As it pertains to the real estate market, the millennial generation has arrived. Millennials, persons born between 1981 and 1996, are the largest living segment of the population in the United States, overtaking baby-boomers a few years ago. Their entrance in the market may have been delayed, but it cannot be ignored. As you develop a marketing strategy targeting this key demographic, which makes up nearly a third of prospective home buyers, there are few things to keep in mind.
Technology is at their fingertips
Millennials grew up during the internet age and for most of their lives benefited from the rapidly advancing technology the provides instant information. They are rarely without their mobile devices, allowing them to stay well informed. 90% of homebuyers search online and millennials make up a large portion of that population. Leveraging social media platforms like Facebook, Instagram, and Twitter will prove to be more beneficial, as opposed to traditional print ads. Also, popular listing sites like Zillow, Trulia, Redfin, etc. are a resource that needs to be utilized.
They are looking for a “move-in ready” home
Even with the popularity of home improvement shows aired on networks like HGTV, millennials prefer to purchase a home that does not require renovations or remodeling. This is important as you prepare the home for listing. With the short attention span and information available at the blink of an eye, the home needs to catch their attention immediately. High-quality photographs, effective property descriptions, a properly staged home, and even a video will go a long way to attract and keep the attention of these young homebuyers.
They are eager to work with real estate agents
As mentioned earlier, millennials are heavily reliant on technology. However, a study by Owners.com reveals that only half of millennials will search for a home prior to using a real estate agent. They are less proactive and hands-on in the process than prior generations and depend heavily on the advice from their agent. Many in the generation are indecisive when it comes to making a purchase of this magnitude, making them rely on input from their agent.
As 90% of millennials use real estate agents to purchase their home, leveraging an effective marketing strategy is key. Remember, you must catch their attention quickly and earn their trust right away as they will count on you as their number one resource in making one of the largest purchases of their life.