One of the greatest things about being a realtor is when we get to work with first time buyers, helping young families to achieve their dream of buying their own home – it’s a truly rewarding, fulfilling experience.
But the flip side of this is that when it comes to first-time buyers, you need to put in a lot of extra time into the deal, and take much more care about how you handle them. As it’s the first home they have ever bought, naturally the whole process is something quite new, and can be very daunting for them.
Virtually no new buyers will ever have spent this much money in one go, and so it’s our job as their real estate agent to take time and make sure they understand what it means to sign on that dotted line.
First time homebuyers require a lot of patience on our part.
In many cases, first time buyers don’t even know what they are looking for. Does a home in the suburbs suit them best, or is a downtown condo more their style? You need to make sure they get this right.
Pricing is another big factor where you may need to steer first timers in the right direction. If someone has never bought a home before, then the chances are they aren’t going to know much about current trends. Are they able to afford that dream home they’ve always wanted? How much is a 2 bedroom condo in their favored super-trendy neighborhood going to cost?
As their real estate agent, you have to guide them well.
Another problem with first-time home buyers is that it can be incredibly difficult to actually get them to sign their names on the dotted line and finalize the deal. Chances are, they’ll want to see dozens of homes before they can decide which is best for them.
They’re also going to need your advice when it comes to deciding what is and what isn’t a good deal. Many times, they will have no realistic idea at all about a home’s value.
Your job will involve explaining the whole process of buying a first home from start to finish when you take on a first time buyer. There’s a massive amount of information they need to take in and digest – inspections, appraisals, all the terminology – the world of real estate is something completely new.
Your patience may be tested to the limit as you shoulder the burden of answering hundreds of elementary questions and taking them to view dozens of different properties.
And don’t forget, you’re most probably going to be in it for the long haul as well. First time buyers often take months before they finally settle on the home they want to buy.
It might seem like more trouble than it’s worth, dealing with first time home buyers – but don’t forget, you’re also doing a great thing – helping them to realize their dreams.
I agree - patience is key to first time homebuyers. I also find that the same patience is needed with the client who is "right-sizing" their lives. In many ways, they are first timers all over again as many have been in their homes for decades and are unfamilar with the current process!
I think this rule actually applies with the vast majority of buyers full stop! That's just the nature of the job 😉
You must be patient with first time homebuyers. They must be properly educated and be guided in buying their first home. Remember patience is a virtue