1 in 3 home sales go to first-time buyers, and marketing efforts to this group can focus on renters or perhaps couples going through some kind of life transition.

NEW YORK – Some 33% of all home sales are to first-time home buyers, who tend to be roughly 32 years old, recently married, and have an annual income of $72,500, according to research.

However, national research might not apply perfectly in any specific community. In one metro, for example, first-time home buyers may be somewhat older, might not own cars or have other differences, so it’s important to conduct research.

To reach out to clients, Rental Beast suggests that Realtors integrate rental clients into their business plan as a long-term strategy. Since rental clients tend to move every two to three years, it would be necessary to work with them more often. This can help build a pipeline of potential homebuyers while also generating more commissions.

It can also be worthwhile to follow clients on Facebook and monitor them for significant life changes, such as moving to a new area, having a baby or a grown child moving out. At this point, Realtors can let the client know they are available to help should they want to buy a home.

Forty-six percent of home buyers use FHA mortgages, so Realtors could also reach out to local banks, credit unions and even mortgage lenders to offer their partnership. In addition, Realtors can highlight their knowledge of the real estate market at such local sites as the library for a Q&A session and become a known educational resource for first-time home buyers.

Source: RISMedia (02/09/20) Silverman, Aleksia

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Author: kerrys