How to nurture the homebuyers you already have

If ever there was a time that homebuyers required hand-holding, it is right now, in this market.

While the market is described by the media as “white hot,” “booming” and “skyrocketing,” homebuyers who face bidding wars and inventory shortages aren’t exactly happy campers. Which, as you know, is a pity.

Buying a home should be a joyous occasion, not a battle.

So now, more than ever, they require a bit more nurturing than clients of the past. Knowing what to communicate to homebuyers is vital. At least if you hope to work with them, their friends, family and colleagues in the future.

The most important question of all is: do you know how to help them, counsel them and go to battle for them in the real estate wars they face?

What keeps buyers awake at night?

Do you understand—truly understand—their pain points right now? Are you aware of what keeps them up at night?

Many are scared. Of a lot of stuff.

Let’s start with you. Unless your homebuying clients are folks from your sphere, they don’t know you. Without an established relationship, there is no trust. And that is a scary place to be when you’re making such a huge investment.

Yet so many agents either don’t hold a buyer’s consultation or they run through it, spewing real estate jargon and assuming the people in front of them know what they’re talking about.

A full 60% of homebuyers responded to a survey claiming that the one thing they value more than anything else that their buyers’ agent can provide is knowledge of the process. (magazine.realtor)

Coming in right behind that one (at 56% of respondents) was an agent who was willing to point out a property’s “unknown” features and faults.

What To Communicate To Homebuyers Right Now

Now that you know a few things that are probably causing your homebuying clients the most angst, what will you do to help them conquer it?

Let’s take a look at a couple of the biggies and some solutions you can employ to put their banish their anxiety and relax into the process.

I don’t get it

If you weren’t a real estate agent when you bought your first home, surely you recall how confusing the whole process seemed. The jargon, the contracts, the very real fear that you might be getting taken—all of them add up to one anxiety-ridden client.

Think back and get those feelings back. When it comes to determining what to communicate to homebuyers, you can relate to especially first-timers and show them you’re in tune with how they feel and what they need.

It all starts with your buyers’ consultation. Not only do you want to learn their needs and preferences in a new home, but you’ll want to pay close attention to any and all things of a personal nature that they choose to share with you. These might include:

• Where they grew up
• Information about pets and kids
• Hobbies
• Skills
• Career information
• Interests (golf, reading, tennis, etc.)

Make notes of everything so that you can enter the information in your CRM when the meet is over.

Then, ensure that you share with the buyer each step in the purchase process and everything you will do to facilitate it.

Don’t rush this process, and keep the information “… appropriate for their needs [and] easily accessible,” according to a white paper published by the U.S. Department of Housing and Urban Development.

In other words, keep the language simple, yet thorough. Ensure that they understand every step of the way. Ask lots of questions and listen to their answers.

Not only is the buyers’ consultation a brilliant service to your clients, it also helps you in that you’ll be working with a more relaxed client. Plus, it decreases the chance of a poor outcome, paving the way for a smooth transaction.

Conducting the buyers’ consultation in person is ideal. Barring that, other formats to consider include:

• Via video conferencing (such as Zoom)
• Compile the consultation in an e-book and post it to a dedicated spot on your website.
• Compile a hard copy and bind it. Then, mail it to your clients so that they’ll have it on-hand to refer to when needed.

Here are some tips on what to communicate to homebuyers:

• The mortgage process, from start to finish. Yes, that should be the lender’s job, but few take any time to explain the process to clients.
• Who does what during the lending process? For instance, what is an underwriter? What happens at closing?
• The documents the lender will require.
• The importance of loan preapproval.
• The importance of the wish list. Not only does it help them be more realistic about what they can purchase, but it helps you determine what is truly important to them.
• Describe the MLS – what it is and how it works.
• Write up a glossary of real estate and contract jargon, from “amendment” and “earnest money” to “under contract.”
• Explain your process, step-by-step, from the time they hire you as their agent until closing. Include even the smallest details.

Details are important when considering what to communicate to homebuyers, so use them when explaining your duties. Every last detail of every single thing you will be doing for them is crucial.

Remember, the more information you provide and the easier it is to understand, the more value homebuyers will attach to it.

Communication is key

Timely response to all communication from your buyers and keeping them in the loop is crucial.

Even if you have nothing new to tell them, reaching out to let them know you’re still working for them from your end will go a long way in providing the kind of customer service that garners referrals.

In fact, everything you do with your buying clients, from beginning to end, should be another step to building a foundation for a long-term relationship.