By Brooke Chaplan
First-time homebuyers can be fun to work with because of their excitement and eagerness. At the same time, many first-time buyers have unrealistic expectations about the buying process that can make things more complicated than necessary. That's why it's important to take these steps to simplify the process to ensure that your buyers stick it out to the end.
One thing that many first-time buyers have in common is that they struggle to grasp how interconnected the various purchase price figures are. For example, a buyer's credit score has a significant impact on the interest rate they'll be asked to pay. By taking the time to explain these connections to buyers, you'll be able to avoid a lot of confusion and questions down the road.
Narrow Their Options
First-time buyers tend to think that they'll be able to check off every item on their wish list, even when their budget is limited. As an agent, though, it's your job to direct your buyers to homes that represent a good compromise, checking off as many boxes as possible while still providing a great value. By narrowing down their choices to just two or three standout homes, you'll help shorten their search time and potentially close your sale sooner.
Know What They Can Afford
Another thing that some first-time buyers struggle with is understanding how their income relates to their buying power. Since you don't want to show your buyers homes they can't afford, it's important to walk with them through the pre-approval process before asking them about what they want in a home. This will reduce the number of homes that you need to look through and help prevent major disappointment down the road.
Utilize Digital Documents
Asking your buyers to meet you to sign a stack of documents doesn't do much in the way of simplifying the process. However, if you can send your buyers all of the necessary documents digitally, you give them the freedom to look over the documents on their time and ensure that they aren't left with unnecessary clutter. Plus, you can attach the documents to an email and explain the purpose of the documents so that your buyers aren't overwhelmed with legal-ease.
Keep the Goal in Mind
During the home-buying process, it can be easy for first-time buyers to lose sight of the goal. In the midst of paperwork, appraisals and all of the other necessary steps involved in the process, your buyers may become overwhelmed since they've never seen how it all works out in the end. Therefore, when the going gets tough, it's important to remind your buyers that every step in the process has a purpose. This will help encourage them to keep going until they finally reach the finish line.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, N.M. She recommends looking into real estate agents in your area. For more information, contact Chaplan via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan