Build connections with Millennials and Gen-Zers by offering them educational tips on the financial and purchasing requirements of home buying.
Millennials & Gen-Zers Dominant Players in Homebuying Game
Millennials represent the largest share of homebuyers in the US and Gen-Zers account for 10% (and rapidly growing) of homebuying consumers.
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These two demographic groups need your help in becoming financially savvy as it relates to both the landscape and the purchasing process of homebuying. Sharing your expertise with Millennials and Gen-Zers will help them get to a successful closing. Your help will also help them avoid buyer’s remorse 6-12 months down the road.
Good Things Come To Those with Patience
Like everything else, there is a component of timing involved in a successful real estate transaction. Not everything comes exactly when we want it…delayed gratification is almost inherent to the home purchase process.
For example, sellers may need more time to prepare for a closing so buyers need to adapt with agility and patience. Present options such as lease-back arrangements to your buyers in order to get the deal done within a timeframe that works for everyone.
Help Buyers Make a Financial Plan
Many buyers obsess about having enough cash to make a down payment (20% down is recommended) and ignore having additional cash on hand for future expenses plus an “in case of emergency or rainy day” fund.
As “they” say, stuff happens and homebuyers need to be able to maintain their financial equilibrium when it does, particularly if/when buyers are planning to waive contingencies and/or inspections.
However financially savvy Millennials and/or Gen-Zers appear to be, every homebuyer needs the expertise and help of a quality real estate agent to “remember and include” the specifics of financial planning scenarios.
Thoroughly Research New Homebuyer Programs
There are several national and state programs that are built to help offset down payment requirements. There are also several national and state programs built specifically for new homebuyers.
Become an expert in all homebuyer programs. Then, become an expert in sharing the information about those programs with Millennial and Gen-Z clients.
Create Your Homebuyers’ Team
As “they” say, it takes a village to successfully raise a child. It also takes a village or team to make a successful home purchase.
Create your homebuyers’ team among your best resources – attorneys, mortgage brokers, inspectors, appraisers, architects, landscapers, subcontractors, designers, movers, etc. Then, if/when your homebuyer needs a member of your home buying team to go to bat for them, everyone will be ready.
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