With the housing market seeing significant recoveries in home prices, many millennials are making a move toward homeownership. In fact, according to the National Association of REALTORS®, “for the third straight year, the largest group of recent buyers were millennials.” For many in this generation, this will be their first home-buying experience, and they’ll be looking to their agents for help.
While it’s important to cover topics such as financial obligations and home inspections with these millennial first-time buyers, there are other aspects of the experience that can be easily overlooked. Here are three tips for working with them to help simplify the process and ensure they find their perfect home.
- Learn their needs and motives
When most people begin searching for a home, they already have an idea of what they want or don’t want. However, after visiting property after property, millennial buyers can begin to lose sight of these priorities. While you want to make it to closing as quickly as possible, you know it’s important for your client to find a home they’re truly satisfied with. Because of this, implementing a Buyer’s Guide is a great way to find out what your buyers are really looking for.
Asking questions about their motivation for moving, their ideal future home and their financial process can make the decision process easier, and can help you approach them with the right home opportunities. Armed with their priorities, it will be easier for your clients to pick a home they love, rather than just because it has a good listing price. While you know sacrifice may be necessary, by asking your clients to prioritize their needs, they’ll be able to make a tough decision if needed.
- Provide them with educational resources
As an experienced real estate agent, you know that buying a house costs more that just the listing price. However, most first-time buyers are unaware of this. While they may have fallen in love with a property that seems to be in their budget, after property taxes, HOA fees and commuting costs it could be more than they’re able to afford.
To avoid this problem from the beginning, give your clients a list of additional expenses you feel they might overlook. This can help you show your expertise as an agent, while also allowing you to create a better relationship with your client.
- Clarify the contract
You’re finally there – your clients have found their perfect home and made an offer. The seller agreed on the price and you’re ready to close. First-time buyers will surely be anxious to wrap up the transaction as soon as possible so they can move into their new home. However, remind them that it’s important to take the extra time to fully understand the obligations of their contract.
This is another great opportunity for you to shine, especially because navigating tedious contracts will be completely foreign to most home buyers. Be sure to explain their contract in a way that will put their minds at ease and help them feel satisfied with their decision. By making the closing process as stress free as possible, it’s likely that clients will feel comfortable recommending you to friends and family who may be looking for an agent in the future.