Is there a better feeling for an agent than the feeling of accomplishment when helping a first-time homebuyer close on their dream home? Before getting to that special moment, however, agents know they must first guide those buyers through a process that for them can be anxiety-inducing.
To bolster agents’ efforts to support first-time homebuyers, we’ve compiled three tried-and-true ways to relieve anxiety throughout the buying process.
Provide Regular Updates
One of the most common sources of anxiety for those involved in any kind of business transaction is a lack of communication from one of the parties. In no situation is this truer than when working with a first-time homebuyer. With no frame of reference for how the process is to be conducted and a significant financial investment on the line, it’s natural for a new buyer to have feelings of uncertainty.
To reduce first-time buyer anxiety, it’s crucial that agents stay in consistent contact with them to offer relevant updates, insight into the process and to simply reinforce that they’re available for any questions they may have. Even during parts of the process in which there’s no new updates to provide, regular agent outreach can give new buyers some much-needed assurance that their agent is with them at every step of the process.
For agents who use ShowingTime to manage showings, My Home by ShowingTime offers a convenient way to share updates with clients. Accessible from a client’s mobile phone or from a desktop browser, the free application offers a host of options to keep them current, including access to showing tour details with complete appointment information, driving directions and more; insight into commute times from a listing and nearby locations commonly visited; and direct agent-client messaging.
Support Your Conversations with Localized Data
Agent guidance and insight into the local market goes a long way toward settling the nerves of a new homebuyer. A market’s changes can seem fickle, particularly to those – like new homebuyers – who may have only recently started to pay attention to their fluctuations. Agents, of course, know their markets well and that knowledge is key for helping clients new to the process understand what’s happening.
When it comes to guidance, the more authoritative the commentary the better. Access to accurate, local market statistics enhances an agent’s authoritativeness and greatly simplifies conversations with clients about current and projected market trends.
Of course, data alone are rarely enough to calm nerves – agents must also provide necessary context and real-world examples to complement those discussions. ShowingTime’s MarketStats suite of market statistics products is used by thousands of agents to provide that context, offering current market data and making it a snap to export the data into easily digestible charts.
SEE ALSO: How ShowingTime Helps You Provide a Personal Touch | 5 Ways to Wow Your Clients with ShowingTime | Keep Your Clients in the Loop with My Home by ShowingTime | 3 Key Takeaways from NAR’s Aspiring Home Buyers Profile
Use Technology to Accommodate Evolving Needs
Technology has unquestionably changed the face of real estate. While there’s no replacement for the personal touch that only an agent can add to the process, technology has expanded how clients expect to work with an agent. For agents, meeting that expectation and supplementing your client service with technology is another great way to provide peace of mind throughout the buying process.
For example, during these unpredictable times necessity has again been the mother of invention with the growing adoption of virtual showings. Once aspirational but made impractical by limited technology, virtual showings have become an option regularly employed by agents that stands to endure as an option long after in-person showings are considered universally safe. ShowingTime LIVE Video, for example, has been used by agents around the country to offer buyers the option to attend showings from the safety and comfort of their own home, with one agent in Minnesota using it for more than 1,189 minutes worth of showings – that’s almost 20 hours – since its launch earlier this year!
According to NAR’s 2020 Home Buyers and Sellers Generational Trends Report (PDF), millennials made up the largest share of first-time homebuyers in 2019, representing 38 percent of all first-timers in the market in the last year. This is a demographic who is fluent in the latest tech, and leveraging it is a great way to appeal to their expectations.
A little anxiety is to be expected when making a big financial decision, which buying a home generally is. But with a proper amount of support, agents can lessen much of the emotional burden the process can place on new buyers, in turn ensuring that the process is smooth and anxiety-free.
Whether serving clients new to the market, veteran buyers or sellers, or both, ShowingTime products are designed to help you help your clients. Click the button below to connect with our Sales team and discuss your business needs today.