In the video series, “Real Estate: Raw & Uncut,” Byron Lazine and Tim Bray of Seaport Real Estate Group with Sotheby’s International Realty are joined by Lucy Uchalova to discuss the pros and cons of working with first-time homebuyers as well as what it takes to make it work.
The pros and cons of working with first-time homebuyers
Pros:
- They have move-up potential.
- They know other first-time homebuyers.
- They tend to refer their friends.
Cons:
- They don’t know the difference between what a real estate agent should do and excellent service.
- They don’t know what they don’t know.
- They aren’t as quick to trust their agent.
Keep in mind that most of the time, buyers are finding properties and bringing them to the agent. What are you going to do from that point as a buyer’s agent to build the trust necessary to work successfully with first-time homebuyers?
Should you work with first-time homebuyers?
At the end of the day, it comes down to what your business plan looks like. Should you choose to work with first-time homebuyers, the first step is building trust.
You have to build a real relationship with first-time homebuyers so that they send you strong referrals — thus building your business.