New real estate agents: Help first-time homebuyers save money

If there’s one group that needs your counsel more than any other, it’s first time homebuyers. Those misty-eyed wanna-be homeowners with a pile of expectations and zero real-world experience.

It’s not like you don’t have a gazillion things to do as a new agent, right? Then, along comes Easy Agent Pro with something else to throw on your plate.

But, this “something else” is important. Especially if you hope to someday end up with a largely by-referral business. To get there, you’ll need to learn all you can about ways to provide your clients amazing customer service.

It’s the agent who slows down long enough to educated clients on the process and provides insider tips that they’ll remember long after closing.

Think about how memorable you’ll be when you help them save a huge chunk of money on the purchase of their first home. So, let’s look at some common, but hardly-mentioned ways that first time homebuyers can save money.

First time homebuyers and mortgage savings

First Time Homebuyers - Mortgage savings

One of the things you didn’t learn in real estate school, and that your broker isn’t chomping at the bit to teach you, is the mortgage process. We suggest you get up to speed on that first (we show you how), then you can more authoritatively counsel your buying clients on ways to save money on their mortgage.

For some reason, Americans tend spend more time researching what movie to see and where to have dinner than they do when hiring assistance in buying a home – a huge financial asset.

We’ve all heard the NAR study findings that most real estate consumers hire the first agent they meet with. More than half of these consumers went with the first lender as well.

By comparing offers from at least five lenders, Americans could, collectively, save more than $775 million, according to a Nerd Wallet study.

If your first time homebuyers are stretched thin on the financial side of things, remind them to slow down and buy smart.

Put together a report on how to compare mortgages and include it in the buyer section of your website and in your buyers’ consultation packet.

You’ll find plenty of information on the process on the Federal
Trade Commission’s website and at LendingTree.com.

First time homebuyers and insurance savings

First Time Homebuyers - Insurance Savings

First time homebuyers are typically overwhelmed by the time they get to the insurance-buying part of the homebuying process. It’s no mystery then why they don’t take their time with it.

Shopping around, though, is the name of the game when seeking to save money on home insurance. According to Consumer Reports, homebuyers can save “hundreds to more than $1,000 a year in premiums by shopping around.”

Suggest that the first name on their comparison list should be their auto insurance carrier. Most offer discounts on homeowner insurance when it’s bundled with another policy.

Then, advise your clients to find an independent insurance agent who offers insurance from a number of companies. The Independent Insurance Agents & Brokers of America offers a search tool to find these agents. Click on the “Find an Agent” button on the top left nav bar.

Finally, counsel them to run the names chosen through the database at the National Association of Insurance Commissioner’s website. Here they can find out about complaints against insurers and licensing information, according to Nancy Dunham with Money Talks News.

Consumer Reports finds that nearly three-fourths of applicants weren’t informed by insurers that their credit score will be used to determine their premium. Letting your clients know how their credit score will impact how much they pay for insurance is yet an additional way of adding value to your services.

You’ll be putting together a buyers’ consultation, in some shape or form, right? Whether it’s a face-to-face sit-down with them or a digital walkthrough of the process, the consultation is a win-win for the buyer’s agent.

An educated client is always the easiest to work with and, from the buyer’s point of view, you are proving your expertise and providing a measure of customer service they may not find with other agents. This, in turn, may prompt more referrals.

The one thing all real estate consumers share, whether buyers or sellers, is that they want to save money during the buying or selling process. The agent that helps them accomplish this is one they’ll remember.