Are You Giving First-Time Buyers What They Need?
Of the many types of clients you’ll encounter as a loan officer, first-time homebuyers make up a large portion. Many of them fall under the millennial demographic, though there are also plenty of people over the age of 40 ready to purchase their first home. Regardless of their demographic, it’s your duty as their lender to provide them a successful (or preferably standout) experience. While some factors of their approval are beyond your control, there’s plenty you can do to make sure they have an exemplary experience. Here are some things to consider:
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Give Them the Right Tools
First-time buyers usually don’t know very much about the homebuying process, and it can seem stressful and at times, overwhelming. Providing education to these clients is a great way to minimize their stress while increasing their confidence. Walk these clients through the lending process, step by step, giving them the tools they need to succeed. For prospects, simple things like including a mortgage loan calculator on your website can get them off to a good start. Sharing informative content with your audience is a great way to offer education. Exercising patience in all your interactions will also help you build a foundation of trust. When you go above and beyond to put your first-time buyers at ease, they’ll be much more likely to spread the word to their friends and families.
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Personalize the Experience
As you’re well aware, mortgages are not one-size-fits-all loans, and it’s essential to get to know your individual clients if you want to provide highest-level service. Once you understand their personal and financial profiles, you’ll be able to offer them the options that will work best for them. They’ll know that you were listening, and they’ll be able to rest assured knowing that they’ve made the best decision for their long-term financial security.
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Be Clear with Them
Since first-time buyers have no previous experience taking out a mortgage loan, make sure you offer clarification throughout the process. Don’t assume that they understand everything the first time you’ve gone through it, and regularly check-in to see if they have any questions or concerns. I make a point of regularly checking in on my first-time buyers to keep the pathways of communication open, and to make sure they understand their next steps. This communication will also demonstrate your intention to stay connected with them.
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Blend Digital Communication with Personal Interactions
In these modern times, people are expected to be reachable at all hours. Your first-time buyers will need more support than seasoned buyers, so making yourself your accessible is important. As I mentioned earlier, many first-time buyers fall into the millennial demographic. Millennials have a stereotype for preferring digital interactions, but that isn’t actually true. Research shows that most millennials appreciate a balance in communication styles with their lender — a combination of face-to-face meetings and digital tools, like texting and email. When you offer first-time buyers the convenience and accessibility of digital tools, coupled with the attention and personalization of in-person meetings, your clients will have no doubt that you’re dedicated to their satisfaction.
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If you’re a New Jersey loan officer considering new opportunities, don’t hesitate to reach out to me. I’d love to set aside a few minutes to tell you all the reasons why CrossCountry is the best company to align yourself with.
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Larry Vindman
Branch Manager — CrossCountry Mortgage
(908) 216-4848