How do you educate home buyers?

Meet face-to-face explain the Process then go over the Purchase Agreement, find out if they have money for escrow, home inspection, and a downpayment then introduce to a Mortgage Company.

I developed a 6 week workshop that covers everything a First Time Home Buyer needs to know when buying their first house. When the 1st time buyers finish the workshop they are knowledgeable and are ready to move forward into the process, their expectations have been set so the emotion is taken out of the process, they save the real estate agent a ton of time because they have been educated and they are focused. We also partner with real estate agents via an affiliate program so if you as an agent are looking to leverage your time, the workshop educates your buyers and then you as the professional, can point out the particular nuances in your area. Check us out at TheFirstTimeHomeBuyerWorkshop.com

I personally introduce them to my lender and give them the information that they need to get more comfortable and let them understand they need to listen to and ask questions to make sure that they walk the line during the search and process of purchasing! With education they empower themselves to accomplish the home buying experience and reach the finish line!

Soemthing to consider prior explaining the process is the type of home buyer you have and how they like to be communicated with. I’ve found the medium is super important. Is your client more face to face, phone call, text, do they want to adopt to technology trends and have the majority of the process digitalized. Figure out how your client likes to be communicated with and you set yourself up for success. Implement the process which should be fairly standardized once you know the right medium.

Really great points, @Scott Westlake! Think of their medium of choice as "Home Field Advantage" for the client. They can focus on the nerves that already exist in the process without having to worry about communicating in a way they are not comfortable. Bravo!

Market & Property insights are very critical aspects that is to be briefed to the home buyers. Information on local market trends, Property values, Potential of the market, Neighbourhoods, and types of property in the market. With the above details a home buyers can take a well informed decision.

Canadians don’t know enough about mortgage financing. It’s not something taught in schools like it should be, along with credit, good debt/bad debt, interest etc .. Going through the home buying process, even if they’ve bought homes before, making sure they understand their entire mortgage is so important. Understanding it’s more than just an interest rate to focus on, because Canadians LOVE to focus on just that. Teaching them about and how to utilize their pre payment privileges, the pro’s and con’s of extending or shortening their amortization. Penalties, that’s a HUGE thing when it comes to your mortgage.

I provide my clients with a comprehensive #MortgagePlaybook. It gives them all of the plays they could ever need to develop a perfect home financing game plan. It's not just about explaining the different loan types, interest rates, and costs involved; it's about empowering clients to make informed decisions. Active listening is key. By truly understanding their fears, concerns, and financial goals without jumping to conclusions, I can guide them towards the right loan program. When we work together and run plays from the #MortgagePlaybook, clients are confident in their ability to secure the best loan option for their unique situation, avoiding surprises or delays and ensuring a smoother path to homeownership.

Closing represents the end of their homebuying journey, a moment filled with anticipation and celebration. As a mortgage advisor, your energy plays a crucial role in shaping this experience. Confidence and excitement are contagious. When you approach the closing table with enthusiasm, clients will naturally share in that excitement. Don't hesitate to 'lay it on thick' and be the person who is the most excited for them. They have worked so hard to reach the end of their journey, and they deserve to feel that excitement. By educating your clients on the closing process ahead of time, it also removes the fear of the unknown. This ensures that this final step is as smooth and joyful as possible, welcoming them to their new home with enthusiasm.

As a former high school educator and coach, I've seen parallels between the nervousness of first-time homebuyers and a freshman entering the intimidating unknown of high school. Both scenarios lead to the client and the student being "guarded." The first step is breaking down barriers with compassion, patience, active listening, and empathy. By understanding their unique concerns, we empower homebuyers to engage confidently, openly, and honesty. Empathy connects us on a human level, making the process less daunting and more empowering, ensuring they embark on their journey well-prepared.

I say educate and advocate. Most buyers, even savvy buyers, have only a small reservoir of working knowledge about our industry practices or those industries that move in conjunction with us to complete a transaction. Educating buyers doesn't start at the contact and doesn't stop at the closing table. It begins before to ensure they take the best path of preparation financially to know what type of buyer they'll be, moves through the steps to get ready, what the market is and isn't, again through what the contact is and isn't and what lawyers might help their goal, further through the steps to make sure the use will be successful, even still for closing and even after to help protect the asset and knowledge for future growth.