Paul Irwin from Irwin Financial Solutions loves dealing with first home buyers. He shares his successful process for dealing with them.
First home buyers are a pleasure to deal with because they really appreciate and value our service as a mortgage broker. They are usually quite nervous and unsure about the whole buying process. To put them at ease, I like to take them through the process step-by-step:
The pre-approval: This is the most important stage as it gives them confidence when their loan is approved. It also assesses their buying range making sure that they are looking at suitable properties which they can afford.
Finding the property: This is something they have to do on their own, however I am always a phone call away should they need my help.
Buying the property: During this process, there are two opportunities to develop new referral relationships. Once a property has been located I will introduce myself to the agent and tell the agent that my client is already approved, subject to a valuation. I also like to introduce myself to my client's solicitor/conveyance and also inform them that my client is already approved.
Final approval: Once all the final inspections/valuations have been completed I always take pleasure in sending out the final approval to my clients and their legal representatives.
Mortgage documents: I always insist that the mortgage documents are sent to me. I cannot understand why anyone would want them sent to the solicitor/conveyance. What would they know about why my client's chosen product/rate or loan feature? Let them stick to the conveyancing and we will take care of the mortgage, you can also finalise the FHOG. This will also give you an opportunity, now that you have proven yourself, to cross sell some of your other products which are offered through PLAN e.g. building, content, risk and life insurance and so on.
Settlement: Finally we are now at the final stage of settlement, a word we all love to hear. I like to call them on the day and congratulate them on their achievement. You can also send them a small gift thanking them for allowing you to be part of the whole process. It doesn't have to be expensive but rather something that will not be thrown out, a reminder of what you have done for them.
Most of my business comes from referral from existing clients' referrals, especially first home buyers as they usually have a lot of friends who are also looking to buy. So don't be afraid to ask for referrals.