Educating your clients, regardless of what field of work you’re in, is vital for the success of any business. If clients do not understand the logistics and reasoning behind why certain things are done or prioritized, they will be confused by the goals of the company. With real estate, and homebuying, in particular, working with your clients face-to-face is inevitable, and you will have opportunities to teach them about the buying process, which you should do without hesitation.
The reason why homebuyer education is so important is that it strengthens the willingness of a homebuyer to be a permanent resident of the neighborhood their potential home is in, which thereby stabilizes neighborhoods as a whole. According to an article published by HomePath Agent Matters, “Those who get pre-purchase counseling and education are significantly less likely than other borrowers to become delinquent,” (Homebuyer Education – An Agent’s Best Friend). This will further help the entire homebuying process run more smoothly and effectively.
One vital aspect of educating homebuyers is that it eliminates client confusion. When buyers know what they can afford, and they understand the entire process of buying a house (which can be quite lengthy), their confidence levels boost, and it will be easier for both loan officers and agents to work alongside. Education in real estate helps clients get a sense of what buying a house entails, and all the finite details that go along with it. If you have a client who doesn’t fully understand the home buying process, the chances are that they will be surprised more than once throughout their experience – and surprise is not always a good thing.
In conclusion, clarity is vital when it comes to homebuyer education and the entire process of buying a home. But remember, not all agencies are educated in the same ways – so be sure that everyone involved in your home buying experience is well trained and are “HUD-approved,” which means they pass the HUD’s Office of Housing Counseling requirements.