Buyers always want to get the most bang for their buck, but this can be challenging when they have a minuscule budget. Fortunately, as a real estate agent, there are ways to help them find their dream home for an affordable price. Try these strategies to start.
What to Do for Real Estate Buyers With Small Budgets
1. Ask Them to Reconsider Location
Location plays a huge role in the value of a home. If you’re having trouble finding options in a buyer’s budget, suggest expanding their search to other locations. For example, if they insist on living in a major city, suggest adding 15 or 20 minutes to their commute for a more affordable home. You can have them make a list of their most important features in a neighborhood, then suggest other more affordable areas that meet most of their requirements.
2. Suggest a Fixer-Upper
If your client is handy, see if they are willing to consider a fixer-upper. Putting a little sweat equity into their home may mean they can afford a property in their preferred neighborhood, of the size they want, or that has all the features on their long list. If they aren’t handy but have some time to wait for construction, have them talk to a contractor about budgeting options.
3. Ask About Flexible Features
Have your buyer sit down and make three lists for their real estate goals: “must-have” features, “nice-to-have” features, and “deal breakers.” Then, ask if there are any features they can compromise on, such as “deal breakers” they’d be willing to put up with or “must-have” features that can be moved to the “nice-to-have” list. Remind them that doing so will provide them with more options within their budget.
EXIT Realty Upper Midwest is the top brokerage of choice for agents throughout Iowa, Wisconsin, Illinois, Minnesota, North and South Dakota. Whether you want to join an existing office or open your own franchise, they will provide complete support to further your real estate career. Their team members are equipped with training tools, leadership opportunities, and lucrative retirement plans. Visit them online or call (651) 505-3570 to talk with an agent about your career.