Doing anything for the first time can be a little intimidating. But buying a home? With all its various steps and options, it’s a process that can easily feel overwhelming. Make everyone’s life a little easier with this quick-reference toolkit for effectively connecting your first-timers with their future homes.
TOOL #1: A Solid Online Presence.
First-time buyers — many of them tech-savvy Millennials — are increasingly doing the lion’s share of their research online far before stepping foot in a sales gallery. Offering a comprehensive website where prospects can find their ideal floorplan and get a feel for the amenities is of paramount importance.
TOOL #2: Oh-so-helpful Seminars.
There are a ton of misconceptions out there. For the properties that typically attract first-time buyers, seminars can be incredibly effective in quashing those misbeliefs and lingering doubts. In addition to making a great introduction to the property itself, these events present the perfect opportunity to answer questions about a prospect’s financial viability and educate them about specific condo nuances, such as home owner association (HOA) fees.
TOOL #3: Unconventional Financing Options.
The younger a prospect is, the lower the likelihood they’ll have the classic 20% down saved; despite a good job and salary, they just haven’t been working long enough. Thanks to forward-thinking lenders like SoFi®, this is no longer necessarily a barrier to home buying. Offering much lower down payments with no PMI and offering quick pre-approval online, such lenders are opening doors for an exciting new generation of buyers.
TOOL #4: Enviable Upgrade Incentives.
The option to customize — whether with a certain kind of wooden flooring, a custom closet installation or kitchen fixtures — can be a huge motivator for condo buyers across the board. But when it comes to Millennial first-timers, in addition to being a bit short in the down payment department, they unfortunately aren’t likely to be flush with cash for upgrades. A value-add program is a popular and effective solve. By rolling a portion of closing costs into a customization incentive, you can alleviate your buyers’ perceived limitations and offer them the excitement of choice — resulting in a great sales push and much happier homebuyers.