Sometimes, Realtors® have to gently push people off the fence.
This often happens when you’re dealing with first-time buyers and you have to sell them on the concept of owning a home along with selling them an actual home.
Here’s how to sell them on both at the same time.
Show Them Their Future
Very few kids imagine themselves living in a condo or renting an apartment when they grow up.
That image of Future Me changes and evolves over the years. The picture of the home they want to live in will change as well. But make no mistake; they almost always still see themselves owning a home.
You can target this by showing them the lifestyle they’re picturing in your marketing materials. Make sure your postcards, brochures and online listings don’t just showcase houses. They should showcase the amazing lifestyle that home ownership brings.
Show Them Attainability
It’s crucial you show them a future they can actually afford. Money is the biggest worry that keeps first-time buyers tossing and turning at night. It’s also the biggest roadblock to desiring home ownership – especially for Millennials who have seen the terrible markets of 2008 and onward.
The Wall Street Journal recently reported that these buyers want to move into an affordable home, without worrying about a renovation.
“One big thing working in favor of the traditional seller: A lived-in, maintained home is easier for buyers to imagine themselves living in than a vacant foreclosure. That has great appeal for someone buying a home for the first time, for practical and financial reasons.”
“In fact, while nearly half of brokers polled for a Coldwell Banker survey last year found that affordability was the No. 1 concern for first-time buyers, 81% said move-in conditions were very important to these buyers. Only 7% said first-time buyers were looking to purchase fixer-upper homes that they could buy on the cheap and renovate.“
Show Them Value
Confirm and reinforce they’re making the right decision.
They have heard for years that they’re throwing money away on rent. Now show them the numbers that confirm that homeownership doesn’t just save them money; it can also make them money.
Forbes Magazine has described a mortgage as being like a forced savings plan for buyers.
“Paying that mortgage every month and reducing the amount of your principal is like a forced savings plan. Each month you are building up more valuable equity in your home. In a sense, you are being forced to save—and that’s a good thing.”
Answer Their Questions
You also need to address their questions completely to their satisfaction. Not only are today’s first-time buyers easily put off, they’re more informed than ever. They will have complex questions that need specific answers.
“Today’s buyers are much savvier than they were 10 years ago when online listings were nearly non-existent. Now buyers have already done their shopping, and because the housing market has been in the news, they’re much more familiar with mortgages, property values, market conditions, short sales,” advised The National Association of Realtors.
“Assume some level of knowledge on the part of your client, and talk up to their level.”
We all know that selling a home isn’t about selling a physical building. With all buyers, but especially with Millennials and first-time homeowners, you have to sell the dream of home ownership along with the home itself. By showing them a bright future that’s attainable and build financial value, and answering all of their questions, you’ll be well on your way to the closing table with these buyers.
How do you sell the dream of owning a home? Let us know in the comments below.