Learning how to market real estate to first-time home buyers is a way to corner this niche market and build future business. Consider what newbies want when buying a home and discover how to be a resource to help them close the deal.
First-time home buyers are an excellent target market because they are eager to purchase a house. Discover how to market real estate to first-time home buyers and learn what it takes to put together the right deal.
All first timers are not equal
Collect detailed information to determine the best ways to help first-timers. Are they looking for low-money or no-money-down loans? Would they be willing to buy a fixer-upper? While many first-time home buyers are millennials, they are not the only ones buying a house for the first time. Military families may want to settle into one place and take advantage of VA loans. Older renters may wish to own retirement homes. These clients are new to the process and need the assistance of a dedicated REALTOR®.
Use technology to connect and communicate
Social media is a powerful tool for REALTORS®. First-time home buyers search online to find the latest houses on the market. They also read articles about buying their first home, decorating for less and other topics related to budget house shopping. Post blog articles about trending questions and share them on social media. Feature listings on social media with photos, videos and virtual tours. The younger generation communicates differently. Few of them use snail mail or make phone calls. Emails, text messages and social media interaction are the best ways to connect with millennials. Speak their language on sites such as Instagram, Facebook, Twitter and Snapchat.
Create a first-time friendly image
First-time buyers want a REALTOR® who successfully works with others in the same demographic. Update your social media profiles, website and business cards to show that you help first-timers. This makes them feel comfortable and confident to work with you. Be creative and take photos with clients who purchased their first dream home. Hand them the keys or stand in front of the house holding the contract of sale. Post these images on social media along with your contact information.
Direct mail still matters
Snail mail might not be a favorite for millennials. However, it remains a powerful way to reach first-time home buyers, who still look for signs on properties and real estate marketing in their mailboxes. Colorful mailers with images capture the attention of potential buyers. Consider the local target market that would read these mailings. For example, apartment complexes are an excellent place to reach first-time home buyers, as people who want to stop paying rent are likely to respond to a direct mail ad.
Be a source of knowledge
First-time buyers are newbies with many questions. A REALTOR® becomes a valued source of knowledge by providing fast and accurate answers. Common concerns are credit scores, qualifying for a mortgage, what to expect when buying a house, current home prices and eco-friendly home features.. Give clients a list of helpful professionals you trust, such as attorneys, accountants, mortgage bankers, inspectors and other key players in the closing process. Create a network of referrals who will also recommend you to their clients. Having everything at their fingertips simplifies the process for first -time home buyers.
The fine art of compromise
First-time home buyers may have unrealistic expectations. Creating a wish list is the first step to helping them find a dream home, but REALTORS® also must teach first-timers about the fine art of compromise. Many buyers do not get everything on their wish list. Work with them to prioritize the items on their list. For example, a third bedroom might be a necessity, while a fireplace is an amenity. Help them visualize the possibilities in a home that doesn’t have a second bathroom but has plenty of closet space. Guide them into their first dream home and all it can offer them in the future.
Knowing how to market real estate to first-time home buyers is an investment in a REALTOR®’s future. First-time buyers are likely to purchase again in the future. Encourage clients to refer you to friends and family who need a helpful REALTOR®. Focus on this niche and watch your business grow.