Think how excited you are when you finally “sign up” for doing some thing you’ve never done before. Finally, after imagining doing that thing and being that person doing that thing you’ve “always wanted” to you, you’re there…you’re doing it…you are “it.”
And then…reality sets in. Essential details you didn’t even know existed seem all of a sudden overwhelming or all of a sudden impossible to grasp and then…paralysis sets in. You don’t know what to do or when to do it and then…you might say to yourself, “I’ll think about this tomorrow,” or “I’ll do this later,” or…poof…you “put on hold” that thing about which you were so excited and…do nothing.
Sound at all familiar?
Now imagine if that thing that was so exciting to think about was buying a house for the first time. Same emotional and intellectual processes as signing up for a first time trip to India but…much more expensive, a much bigger commitment.
You as the outstanding real estate professional you are can help that first-time homebuyer. Here are some ways to help foster that buyer’s excitement, help calm that buyer’s anxiety and help that prospective first-time buyer become a first-time homeowner.
- Many first-time buyers, often tech savvy Millennials, will do the bulk of their research and home searches online. Make sure that your website is comprehensive in all ways. Offer clear information about homeowner costs, credit information, neighborhoods, schools, floor plans, amenities, etc. And, make sure that you and all your great skills and qualities shine bright on you website.
- Present seminars for first-time buyers. Execute those seminars in convenient locations (perhaps in their apartment/condo conference room) and/or convenient to development properties so prospects can get a feel for the lay of the land and for you without feeling pressured to make an on-the-spot commitment. Offer information about neighborhoods, schools, homeownership costs and responsibilities. Think about what you wished someone had told you about owning a home and offer your first-time buyers that information…in clear, no-jargon, down-to-earth language that is both engaging and understandable.
- Provide information about remodeling/renovating and upgrade realities that come up with both new construction and existing homes. Some new construction homes offer buyers incentives to buyers for customization. Some existing homes offer lease –back programs. Sometimes, there are value-add programs for first time buyers. Find out and know about offers/programs that may motivate your prospective buyers.
- Provide information about unconventional financing options. The younger the prospective first-time buyer, the less likely it is that she/he will have the classic 20% down payment saved. Offer information about VA, FHA, Freddie Mac and Fannie Mae options. Offer information about “forward thinking lenders” such as Newfi (specializes in self-employed borrowers) and/or Sofi (specializes in lower down payment offers with no PMI requirements and quick, online pre-approvals.)
Your job as the real estate professional is to help calm your prospective first-time buyer with competence. Your job is to help motivate your first-time buyer with specific information curated by you to meet their needs and wants. Your job is to help your first-time buyers sustain their excitement and commitment about purchasing their first-time, future home.