How do you educate your clients on the current market conditions and opportunities?

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Market education:

Begin your client interactions by discussing market history and projections. This frames their expectations and helps them understand the long-term financial implications of their purchase choices.
Strategic planning:

Collaborate with a mortgage consultant to outline the budget and loan process for clients. Share local sales data to inform them of what their budget realistically affords in today's market conditions.

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1 Understand their needs and goals

Before you start showing them properties or making offers, you need to understand their needs and goals. What are their preferences, budget, timeline, and motivations? How flexible are they on location, size, style, and features? How do they plan to finance their purchase and what are their expectations for the process? By asking these questions and listening carefully, you can tailor your communication and guidance to their specific situation and avoid wasting time and energy on unsuitable options.

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2 Provide relevant and timely information

One of the most important roles of a real estate agent is to provide relevant and timely information to your clients. This includes market trends, inventory levels, pricing strategies, offer scenarios, and negotiation tactics. You need to explain how these factors affect your clients' chances of finding and securing their ideal home, and what they can do to increase their competitiveness and value. You also need to update them regularly on any changes or developments that might impact their decision making or opportunities.

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3 Educate them on the buying process

Another key role of a real estate agent is to educate your clients on the buying process. This includes the steps involved, the documents required, the deadlines to meet, the professionals to consult, and the potential risks and challenges to anticipate. You need to walk them through each stage, from pre-approval to closing, and answer any questions or concerns they might have along the way. You also need to prepare them for possible scenarios, such as multiple offers, counteroffers, contingencies, inspections, appraisals, and closing costs.

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4 Share your expertise and experience

As a real estate agent, you have the expertise and experience that your clients need and value. You need to share your insights and advice with them, based on your knowledge of the market, the properties, the sellers, and the best practices. You need to help them evaluate their options, weigh the pros and cons, and make informed and confident decisions. You also need to leverage your network and resources to find them opportunities that might not be available or visible to the public.

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Shaban Shakoori, J.D.
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My process for working with first-time buyers is to assess what their needs and goals are. Do they want a simple, low-risk home or are they more adventurous? Maybe an investment property could help them benefit from rental income and related tax benefits. Next, I introduce a mortgage expert who will help the buyer understand their price range. I've built strong relationships with lenders and contractors over the past 30 years which helps my buyer clients get the best resources available.

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5 Empower them to take action

Finally, as a real estate agent, you need to empower your clients to take action when they find their dream home. You need to motivate them to act quickly and decisively, without being pushy or pressure them. You need to support them in making a strong and attractive offer, based on your analysis of the market and the property. You need to advocate for them in the negotiation and contract process, and ensure that their interests are protected and respected. You need to celebrate with them when they close the deal and become homeowners.

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Shaban Shakoori, J.D.
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Once the first-time buyer understands the ideal property type and price range, they can start making offers. In our market, multiple offers are common. So it is important to write the offer in a way that is most attractive to the seller and provides strong supporting information. Once the offer is accepted, we thoroughly inspect the property looking for any undisclosed issues. My trusted partners built over 30 years of practice will help give us the most leverage if any adjustments to the contract terms are necessary. My legal and development experience helps address any material issues. Next, we arrange for funding and closing. I encourage all first-time buyers to discuss the various tax benefits with an accountant.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Shaban Shakoori, J.D.
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Things to consider when choosing a real estate agent: Do they only have sales experience or do they have deeper skills? How good is their negotiating experience? Are they qualified to advise about state-of-the-art construction issues? Does the agent have purely residential experience or have they owned and sold investment property also? Has the agent built strong relationships among their colleagues, lawyers, contractors, local officials and insurers? What is their track record when representing buyers and sellers? Is the agent primarily motivated to be your advocate or do they just want to sell you something? How well can the agent identify properties that will build equity faster? Does the agent assign tasks to team members?

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Working with First-Time Home Buyers

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How do you educate your clients on the current market conditions and opportunities?

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1 Understand their needs and goals

2 Provide relevant and timely information

3 Educate them on the buying process

4 Share your expertise and experience

5 Empower them to take action

6 Here’s what else to consider

Working with First-Time Home Buyers

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