First-time home buyers are valuable leads for real estate agents. While they require more hands-on engagement, first-time home buyers are highly motivated purchasers.
Currently, first-time home buyers make up 26% of all home buyers. While this number has decreased over the years due to market instability, it doesn’t mean you shouldn’t try to attract first-time buyers!
Typically, most people think that first-time home buyers are interested buyers who have yet to purchase a home, but it’s a bit more complicated. That’s why we’ve put together this guide to give you all you need to know about generating first-time home buyer leads. Keep reading to learn more!
What is a first-time home buyer?
The government considers anyone a first-time buyer if they haven’t owned their primary residence for three consecutive years. You also qualify as a first-time home buyer if you’re a single parent, a displaced homemaker, or someone living rent-free.
If you’re newly divorced, purchasing a home with a partner who’s a first-time buyer, or renting out your original primary residence, you’re also considered a first-time buyer.
It’s important to note that a home buyer can be a first-time buyer multiple times; therefore, they can qualify for first-time buyer grants, tax credits, and programs.
How are first-time home buyer leads different?
First-time buyer leads are different from other home buyer leads. For one, rookie buyers may need more hand-holding throughout the home buying process. An agent with first-time home buyer clients should readily provide real estate resources and guides to help along the way.
First-time buyer leads may qualify for local home buying grants or down-payment assistance programs. You should send your first-time buyer leads information on these programs. Showing first-time buyers how accessible home ownership can be will help them become lifelong clients.
How do you get first-time home buyer leads?
Most first-time home buyers spend their time researching real estate online, which means that’s where you should focus your lead generation efforts. Keep your website updated with SEO keywords and beautiful listing images, and have a professional presence on social media.
Through your website and social media, you can actively do the following to generate first-time buyer leads online:
Provide resources (or knowledge)
Real estate resources are invaluable to first-time home buyers. When you provide home buying guides, lender references, and assistance program information, you’re showing up for your first-time buyer leads.
You position yourself as a real estate thought leader by providing resources alongside your wealth of industry knowledge. A reliable and trustworthy guide is the best thing you can be for new clients.
Be available
Availability is critical for first-time home buyers. An open line of communication helps ease any apprehensions or anxieties new buyers harbor. If you can answer any questions or concerns within a few hours, your lead will likely become a lifelong client.
It’s important to set boundaries upfront, though. If you’re an agent that prioritizes off-clock time for family, rest, or hobbies, let your potential client know your working hours. Set proper expectations with leads.
Ask questions
While first-time home buyer leads are eager to jump into the real estate game, they may not be ready financially. Ask your contacts the essential questions upfront. How much do they plan to put down on a home? Have they spoken to a lender? Are they pre-approved?
Asking the right questions will help them prepare to buy. It’ll also help you understand what resources and contacts they need to get started.
Listen
Real estate is a people business. Your job as an agent is more than moving people in and out of homes. Allow your first-time home buyers to talk to you about their concerns, needs, and wishes. You nurture a relationship by giving space and listening to your potential clients.
After generating a new first-time home buyer lead, set up a meeting and listen to what they have to say.
Market to first-time buyers
Marketing to first-time buyers can significantly increase your chances of generating new leads. Use social media to provide resources and how-to guides to home buyer leads. On your website, offer lead gen forms for gated content like first-time home buying ebooks.
Another place to find first-time homebuyers is open houses. Consider hosting an open house for another listing agent and require a sign-in sheet. With those contacts, create a first-time home buyer newsletter.
Generate first-time buyer leads with Virtuance
You can generate even more first-time home buyer leads by partnering with Virtuance. Agents who use Virtuance for real estate photography services capture more buyer attention online. You can use your stunning real estate images from Virtuance on your social media channels, website, and email marketing campaigns.
