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A lot of buyers have no idea what you're talking about.

By
Real Estate Broker/Owner with Cornerstone Business Group Inc 0225086119

A chunk of my week was spent working with the Virginia Housing Development Authority. Saturday was dedicated to a group of first-time home-buyers. During that time, I realized how easy it is to forget what it's like to be a first-timer. The students in the classes were like sponges. For some, this will be their very first time venture into home-ownership. Others have dabbled a little, but they were all open to learn. 

As a real estate broker, it's easy to take the process for granted. I realized, I do it everyday. I know the language, the process and the typical bumps in the road. But, a first-time homeowner may be hearing language for the first time. What is escrow? What creates a credit score? What is a contingency?

Remember, when you're working with any client, but especially with first-time home-buyers, they may not understand the language or the process like you do. It is like a foreign language. Clarify everything, question their understanding and make sure the process makes sense. If not, back up, start over and clarify, clarify, clarify. Be patient, pay attention to the Realtor-ese you use and make sure your client understands the process. A lot of buyers have no idea what you're talking about. 

Comments(13)

Christopher Pagli
William Raveis Legends Realty Group - Tarrytown, NY
"I Stay Open Until You Close"

This is why I always meet with new customers in my office for a face to face consultation.  This proves to be the best way to answer questions and discuss the process rather then bits and pieces as we view homes.

 

 

Sep 13, 2014 11:10 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

The home buying process can be daunting for first timers.  Your classes to aid in educating them, is a great way to advance the process.

Sep 13, 2014 11:58 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Mike -- these classes can form a foundation for more learning ---- kinda like a tour bus in a new city and you find what "more" you want to discover.   

Sep 13, 2014 01:57 PM
Donna Foerster
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Assistant

Mike~ Teaching a class of newbies will certainly remind us that we need to clarify throughout the process.

Sep 13, 2014 02:31 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Talking to some people just souind like "speaking the number 7" if you know what I mean. :)

Sep 13, 2014 04:19 PM
David Saks
Memphis, TN
Broker / Industry Analyst

Great post and terrific information. Have great day and a fine week ahead.

Sep 13, 2014 05:18 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Which is why they need an agent that DOES know what they are talking about.

Sep 13, 2014 09:19 PM
James Dray
Fathom Realty - Bentonville, AR

This is one I fully understand.  A few questions with the first meeting goes a long way in determining what approach to take

Sep 13, 2014 09:53 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

It is a totally different experience...and actually refreshing when you work with first timers who know what they don't know rather than knowing it all.

Sep 13, 2014 10:01 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Mike. Well done. You are right, sometimes I have no idea what agents are talking about and I have been around for a long time. Speaking simply and explaining is key. Good post.

Sep 14, 2014 01:10 AM
Dianne Goode
Raleigh Cary Realty - Raleigh, NC
Realtor/Broker

Hi Mike.  I used to be a teacher, I guess that's why I love my first-time buyers.  I work hard to educate them as we go through the process, so they understand and feel comfortable as we go.  When I was a first-time buyer, I remember asking my agent, "What is a HUD?"   That memory keeps me from assuming my clients understand my Realtor jargon!

Sep 14, 2014 01:14 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Mike, it is so important to explain the terminology and make sure people understand.  Using acronyms is too common.  When someone uses an acronym on me and I have no clue what it means I say ... I don't know what that is or what is that ... because I want to know!

Sep 14, 2014 01:16 AM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

I met with a young couple today who will be selling their home soon. It was their first home and they admit they made some mistakes when they purchased it. They don't want to do that when they sell, they have scheduled listing appointments with 4 agents and asked some pretty tough questions. I was happy to see such a young couple take homeownership so seriously.

Sep 19, 2014 01:45 PM