Making the transition from renting homes to purchasing one is a huge for most Americans. As some of you know, buying a home for the first time is a remarkably uneasy, involved process. Buyers face a variety of paperwork, fees and inspection issues, as well as general confusion about what needs to be done and what comes next.
Although renting seems to be all the rage right now, the Census revealed that the percentage of homeowners in America has been steadily climbing back up since hitting a 50-year low in 2016. The home ownership rate in the first quarter of 2018 was 64.2%, higher than last year’s 63.6%.
First time home buyers want a real estate agent by their side to explain the ins and outs of the process and help them make the best decisions at every step. Here's how to make sure you are giving your clients the guidance they need through this huge commitment they are about to make.
As a Realtor, you can help ease the hectic home buying process. It’s important that your client trusts you and knows you are there for guidance. Clients trust you to know the features of the houses in the area, as well as the school zones and amenities surrounding the home so you can ensure they are getting realistic prices. You can also guide your clients through the paperwork and negotiations, both of which are places that can easily trip up even the savviest of researchers or planners.
Get educated on the home buying process
No matter how you much you plan, buying a house is a complex process. There are a lot of moving parts — from submitting an offer and obtaining a mortgage to securing homeowners insurance and closing on the property. Learning the ins and outs of home financing can be not only intimidating, but a huge hurdle for many first-timers. It’s important to educate your clients on the process.
More often than not, first-time buyers jump into it all without understanding the process at a high level. It's beneficial to teach your client what major milestones and key players are involved in a transaction.
A good agent will work well with inspectors, lenders, escrow officers and other professionals. Using your expertise, you will help navigate your client smoothly through their first home buying transaction.
Buying a home for the first time is not only a huge accomplishment- for some a lifetime goal, but also an emotional journey. You are in a relationship business, although you negotiate and market homes, you are in the business of helping people through transitions in their lives. Make this process as smooth and efficient for the client as possible and referrals will come flowing in.
Tired of feeling like just a number? Every Village Realtor is a partner in our shared mission to build a better real estate experience.