By Bob Corcoran, Corcoran Coaching

With the fed taking over Freddie Mac and Fannie Mae, many predict – and I’m among them – that interest rates are going to drop. We’ve already seen some lowering and that may very well continue.

One result of this, I believe, is that we’ll see more first-time and younger buyers who’ve been waiting on the sidelines finally make their way into the market.

Are you ready to help them?

You might be saying no, simply because of your age. NAR reports the median age of Realtors is 52, but the median age of buyers is 39. NAR also reports first-timer buyers accounted for 39 percent of the home purchases in 2007 and 68 percent of these buyers were under 35 and 89 percent were under 45.

So you older agents will have to get with the program if you want to work with these folks.

Here are a few tips to help you position yourself to work more successfully with these younger buyers.

  1. Be an educator. Too many agents are what I      call “Pop Tart” agents. They get a call from a prospective buyer and they      pop right up and go show homes. Hold on a minute and get to know these      first-time buyers. They’re already a little tentative and skeptical      because of all the bad news they’ve heard about the real estate market. No      one wants to feel pushed into something. Educate them on the basics of      home buying and all the advantages of home ownership versus renting to      alleviate their anxieties and get them on your side.
  2. Get them pre-qualified for a mortgage.      Another way to relieve their anxiety is to get them pre-qualified. First,      it saves you a lot of time, but it also shows the buyers where they are      financially and what they can actually afford. But also realize that      they’ll face more scrutiny in light of all the ado in the lending      industry. And approvals are only lasting about 30 days.
  3. Get more web savvy. As you might guess, the      younger generation does practically everything online. Most of them      actually grew up on it, so make sure your site and listings can be easily      found on the web via search engines. And know it’s likely they’ve spent a      lot of time researching homes on the Internet before they ever talk to      you. Plus, they like communicating via the phone – and not just talking,      but texting. So if you haven’t learned how to text message on your cell      phone, you better get to it.
  4. Understand their motivation. NAR reports      younger buyers buy primarily because they want to own their own home or      establish a new household. Seventy-four percent reported this as their      primary reason to purchase. So in marketing to first-time home buyers,      focus on the American dream of owning a home versus the downside of      renting.
  5. Understand their nuances. Every generation      has little quirks and the younger generation certainly has theirs. For      one, they’re more casual — which doesn’t mean you should wear jeans — but      be careful not to overdress. They also tend to like things quickly and      efficiently. They’ve grown up in the push-button era – you want something,      just push a button and it’s there, fast. So take out any wasted space and      time in your presentations and be able to complete the sale as quickly as      possible. And have monthly payments factored out with maybe three or four      different scenarios. You might even consider an annualized plan – how much      the home will cost them in a year.

The key is to always listen closely to their needs, verify what you heard and then act accordingly, and you’ll do great.

Best of luck to you!

Corcoran Coaching, spearheaded by Nationally Acclaimed Real Estate Speaker and Coach Bob Corcoran teaches Real Estate Brokers, Real Estate Teams and Real Estate Agents how to create and implement cost effective real estate operational, business and sales systems that have a proven decade long track record of successfully driving their clients to their next level of sales productivity. Performance based coaching and accountability are the cornerstones of outstanding programs that teach real estate database management, lead generation capture and conversion systems, effective advertising along with lead capture, follow up and performance accountability. Isn’t it time you invested in yourself to be as successful and effective as the top producers. Success is just a phone call away. Call today at 1-800-957-8353 or email us at info@corcorancoaching.com. To get your FREE NO OBLIGATION CONSULTATION with one of our experienced professional success coaches, please follow the above link.