As the real estate market continues to recover with regards to pricing, many millennials are increasingly looking toward homeownership. The National Association of Realtors stated, “for the third straight year, the largest group of recent buyers were millennials.” This trend is not going anywhere.
As millennials age, they will only become more pervasive in the real estate market. It is the responsibility of agents and real estate firms the nation over to plan for this and make the transition as seamless as possible for many of these first-time homeowners. Listed below are three tips agents should keep in mind when guiding young prospective homeowners through one of the most important decisions they will ever make:
Find out what they need and why they need it.
The vast majority of prospective homeowners have a fairly concretized idea of what they’re looking for. That said, when they are seeing property after property after property, it is easy to lose sight of these initial parameters.
Distractions are inevitable, and that’s why it falls to the agent to keep customers moving forward towards a property they will truly come to love. Although this is difficult, implementing a Buyer’s Guide can tremendously facilitate the process. It will put both agent and buyer on the same page. That way, they have a solid foundation grounding their search and can present a unified front when they find the right property.
Provide supplementary resources.
All agents realize there are costs outside of the listing price that prospective homeowners must account for. However, first-time home buyers may not be so cognizant of the fact. This lack of understanding can, at times, lead to friction between the agent and his or client. That’s why providing supplementary resources vastly benefit the agent-customer relationship.
It helps the clients to put his or her trust in the agent. It is a means of verifying credibility, and although, at first, this may seem cumbersome (if the customer is double-checking everything that is said), it in fact cements a formidable relationship between the agent and customer. After the customer in question realizes the agent is actually an expert in his or her field, they will be more inclined to let them take on a greater role in the home-buying process. The agent and client become partners working towards the same goal, as opposed to two competing entities vying for the most profit.
Clarify the contract.
After the agent and client find the right property and make an offer, the contract can potentially cause friction due to miscommunication—and I’m not just referring to the listing price.
While of course the listing price is probably the most significant factor in the contract, it is by no means the only factor. There is a whole slew of obligations the homebuyer is committing to, and it is of the utmost significance they realize that.
In order to do so, don’t let the first-time homebuyer sign without understanding the contract in its entirety. Many times, contracts are so full of confusing vernacular and vague language that first-time buyers are inhibited from fully understand the text before them. Agents should rectify this by thoroughly reviewing the contract with their client and answering any questions they may have. Ensure they realize the extent of their obligations by being there for them and not letting impulsivity overcome rationality and objectivity.
This will provide an enjoyable and satisfying home-buying experience for first-timers and veterans alike.