First-time homebuyers currently make up 45% of the market but that leaves a big slice of the pie being more-experienced buyers. Maybe these buyers are moving; maybe they’re looking for a secondary home; maybe they’re house-flipping.
Experienced homebuyers will be more formidable than first timers in knowledge and available resources alike, so agents should have some strategies when dealing with them.
Don’t over-explain
As an agent, you’re used to explaining things. Whether it’s giving a tour of your listing at an open house or assisting buyers and sellers in a transaction, you know what you’re doing and want to enlighten your clients.
Educating buyers like this is great for first timers. If someone has been through this process before, they’re probably familiar with how it works. If you explain too much, they might feel like you’re talking down to them. At the same time, listen closely and if they are misinformed about something, clear it up—that they will appreciate. This is a thin tightrope to walk, but if you manage it, you’ll maximize buyer satisfaction.
Stick up for your seller
Just because you’re dealing with experienced buyers doesn’t mean your seller has the same experience. A well-versed buyer against a first time seller can create an uneven playing field when both parties reach the negotiating table. That’s when you really have to stand by your seller’s side and make sure they don’t agree to a deal they’ll regret later.
Treat the buyer like repeat clients
If this transaction isn’t the buyers’ first time buying a home, then it probably won’t be their last. For instance, if the purchase you’re helping them with is a second home, they may want to sell one of the two down the line. If they had a positive experience buying the house from you, they’ll remember and ask you to help them sell it down the line. After all, you’ve already proven to them that you can sell the property.
Alternatively, if they have enough money for two homes, they probably run in social circles with other people who do as well. Agents get lots of business through referrals and if you’re referred to clients with deep pockets, all the better.
Make the property feel special
First-time buyers are simply easier to awe; the very thought of having a home is a novelty to them. For people who’ve bought a house and lived in their purchase before, that just isn’t the case. You’ll have to highlight what makes your listing unique. You could even ask upfront what their current home is like in order to highlight the ways that the listing is different. Whether the property will be a second home or they’re simply moving, knowing they’re not in for more or the same will make the sale all the more attractive.
Go above and beyond
It’s not just the house that will have to stand above the grain, you will as well. If they’ve purchased homes, then you definitely won’t be the first agent these buyers have dealt with. That means they have an idea of what agent service looks like, so you’ll need to exceed that to leave an impression and potentially win more business. If the buyers’ previous experiences with agents haven’t been great, then you’ll seem all that better by going the extra mile.
