Let’s face it, real estate can be confusing. Real estate can be frustrating. Real estate can be overwhelming. And, real estate can even be a little bit of a headache.
That’s why many people in America, those who could afford to purchase a home but don’t, wind up renting for years longer than they want to… all because they don’t know what they don’t know.
Some of them might struggle with wanting to get married or start a family, maybe they think they are too young, or perhaps they think that with their current level of income, they would never qualify for a mortgage.
That’s where you, the real estate expert, comes into play…
Your primary job when working with this type of buyer, the one who is “just looking”, is to reassure them that you are the expert in your area and are working for them, as a part of their team.
Especially since NAR’s most recent Profile of Home Buyers & Sellers breaks down the first-time homebuyers in these categories…
| % of all FT Buyers | Household Income | Median Age | |
| All FT Buyers | 100% | $75,000 | 32 |
| Married Couple | 57% | $87,100 | 32 |
| Single Female | 18% | $54,000 | 35 |
| Unmarried Couple | 16% | $77,300 | 30 |
| Single Male | 7% | $59,600 | 31 |
| Other | 2% | $76,800 | 37 |
The Bottom Line
Most first time buyers go into purchasing real estate fearfully. They’re overwhelmed by all of the requirements, paperwork, and not knowing what they don’t know.
It’s up to you, as the real estate professional, to not only educate them, but also help them find confidence in themselves and in you.
More and more buyers are sitting on the fence. Should I rent? Should I buy? And, unfortunately, most of them are going back to what’s familiar to them (and easier) — renting. Mainly because they think it’s hard to purchase a house, when it doesn’t need to be!
So, when you’re talking to your prospective buyer leads, especially the ones that say they’re just looking, dig a little deeper.
Find out why they’re looking to buy. Find out if they’re currently renting, why they’re not immediately resigning their lease. And, find out what they know about the real estate process.
And then educate them. You’ll have a client for life.