For first-time homebuyers, entering the real estate market can be pretty daunting. In additional to real estate laws, there are also a variety of things, like mortgage rates or learning about the challenges of maintaining a home, to take into account. Many first-time buyers are overwhelmed simply by the sheer volume of new information they need to process, all while trying their best to choose the right home for their needs.
The new-buyer mentality is important for real estate agents to remember when planning how best to reach and effectively communicate with first-time buyers. To help you craft a particularly effective marketing approach, five members of Forbes Real Estate Council weigh in with their most successful systems, as well as why they work so well, below. Here’s what they said:
Members discuss a few approaches you can use to better reach out to first-time homebuyers.
Photos courtesy of the individual members
1. Leverage Grass-Roots Efforts
We’ve found that first-time homebuyer seminars hosted either in conjunction with local real estate agents or through working with human resources departments in a lunch-and-learn format, work the best. Topics range from local real estate trends to best practices for establishing credit and educating the participants on the benefits of homeownership. – Yana Nirshberg, Haus Mortgage
Read more in Six Mistakes First-Time Homebuyers Make, And How To Avoid Them
2. Talk To Tenants
First-time homebuyers are typically tenants first. Tenants are able to get a great feel for what they want in a home. Talking to tenants now is one of the best ways to build up a client list for the future. – Joe Edgar, TenantCloud, LLC
3. Understand Their Process
The best, and some say only, way to reach your target with a marketing effort, is to take a moment to walk in their shoes and understand their buying process. For instance, what would a first-time homebuyer be searching for on Google when informing their decision? If your guess was “I want to buy a home,” please rethink your career. If you guessed “best public schools in Jersey 2019,” I’m hiring. – Omri Dor, Obligo
4. Host A Happy Hour
Host a happy hour at a popular local bar, preferably with outdoor seating so you are visible to the public. First drink is free. First-time home buyers tend to be younger with no kids and enjoy getting out. This will help you build connections they will remember when looking for their first home. – Christopher Lombardi, Lombardi Residential, LLC