When cultivated properly, first-time homebuyers can be a major long-term win for real estate agents and their businesses. Broker-owner Arielle Hays offers tips on getting them up to speed.
Today, first-time homebuyers make up a significant segment of the real estate market. The size of the group is unprecedented, and it’s usually overlooked and under-supported due to the extra time and service they require because they lack real estate and financial knowledge.
Helping first-time homebuyers is a passion of mine, especially those who are first-generation because I’ve been in that position myself. Unfortunately, I didn’t have anyone to show me the ropes when I wanted to buy my first house. I felt alone and with no support, which is why I recognized a huge opportunity to provide the support and confidence this segment needs to make a purchase that will help them start building their financial wealth.
In order to engage with the first-time homebuyer real estate segment, I took an educator course to get endorsed with the Washington State Housing Finance Commission to teach its state-approved first-time homebuyers seminar where participants can take advantage of the state’s down payment assistance program.
By teaching this seminar in my state, I’ve grown my business exponentially. These seminars are a fantastic way to engage with this audience, build trust, provide them with the knowledge they need and create a solid foundation for repeat business and referrals.
If you are looking to grow your business and help those who need it, I highly recommend that you consider teaching a first-time homebuyer seminar in your state. It’s equally important you use this opportunity to differentiate yourself by hosting seminars that stand out. By simply enhancing the delivery of my content, I’ve drawn in a steady stream of first-time homebuyers to my seminars.
Here are a few tips to keep in mind:
- Partner with a lender committed to helping challenging buyers. Not only will they have the same passion as you, but they can answer students’ financial questions.
- “Sandwich” most important content in the middle. This will be when your class is most alert, and they won’t miss anything important if they arrive late.
- Offer meals so no one needs to leave. Sit with them during this time to have meaningful conversations and set up potential appointments outside of class time.
- Provide hard copies of all materials. Some students might not be tech-savvy.
- Present course certificates and your business card at the end of the class. Also, ask if they’d like to schedule an appointment to get answers to any questions.
- Send thank-you cards with calendars. This can open the door to referrals from your students’ family and friends.
First-time homebuyers can be a challenging segment. However, when cultivated properly, these clients can be a major long-term win for real estate agents and their businesses.
Remember, following your seminar you need to be patient. Create a cadence of regular communication, listen and understand their story, make yourself available and keep a long view because they will come back, whether for repeat business or through referrals.