At some point every real estate agent will have the pleasure of working with first time home buyers. This is an exciting opportunity for you to really guide your buyers through the process. First time home buyers are very enthusiastic and pose a great benefit to your business—if they have a great experience, they will refer their friends and family, and they will turn to you when they are ready to upgrade!
Now, for the downside. First time home buyers can be indecisive, nervous, and time-consuming—while typically purchasing at a lower price point. Since first time home buyers may make up as much as a third of any given agent’s business, it is well worth your while to learn how to best manage them. Here are a few considerations:
Buyers Who Have an Entourage: First time home buyers often bring along parents or others to see homes. Just go with it. Bite your tongue a bit and simply remain objective, while educating the whole group on the pros and cons of each home.
Buyers Who Know it All: Even though someone is a first-timer, they can often appear as a know-it-all, setting unrealistic expectations and making mistakes. You can, in turn, try to counsel them as best you can, remain objective and gentle, and let them suffer through a few mistakes. For instance, if they fail to get preapproved, then miss out on a home, they’ll learn—your role is to be guiding and supportive—don’t gloat.
Buyers Who Lack Commitment: Some buyers are just afraid of taking this big step. Be there for them and be forceful when you need to. You may want to prepare a checklist of the “must-haves” and “would be nice” items to help them navigate decisions.