5 Ways Real Estate Agents Can Help First-Time Home Buyers
How Real Estate Agents Can Support First-Time Home Buyers
First-time home buyers need a bit more help navigating the real estate transaction process, and that’s okay.
Here’s how real estate agents can support new homeowners every step of the way.
1. Answer Their Questions
Your first-time clients are going to have a lot of questions for you. Heck, they’ll probably bring a list! If your new client loves to do research (and it’s good that they do), they may ask you about your own qualifications, experience, and continuing education, so be prepared to answer.
First-time home buyers are typically bargain hunters because they’re often in their 20s or 30s, so they’ll probably create a list of their needs and wants and ask you about costs. If you’re unable to answer those questions the moment they’re asked, prepare a document afterward.
2. Be Honest and Trustworthy
While your clients aren’t as familiar with real estate as you are, they still get a guy feeling when they’re being lied to. If they don’t figure it out now, they will eventually. Being honest is a real estate best practice because it’s a significant part of developing trust in your client relationships.
For example, if you knew a mortgage broker like SoFi offered first-time home buyers a better interest rate on their mortgage, you should be transparent with them. They may not know where to go for a pre-approval, and they’ll appreciate an answer that isn’t used to trick them.
3. Share Industry Knowledge
Real estate agents have access to inside information that only they would know. That’s what makes your services so necessary to your clients. First-time home buyers aren’t going to know how to stage a house, how to install a home security system what rooms should be renovated, or anything about their neighborhood.
If they don’t consider these home selling aspects important, they probably aren’t going to ask you about them. But you’re the expert, so you’ll notice things they won’t. A good agent will share their real estate knowledge with their clients because it helps them buy and/or sell their homes.
4. Explain Potential Pitfalls
First-time home buyers may rush into the home buying and selling process and make a few mistakes along the way. For example, new homeowners will often forget to ask about crime rates, neighborhood schools, transportation options, entertainment, or general demographics.
They may also forget to ask about property taxes or the total cost of utilities. If we put ourselves in their shows, we’ll learn that these things aren’t crucial to renters because they either don’t apply to them. Agents can assist buyers in doing their due diligence before purchasing a home.
5. Talk About the Closing Process
Real estate deals are often closed over the span of a week, but finalizing the contract can take even longer if your client wasn’t pre-approved. Counsel your clients about mortgage lenders and pre-approval before they pick out a home because they may be able to move in sooner.
After your client locks in their interest rate, you can move to the final stage of the home transaction. You should explain the paperwork they’ll need to sign, along with the complex legal terms and jargon. Your clients will feel more comfortable if they’re well-informed.
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