A strange and mysterious breed, the first-time homebuyer can be your favorite client or your worst nightmare. The same thing can be true when dealing with first-timers in any industry. These bright-eyed, bushy tailed newbies are going to be confused, overeager and annoying, but they will also be excited, appreciative and perhaps a client for life. The fact of the matter is that many first-time buyers don’t have a lot of money. This won’t always be the case, but for the most part your first-time buyers probably aren’t rolling in the dough, unless they have recently won the lottery. Not only is your commission going to be smaller, but your clients are going to have dozens of questions, expect the world from you and oftentimes will be clueless about the process in general.This means additional time and effort will need to be put forth by you the Realtor, and you’ll probably also serve as confidant, psychologist and hand-holder.
If this is the case, then why bother working with these buyers? Easy – if you hook them in from the start, you could have a client for life, not to mention tons of referrals. Many first-time buyers have friends who will start looking soon, and they’re going to want their own trusted advisor. Also, just because these buyers don’t have a lot of money now, doesn’t mean their price points won’t increase in the future. Aside from future monetary gains, Realtors working with first-time buyers are given the chance to be a part of one of the most exciting moments in a person’s life. As a Realtor, you will go through the process of closing on a home or “completing a transaction” hundreds of times in your career, but how often do you sit back and remember that you have profoundly impacted a person’s life by finding the place that they will call home — a moment that is even more momentous when it is the buyer’s first, launching them into adulthood and granting them the status of “homeowner.”
My friend who I joined at the open houses a few issues ago is still working on finding her perfect place in the city, but she is narrowing in on a few winners. Based on how crazy she has gotten (frantic MLS searches, phone calls to “discuss,” dragging me and her agent to listing after listing), she is lucky to have a patient, understanding agent. Becky Meiselman of Prudential Rubloff might not have realized what she was getting into when she agreed to work with my friend whose price range won’t result in a huge commission, but Becky still treats her with the respect and effort of someone who is spending millions. And though a deal hasn’t been closed just yet, it is safe to say Becky has earned one life-long client, tons of referrals and, obviously, praise in CA. These buyers might be a pain in the tush, so if the simple reward of finding a home for a wide-eyed newbie isn’t enough, then keep in mind the dozens of other perks that could come your way when working with first-time buyers.