The majority of first time home buyers are young couples who are looking for a great house to call their own, but have very little or no knowledge of the actual processes involved. Although they will generally do some online research before starting the home buying process, they lack experience. As a real estate agent, it is an opportunity for you to win the trust of first time home buyers and help them get the best home that their money can buy.
The rise in the number of first time buyers for real estate agents is that there will be more buyers out there looking to work with you. It also means that more agents will enter the business and the competition will increase.
Recently, there has been a large increase in the number of first time home buyers in Canada, according to housing statistics. As a real estate agent, you should view it as an opportunity to expand your business and build a large base of loyal clients who will come to you again and again and recommend you to their friends and family members. If you can prove your worth as an agent who can be trusted, you will develop a relationship that will last well beyond the closing date.
Here’s our advice for working with first time home buyers in Canada:
- Give your clients good, honest and useful advice: People buying a home for the first time are in need of good, honest and useful advice. So aim to treat them like a good friend. Do not mislead them into buying a flawed house just make a commission. Do not try to persuade them into buying a house that is unsuitable or a house which you know is worth less than the listed price.
- Help your clients with their mortgage needs: The majority of people who are buying a home for the first time finance their purchase with a mortgage. However, many of them have no experience with mortgages, interest rates and terms of payment. Introduce them to a good mortgage broker or direct them to a local financial institution that can help.
- Get your clients the best price you can: Many first time home buyers depend upon their agents to do all the negotiations. Rather than going around looking for a good deal, they prefer to let you do the necessary work. Therefore, treat is as your own home purchase and negotiate with the seller or seller’s agent to get the best price you can.
- Emphasize the importance of resale value: A house with good resale value can be sold again in the future with ease. Therefore, encourage your first time home buyers to choose a house that will increase in value due to its location or future developments in the area.
A rise in the number of first time home buyers is an indication of a healthy economy and a robust housing market. As young people become employed and start earning their living, they start looking for a permanent place to live. Many of them view the housing market as a vehicle for investment. As a real estate agent, you should utilize this opportunity to grow your business and achieve your goals.
