Bank of Mom and Dad!
I was at an economic event the other day, and it was interesting to see that purchase business increased by 10.9% in January (month-over-month). Even more compelling, approximately 65-70% of all mortgage inquiries are purchase-related. And here’s the kicker—90% of those purchase transactions are from first-time home buyers!
So my question to you is: Are first-time home buyers a pillar in your business?
If they’re not, they should be. First-time home buyers are fueling the market, and they need guidance. This is where you step in—not just as an agent, but as a knowledge broker.
Building First-Time Home Buyers as a Pillar in Your Business
1. Recognize Where Their Down Payment Comes From
Many first-time buyers rely on the “Bank of Mom and Dad” for their down payment. That means you’re not just working with the buyer—you’re also navigating family dynamics, financial planning, and education. Position yourself as the trusted advisor who can help parents understand the process as well.
Many first-time buyers rely on the “Bank of Mom and Dad” for their down payment. That means you’re not just working with the buyer—you’re also navigating family dynamics, financial planning, and education. Position yourself as the trusted advisor who can help parents understand the process as well.
2. Have a Buyer Guide Just for Them
First-time home buyers need clear, simple, and actionable information. Create a buyer guide specifically tailored to their concerns—covering topics like mortgage pre-approvals, closing costs, and what to expect during the process. Promote this guide everywhere: social media, your website, and in your marketing materials.
First-time home buyers need clear, simple, and actionable information. Create a buyer guide specifically tailored to their concerns—covering topics like mortgage pre-approvals, closing costs, and what to expect during the process. Promote this guide everywhere: social media, your website, and in your marketing materials.
3. Host Buyer Seminars
Organize first-time buyer seminars to provide education in a friendly, non-intimidating environment. Bring in a mortgage broker to explain financing options, and a real estate lawyer to break down contracts and legal steps. Make it a hand-holding session where attendees feel empowered, not overwhelmed.
Organize first-time buyer seminars to provide education in a friendly, non-intimidating environment. Bring in a mortgage broker to explain financing options, and a real estate lawyer to break down contracts and legal steps. Make it a hand-holding session where attendees feel empowered, not overwhelmed.
4. Be the Knowledge Broker
First-time buyers have questions—lots of them. Your role is to simplify the process, provide accurate information, and be their go-to resource. Whether through social media, blogs, or webinars, position yourself as the expert they can trust.
First-time buyers have questions—lots of them. Your role is to simplify the process, provide accurate information, and be their go-to resource. Whether through social media, blogs, or webinars, position yourself as the expert they can trust.
The market is shifting, and first-time home buyers are leading the charge. Make them a core part of your business, and not only will you help them achieve homeownership, but you’ll also establish a steady stream of future referrals.
Have a productive week ahead!