It goes without saying that 2023 was a tumultuous year for real estate. As a result of record-low mortgage rates and a need for more room, nearly every market in the United States saw a large influx of first-time homebuyers and sellers.
We asked our CE Plus members last month, "Over the past 12 months, approximately what percentage of your clientele have been first-time real estate buyers or sellers?" According to our replies, one-third of our clients are first-time buyers or sellers.
If your audience is experiencing a similar flood of new buyers and sellers, here are some pointers to assist you in delivering the best service possible to these newcomers.
Here are some pointers to assist first-time homebuyers:
- Educating your buyers on the house purchasing process is critical, especially for first-time buyers who may have some misconceptions about how real estate purchases work (thanks, House Hunters). They may be unaware of the processes that must be taken, such as getting pre-approved for a loan. The more you help them through the process and make it as easy as possible for them, the more likely they will return to you when it comes time to sell.
- Streamline the offer process so that your buyers are ready to act swiftly when they see a home they like. In today's competitive market, you must move quickly, so assist them in mentally preparing and having the necessary documentation available.
- Encourage your buyers to set a spending limit and to keep their long-term financial goals in mind. This will help them avoid overpaying for a home that they will ultimately be unable to afford.
Here are some pointers to assist first-time home sellers:
- Conduct a listing presentation that educates and informs your sellers not only on the current market value of their home but also about the selling process in general. Discuss your role with them and make sure they understand what is expected of them during the process.
- Assist your sellers in analyzing the present market and comprehending the reasons behind their home valuation. Assist them in determining whether there are ways to maximize the value of their home so that they can take full benefit of its potential.
- Work with your customers to develop a long-term strategy for selling their house, including how to place it in the market and prioritize their bargaining approach.
- Ensure that the home's condition and marketing collateral are first-rate so that it makes the best impression on eager purchasers and creates the most attention.
- Assist your sellers in developing a plan for their next step so that they are ready to go when the buyers are ready to close. Many sellers in today's strong market may be stymied by low inventory and unable to find their own move-up or relocation home.