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Is Your Website Serving the Needs of Tomorrow’s First-Time Buyer?

October 17 2013

couple virtual homeMembers of the Millennial generation are reaching an age where they're considering buying a home for the first time. As the largest generation since the Baby Boomers, this means that an influx of first-time homebuyers is on the horizon. Are you and your business ready?

Every generation faces their own set of home buying challenges. For Millennials, these challenges are often financial, thanks to a sluggish job market and a massive increase in student loan debt. These factors mean that this generation of first-time homebuyers often can't overcome the biggest obstacle to homeownership--saving enough for the down payment.

But did you know that there's a tool you can add to your IDX website that can remove this common homeownership hurdle? It's called Down Payment Resource (DPR), and it's available as a free member benefit to an increasing number of agents whose MLS subscribes to the service. DPR integrates with your MLS to provide you with information about down payment assistance programs in your area. It's the first step to removing the down payment hurdle for qualifying consumers.

Adding Value to Your Website

While an average of 70% of listings in any given market are eligible for down payment assistance, these programs are often underutilized. Information can be difficult to find--if homeowners even know about them at all, that is.

Down Payment Resource makes finding this information simple. It aggregates data on all active assistance programs in your area and flags eligible listings in your website's IDX search. At a glance, buyers are able to see if a home qualifies for down payment assistance.

dpr review idx

If it does, visitors can click the DPR icon to be taken to the Down Payment Resource Eligibility Form and learn more about the programs for which the selected property is eligible. This user experience is designed to pique interest at every step, encouraging consumers to reach out to the agent.

A Tool That Gets Results

How many of your clients are income and credit qualified but don't yet have a down payment? Two-thirds of agents say that with DPR they are able to convert sidelined prospects into qualified homebuyers.

Down Payment Resource's IDX feature provides impressive lead generation results, too. On average, five percent of homebuyers who click the DPR icon will submit their contact info to request help. The most successful agent websites receive up to an astonishing 19 percent click-to-lead conversion rate.

IDX providers are taking notice too. In an effort to make it easier for their customers to add DPR to their IDX sites, WolfNet, iHomeFinder, and Union Street Media have already integrated DPR into their service.

Watch our webinar to learn more!

dpr webinar logosInterested in learning more about leveraging Down Payment Resource on your IDX website? Watch the recoring of our webinar that reviewed the growing interest among consumers in homeownership programs.

We interviewed real brokers and agents who are taking a proactive approach in educating first-time homebuyers by adding valuable information and tools such as Down Payment Resource to their sites. Leading IDX vendor WolfNet highlighted ways they are helping serve their agent and broker customers to prepare for this emerging first-time homebuyer market.

View the webinar now!