BLOG

Speeding Up 1st-Time Homebuyer Transactions

Published November 2, 2020 by Real Estate Leads

We have dedicated our blog to talking about the ramifications of the COVID pandemic on the housing market for months now, and it’s been quite a while since we’ve dedicated a blog to advice for real estate professional who might be newer to the profession. These days our interests are primarily in the health of the real estate market in Canada, and we imagine it’s the same for most of you too. And so we will continue to talk about real estate in Canada in future entries here.

But today we’re going to segue back to tips for realtors in Canada, and one that will be particularly well received for newish realtors who see the need to close deals with first-time homebuyers more quickly in order to both put them in the home you know is right for them and earn the commission on the services you’ve provided for them. Both of which are important, as one reality that’s never going away – pandemic or not – is that real estate is a very competitive business, and you need to do everything you can to gain advantages.

Which is a big part of why our Canada online real estate lead generation system here at Real Estate Leads is as highly recommended as it is. What it does is harness the power of Internet Marketing and voluntary online surveys to identify prospective clients who are genuinely considering making a move in the local real estate market. And we don’t need to tell you how being able to be the first realtor to get in touch with these folks has the potential to be hugely beneficial and advantageous for you.

So let’s have a look at this topic here today – how to be quicker with closing deals with first time home buyers.

Establish Expectations Upfront and Often

There’s no debating the fact that communication is a cornerstone of a successful real estate practice and client relationship. When you’re conducting a transaction as complex as the purchase or sale of a home, it’s important that no one on either side of the equation gets their wires crossed or has a catastrophic misunderstanding. To this end, it’s very important that the realtor establish communication parameters with your clients up front.

You can start by inquiring about the communication medium they’re most comfortable with. That could be texts, calls, emails, etc. Then you need to establish how you’ll reach out accordingly. Another good idea is to set up a weekly ‘check-in’ time, and this is something you should do even if it’s clear no new progress has been made since the last check-in.

Another helpful tool is to draft a transaction timeline for your client outlining any major milestones along the way, the types of information needing to be gathered, what steps are to be taken, and what possible outcomes exist. This may seem like a lot, but you need to keep in mind that in today’s super-connected digital world clients will come to their own conclusions if you’re not very proactive in doing that for them.

That’s not necessarily a bad thing, but it has the potential to be one.

Be in the Know with all First-Time Homebuyer Programs and Perks

Here in Canada, every realtor will be (or should be) aware of the Federal Liberal Government’s First-Time Homebuyer’s Income Assistance Program. If there are any provincial grants and programs that aid first-time homebuyers in your Province you should be explicitly aware of them too, as well as having at least a functional understanding of how they work.

Sometimes these programs are neighborhood-specific in certain cities, with incentives to buy in up and coming areas. In other instances there are grants that support under-represented minority communities who face greater obstacles when buying a first home. Do your research on all of this, because not only is it part of your diligence in being a realtor in Canada but it also goes a LONG way in establishing you as your client’s real estate expert, and trust goes a long way when it comes to getting them to put their name to paper with buying the home.

Push Mortgage Pre-approvals & Know Where Best Rates Are

Mortgage rates and terms will always vary, and there’s definitely mortgages any new first-time homebuyer should be avoiding. Every reputable realtor anywhere in Canada will have a good, honest, and reliable mortgage broker that they are able to refer to their clients. You need to be the same way, if you’re not already.

They should be able to rely on you to find the rate that suits their long-term housing goals, and trusting that you’ve done that for them definitely helps speed the home buying process. Keep in mind that first-time homebuyers are new to this process, and borrowing and lending processes can be intimidating to them. As an agent, it’s your job to play intermediary and instructor, letting your clients know their options and guiding them towards making educated decisions or – in the case of a reputable mortgage broker – pointing them in the right direction to be able to do that. ,

There’s no doubt that with first-time homebuyers can be an exciting and rewarding opportunity, but you should be prepared – and able – to be much more involved in the process and ‘taking their hand’ as it were when it comes to getting them to take the next step, and the next, and so on until they’re reading to sign the papers. Do it right and you’ll also likely enjoy being referred to their friends and family, many of whom may well become your real estate clients as well.

Sign up with Real Estate Leads here and receive a monthly quota of qualified, online-generated buyer and / or seller leads that are delivered to you exclusively. You’ll be the only realtor to receive these leads, and they will be for soon-to-be buyers or sellers of homes who are living in the same area of any city or town in Canada where you are working as a real estate agent. It’s an excellent way to supercharge your client prospecting efforts, and you’ll quickly see it as a solid investment in your business success.