Do you enjoy working with home buyers?
If so, do you realize the tremendous value of first time buyers?
Every client is valuable. However, for agents who intended to make real estate a long-term career, the value of first time buyers is unbeatable. They have the potential to be the mother lode of gold mines for you.
That means – it is well worth your effort to prospect to first time buyers. We’ll talk about ways to reach them in a minute.
Much of the extra value of first time buyers lies in their future plans.
In most cases – not all – first time buyers are young people, just embarking on a lifetime of home ownership. Also in many cases, their first homes will be “starter homes.” As they advance in their jobs or careers and their income grows, they’ll very likely want to move up to a bigger house, a better house, or a house in a different neighborhood.
If they are young couples, their housing needs could change as their families grow.
Wouldn’t you like to be the one they call when it’s time to sell that current home and purchase another?
Some of the value of first time buyers lies in their excitement – and their friendships.
When something exciting happens in our lives, we talk about it. That’s just human nature. And buying your 
own home for the first time is exciting.
Your first time buyers are apt to talk about their home purchase with all their friends, their families, their co-workers, and anyone else who will listen.
And they won’t just talk after the purchase. They’ll also tell stories as they proceed through the home search, negotiations, the home inspection, and any glitches that came up along the way. If you’ve handled it all masterfully, they’ll even talk about you.
Your goal then is to cause them to sing your praises to everyone. And you can. All you have to do is take good care of them and do your job well. They’ll love you.
But… love fades if it is not nurtured.
While more than 90% of buyers say they would use their agent again, only about 12 or 13% actually do so.
You’re bound to lose a few of them because a close friend or family member has become licensed. Even though they love you, they love friends and family more. Sometimes to their detriment, as you’ve probably observed.
Why do agents lose so many past clients?
Because they fail to stay in contact. They forget those clients, so those clients forget them. Once the transaction closes, they’ll be busy settling in to their new homes, getting acquainted with the neighborhood, and creating new routines for their lives. Unless you’re there with continued advice and support, you’ll soon fade from importance in their lives.
After a few years pass, at about the time they’re ready to move on to that next house, they might not even remember your name.
And that’s why I write “Staying in Touch” letters.
Right now you can choose from two sets:
The First Time Buyer Staying in Touch Letters: These are specifically written to give guidance and support to your first time buyers as they settle into their new homes. The first letter even comes with a checklist of things to do right away – such as change the locks. These 9 letters show your first time buyers that you are and will be there for them even after the sale. Learn more.
The Event-themed Staying in Touch Letters: These are suitable for everyone in your sphere of influence, all of your past clients, and even your future clients. They’re fun and interesting messages that those on your list might well forward on to friends or talk about over coffee or cocktails. With 26 letters in the set, these can keep you in touch for two years. Learn more.
How to reach those valuable first time buyers…
- Through your website
- Via postal prospecting
- Through ads in neighborhood publications
- By partnering with a lender to present first time buyer seminars
- Via open house events
Your website is the obvious first choice.
Include pages and blog posts with buyer advice. Offer a special report in exchange for a name and email address, so you can begin drip marketing to them with more good advice.
My First Time Buyer letter set includes a flyer that can be revised for use as a special report, or you could use letter #1 in that set. If those prospects haven’t turned into clients by the time you’ve used all 7 letters, continue on with one of the other Buyer Prospecting letter sets on this page.
And do remember, it sometimes takes time before a prospect turns into a client. Read this post to see why persistence is so important.
Prospect by postal mail.
Use every door direct to prospect to apartment dwellers.
Use a service like Cole Realty Resources to identify tenants in a geographic neighborhood.
Place ads in neighborhood publications.
This might be a weekly free newspaper, a publication devoted primarily to want ads, or even a church bulletin. You can also post flyers in places like the local laundromat, grocery store, or cafe.
Partner with a lender to present first time buyer seminars.
This might not be possible with COVID restrictions at the moment – but something to save for the future.
Open house events have always been a good source of buyers.
If you’re primarily a buyer’s agent, offer to sit at open houses for some of your listing agent colleagues. Again, that might not be possible just yet, but is something to keep in mind for the future.
First time home buyers may require a bit more time…
But the long-term value of first time buyers should outweigh the time it takes you to lead them through their first transactions.
Because first time buyers are so valuable to you…
I put together a First Time Buyer Marketing Package. The package includes prospecting letters, follow-up letters, and a bonus. Read all about it when you click here.