first time buyers, anyone??

By
Real Estate Agent with Atlanta SOLD Sisters

I have lately made a push for first time buyers - and it's going well

I know they generally have lower purchase price, take more time, blah blah - (they also don't have contingencies on selling another property in this market!)

BUT I like working with them and I love educating them and helping them make that LEAP

I'd like to open the floor to others who have any comments regarding marketing to first time buyers, tips or tricks, any good stories, horror stories (surely not), or anything else related to first time buyers

GO!!

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Rainer
407,471
Sean Allen
International Financing Solutions - Fort Myers, FL
International Financing Solutions

Hey Lee,

The majority of our business is First Time Home Buyers. With market conditions being what they are right now, NOW is the ideal time for a FTHB to get a home. There are many great bargains to be had ... At least down here in Southwest Florida.

Good luck,

Sean Allen
The Mortgage Professionals
Professional Credit Consulting & Repair
www.TheMortgageProfessionals.biz

Aug 27, 2007 08:12 AM #1
Rainmaker
139,675
Vicki Lloyd
The Lloyd Realty Group - San Diego, CA
(619)452-9798, Real Estate San Diego California

I like working with first timers, too!  They seem so appreciative when you spend time explaining things to them.  I have been in the business long enough now that some of my first-timers are children of past clients!

I used to pick up first time buyers by calling in to apartment complexes where I knew the rent amount wasn't too far below the monthly cost to buy.  With the run up of prices in the last 6 or 7 years, the payment to own is much larger than the cost of renting, so it's harder to get someone excited about buying today, but things may turn around. 

Aug 27, 2007 08:14 AM #2
Rainer
68,846
Christopher Benedict
BIG Realty - Collegeville, PA
AskTheBigGuy
Best of luck to you on your new ventures.  As for working with first time buyers, my best advice to you is to always make sure to get them prequalified first.  Also, get them to work WITH you.  IF you try to get them to follow a system, and they balk, they will most likely fail to listen to other advice you may have. Your best buyers will be those who see you as an aide, a faciliatator to help them achieve their goals.  Buyers who see you as an obstacle to overcome to get to the table will only waste your time in the long run!
Aug 28, 2007 03:52 PM #3
Rainmaker
559,383
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

I think first time home buyers are actually the easiest to deal with when you can get 'em.

-Keith

RE/MAX Olympic, Manassas VA

www.MyRealtorKeith.com 

Aug 28, 2007 03:57 PM #4
Rainmaker
8,471
Lee Adkins
Atlanta SOLD Sisters - Alpharetta, GA

Christopher - good point - my system (so to speak) is to have a few written guidelines on what they need - insurance, explanation of escrow payments, the offer/counteroffer "process," - i also have a page or two from preferred lenders I had write up explaining diff. loan products and terms - points, closing costs, etc.

Keith - also a very good point - can I get a show of hands on how many people think first time buyers actually google "first time buyers Atlanta/Olympic/Paolo" ???

anyone have any good tips or tricks online or otherwise to find these people? - obviously, referrals of previous first timers to their friends who are probably same age, similar jobs, etc.are ideal - but how to tap the pool outside of these people?

Aug 28, 2007 04:10 PM #5
Rainmaker
316,351
James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
Real Living | At Home - Washington, DC
When Looking to Buy or Sell - Make the Right Move

While I didn't plan it this way - as I get started in the business I realized I was attracting only first time buyers.  So I know promote that I specialize in 1st time buyers.

OK, so a few bad things: they can't afford a lot - they have lots of questions - they are nervous - they take longer to decide - sometimes they bail out and don't but.

Good things: Many agents don't give them the time of day - they don't question every word you say; they really do think you are the expert - they don't have home sale contingencies - commissions from their sales spend the same - they will one day become 1st time sellers - many of their friends still rent and do not yet have an agent - and so on and so on and so on...

Need I say more?

 

Aug 28, 2007 04:19 PM #6
Rainmaker
8,471
Lee Adkins
Atlanta SOLD Sisters - Alpharetta, GA
James - I think you covered it pretty well - any specific methods you can share for how you were attracting FTBs?? Thanks for your post!
Sep 21, 2007 01:12 AM #7
Rainer
78,168
David Slavin
Keller Williams Premier - Katy, TX
CDPE, ABR, SRES Keller Williams Premier
It's a wonderful feeling when you see the excitement on their face when the keys to their first house are giving to them.
Sep 21, 2007 02:38 AM #8
Rainer
301,270
Vicente A. Martinez
Prudential Douglas Elliman Licensed Real Estate Salesperson - Woodhaven, NY
Realtor, Brooklyn - Long Island - Queens Homes
I agree... educating them is perhaps the best part of this business (specially if they are looking around with other agents, they compare us to them) I give them a first time home-buyer package and their eyes light up when they realize the other agent isn't providing them with the same value. Best of luck and keep doing what you do.
Sep 22, 2007 06:03 PM #9
Rainer
71,885
Larry Wright
nwRealty.Com - Tacoma, WA
With the market in its current condition you need a loan officer willing to go the extra mile and make closings happen.  First timers aren't easy to finance.
Oct 11, 2007 03:10 AM #10
Rainmaker
81,535
Christopher Ohlsen
Credit Werx, LLC. - Malone, NY

First time home-buyers come with less baggage, but that also means that they are coming with less experience and really need to have their hand held through-out the process. This is not necessarily a bad thing, it just means that you need to pay extra close attention to detail and respond quickly if your client seems to be confused.

 As you said you "love to educate" as we all do. Make sure that the information that you provide your clients is completely accurate because they will check it out. With FTHB's you will definately have the opportunity to educate.

Good post by the way. I just had an experience with a first time home-buyer that was difficult due to the lack of information that she had when she came to me, but the outcome was rewarding.

FTHB's are a great source of the CFL.

Good Luck in all of your endeavors.

Oct 11, 2007 06:45 AM #11
Ambassador
1,554,306
Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"
I enjoy first time home buyers if only from the point of view I am starting them off on what should be a pleasant and profitable journey.  They are less demanding, but get very excited when they find their first property.  I guess it's the mommy in me that enjoys that part of our business.  Karen
Oct 11, 2007 06:49 AM #12
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Rainmaker
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Lee Adkins

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