earn a quick commission.
Although your honesty may prevent them from buying a specific listing, it will build the trust needed to turn them into a repeat client who generates multiple commissions and referrals.
Turn first-time homebuyers into repeat clients
Some agents say that first-time homebuyers aren’t worth the effort. Sure, they may be more work than the average buyer, and the commissions typically aren’t anything to write home about.
However, if you go out of your way to make first-time home purchases positive experiences for buyers, there’s a very good chance they’ll be calling you the next time they need a real estate agent.
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.
