Copy By Marte

Professional Real Estate Copywriting

Real Estate Copyrighting
MENUMENU
  • Real Estate Prospecting Letters
    • Real Estate Prospecting Letters
      • Why Send Real Estate Prospecting Letters?
    • Custom Real Estate Prospecting Letters
    • Real Estate Prospecting FAQ
    • Prospecting: Why Send Multiple Letters?
    • Real estate investor prospecting letters
    • Prospecting Tips
      • Real Estate Postal Prospecting System
      • Why Drip Marketing?
    • Discount Codes for real estate prospecting letters
  • Agent Bios
    • Agent Bios
    • Real Estate Team Bios
    • bios for new real estate agents
    • real estate bio questionnaire
  • Marte's Blog
  • About Me
    • Contact Marte
    • Why Choose Copy by Marte?
    • My Bio
    • Testimonials
    • Fees
    • Samples
    • Web Copy Samples
    • Policies
  • Freebies for Real Estate Agents
  • Real Estate Copywriting FAQ
  • Real Estate Copywriting Advice
  • The value of first time buyers
  • Real Estate Blog Posts for Busy Agents
    • Real Estate Blog Posts for listing agents
  • Newsletter Opt-in
  • Real Estate Press Releases and Articles
  • Real Estate Books!
  • Your Real Estate Agent Website
  • Real Estate Property Descriptions
  • Real Estate Community Pages
You are here: Home / real estate best practices / First-time buyer advice to share with your clients

First-time buyer advice to share with your clients

May 28, 2021 by Marte Cliff

As a real estate agent, you have the opportunity to assist people in owning their very first home. Help them make wise decisions by sharing this first-time buyer advice.

You’ve probably already told them they need to get pre-approved for their home mortgage loan. Especially in give good first-time buyers advicetoday’s hot market, a buyer who isn’t pre-approved doesn’t stand much chance of getting an offer accepted.

Unfortunately, lenders can only advise based on the information they have. They don’t know about the borrower’s lifestyle and what is important to them regarding the dollars they spend over and above their monthly obligations.

So the first bit of first-time buyer advice is to look at their own spending and see how many dollars need to be set aside for things like dining out, concerts, summer camp for the kids, music lessons, and even annual vacations.

If their home mortgage payments will be more than their current rent…

The second bit of first-time buyer advice is equally important. Advise them to factor in the new mortgage payment, plus an amount to set aside monthly for maintenance and repairs, then create a budget and live within that budget for 3 months.

The rule of thumb to reserve for maintenance and repair is 1% of the purchase price per year. Thus, if they purchase a home for $250,000, they should set aside $2,500 per year, or $208.33 per month.

Can they live within that new budget comfortably, or will the price they think they want to pay for a home force them to forgo other pleasures in their lives?

I know, they (and you) are in a hurry and probably don’t want to wait to find that house. But knowing how that payment will affect their lives over the next few years is important. It’s one thing to save and do without little luxuries for a few months while saving for a down payment, but to do it year in and year out is not a pleasant prospect.

This first-time buyer advice may lower your immediate income.

be a hero with good first-time buyer adviceHowever, the good will you’ll generate will reap rewards. You’ll be known as the agent who does not encourage your first time buyers to make a life-changing financial mistake.

Your reputation as someone to trust will grow – and your referral base will grow with it.

Do you have first-time buyers registering on your website?

Hang on to them with my Nurturing Internet Buyer Leads letters.

Filed Under: real estate best practices Tagged With: real estate success strategies

About Marte Cliff

Marte Cliff is a professional real estate copywriter with a past - as a real estate agent and then owner/broker. She understands the real estate business, the challenges agents face, and the wants, needs, and fears that real estate clients face. She also understands the psychology of marketing.

When not writing, Marte enjoys reading, gardening, visiting with friends and family, and spending time with her canine companions. She enjoys life in a quiet mountain valley with wildlife as her nearest neighbors.

Copyright 2015 - Marte Cliff, Copywriter | 1794 Blue Lake Road, Priest River, ID 83856 | 208-448-1479

Copyright © 2023 · News Pro Theme on Genesis Framework · WordPress · Log in