First Time Buyer = LOVE!
What do you like about assisting a First Time Buyer? Do you like to educate them on the process? Maybe, you enjoy how they look to you for guidance. Or, is it that you know if you give great service they will be a Raving Fan for life. Whatever your reason, most agents LOVE helping someone purchase their Very First Home! I remember helping my very first client who was a young couple with a new baby. They didn’t have much, but wanted to own their first home. We worked together as a team to find them the perfect place to raise their family. Still to this day they will call me just to “check-in” and see how things are going.
According to the National Association of Realtors, 38% of buyers are purchasing for the first time, so chances are you might work with one in the coming months. If you would like to make first time buyers your focus, here are facts you might find interesting.
• 76% of millennials (33 and younger) are first time buyers
• 51% are married
• $68,000 is the average income
• 73% will use their own money for a down payment
With the market increasing yearly with first time buyers, make sure you stay up-to-date on what is important to them. The internet is their best friend when they start to look for a home. And when I say internet, I am not talking about sitting in front of a computer, but rather a mobile devise. More than 50% of millennials search for home on their phone, and 26% end up buying a home they actually found on their mobile devise (Mears, 2015).
Are you ready for the tech savvy buyer? It is important to find out how they like to communicate when you have your buyer consultation. Do they prefer to talk on the phone, or would they rather just get a text message? I have found over the past couple of years first time buyers, which are usually younger, do not like to talk on the phone. They have to talk on the phone for work, so to communicate with their agent, they prefer to text. With the average age of a real estate agent being 65 and our largest buyer population being 33 and under, there is a large age gap (Desanctis, 2016). In order to stay relevant and wanted, you have to adapt to who the buyers are looking for. In an earlier post I talked about the importance of online reviews. If you haven’t done so, you might want to check it out.
So, if you want to build a sustainable business that will carry into the future, you need to embrace the first time buyer. They just might be your biggest raving fans!!
Gotta Tip – Look to Social Media for what the First Time Buyer is looking for in a home.
Desanctis, A. (2016). NAR generational survey: Millennials increasing buying in suburban areas. Retrieved June 25, 2016, from http://www.realtor.org/news-releases/2016/03/nar-generational-survey-millennials-increasingly-buying-in-suburban-areas
Mears, T. (2015). How millennials are transforming the homebuying process. Retrieved June 25, 2016, from http://money.usnews.com/money/personal-finance/articles/2015/02/27/how-millennials-are-transforming-the-homebuying-process