According to this interesting article, the National Association of Realtors® has recently published a report which focuses on different home buying and selling statistics. The report/survey has been done every year for the past 12 years and for 2007 consists of 9,966 responses that actually came back - out of 150,000 that NAR mailed out.
The article goes on to say that over the past 12 years, 42% of homes purchased were done so by first time home buyers. 42%!! - that's almost half of residential real estate was purchased by a first timer! For 2007, that number was 39% among the survey participants.
There are other statistics that are featured in the article, but I think the biggest news is the percentage of first time buyers out there closing on real estate. I have run into a handful of agents that honestly don't have the patience to help people through their first transaction. YES, there can be challenges along the way, but this is a huge experience for these people and one that I love being apart of. It is exhilarating to get people into the first home they've ever owned! And if you do a good job helping them through it, guess who they are going to recommend to other people looking to buy or sell real estate? They may even talk to another first timer and mention how you walked them through the process, helped them find a lender, the perfect home, negotiated the offer, helped line up insepctions and assist them with the other things that make up the transaction to close.
The message of my article is this: If you aren't reaching out to the first time buyer market, think of all the businees you might be losing. If you aren't willing to help people through the process and educate them as to the steps they need to take, guess what? You are missing out BIG TIME! I think the numbers speak for themselves.
My advice is to devise your own First Time Home Buyer Kit to help educate those that are wanting to buy a home, but aren't sure where to start. There is a lot of educating you need to do to set these buyers on the right path, but if your informational package has a good prep for them, they will know where to start. It helps you maket your services efficiently (because explaining all the steps over the phone is lenthy and your liable to wear the customer out). Having a package you can send via e-mail, hand deliver, fax or snail mail is condusive to your customers being able to review the information at their leisure, rather than you having to constantly regurgitate it over the phone. Sending a package also gives you a reason to give a follow-up call and see if they received it, if they have any questions and find out how you can further be of service.
This is MY FIRST TIME HOME BUYER'S PACKAGE that I have available on my blog and in a print package for mail outs/fax and OPEN HOUSES (this is a great tool to have handy at an open!!).
It covers the following topics:
- THINGS TO KNOW ABOUT THE HOME BUYING PROCESS (where to start)
- COSTS ASSOCIATED WITH BUYING A HOME
- A LESS EXPENSIVE LISTING PRICE **DOES NOT** ALWAYS MEAN A LESS EXPENSIVE MORTGAGE!
You can have a wealth of other information in your package and you may want to include an article that touches upon RENTING VS. BUYING and break down some numbers so potential buyers can get a hold of the difference. I did something similar in my DEAR PARENTS: WHY TO BUY REAL ESTATE FOR YOUR SFCC OR UF STUDENT article.
GO GET 'EM! Make someone's dream come true this week!
Angela Elliott is a licensed Florida REALTOR® with Century 21 Classic Properties in Gainesville, FL. Please visit my profile for more about me and browse my Gainesville, FL real estate website for additional Alachua County information and listings. Your phone calls are always welcome at (352) 256-7038 as are your e-mails to angela.elliott1@century21.com. A portion of all my closed sales will be donated to the Alachua Co. Humane Society (View my mission statement).
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