More and more millennials are buying homes, making them a large portion of the home buyer market. As a real estate agent, focusing on catering to this demographic allows you to tap into a lucrative market. In this article, we’ll give you some tips on how to understand their needs, preferences, and circumstance. Doing so can allow you to exceed their expectations and establish yourself as the go-to real estate agent for millennials.
What Is a Millennial?
While there’s no exact definition of a millennial, they are generally thought to be anyone born between 1981 and 1996. Anyone born before or after this age range would technically be from a different generation.
As of 2022, millennials, also known as Generation Y, have overtaken Baby Boomers as the largest generation group in the United States. There are currently just over 72 million millennials in the country.
Understanding Millennial Home Buyers
Selling real estate to millennials might be tough, but not impossible. The best way to sell to millennials is to identify the many factors that influence their home-buying decision. Understanding these general influences can help you better tailor your services to meet their needs. While some of their priorities when buying a home can vary, some of them may include the following:
Finding an affordable home might be important for every buyer, especially millennials. Many millennials face challenges such as student loans or credit card debt which can affect the type of home they can buy. Shaping up your research or negotiating skills to find a home within their budget can prove useful when selling to millennials.
Where are millennials buying homes? Turns out, like many others, they value the location and neighborhood of a property. Millennials prioritize proximity to work, amenities, and public transportation options. A city’s walkability to entertainment options such as restaurants or movie theaters are all important considerations.
What do millennials want in a home? There are certain amenities in a home that may seem more attractive to millennials than other generations of home buyers. They may prefer properties with modern features such as open floor plans, energy-efficient appliances, or smart home technology.
Like other generations, millennials look at homeownership as a long-term investment and a wealth-building opportunity. This means that they may consider factors such as the potential property appreciation, growth prospects of the area, and the overall stability of the housing market when making their home-buying decision.
Millennials currently make up almost half of all home buyers, the most of any generation. One reason they may be buying a home is because it offers more space than an apartment. Features such as total square footage and the number of rooms and bathrooms can make or break their decision to buy a home.
Millennials also happen to make up the largest percentage of pet owners in the U.S. Dogs are the most popular pet among the group, meaning having an outdoor space, like a big backyard, might also be an important deciding factor.
Technology Impact on Search Process
Technology plays an important role in the millennial home-buying process. Online platforms and real estate websites provide comprehensive property listings with detailed information, photos, neighborhood data, and even virtual tours to help them make their decision.
Embracing technology is crucial for real estate professionals to effectively engage with millennial buyers to meet their expectations in an increasingly digital world. Utilize digital tools and platforms to communicate with your clients, look for properties, sign documents online, and have video calls to better accommodate their needs. Make sure you stay up-to-date and informed on all the latest apps, websites, and networks to help them with their search process.
It’s important to consider their unique characteristics when marketing to millennials. Apart from their love of technology, this generation essentially grew up with social media. You can use platforms such as Facebook, Instagram, LinkedIn, or TikTok to showcase amazing properties, share informative content, and engage with potential buyers.
Millennials also appreciate educational resources that empower them to make informed choices. Creating informative blog posts, e-books, webinars, or video content that covers important topics such as the home-buying process, financing options, tips for first-time buyers, and market trends can position you as a knowledgeable resource for potential millennial buyers.
Implementing these marketing strategies tailored to this demographic can help you establish your brand as a trusted and desirable option in the real estate market.
Meeting Millennial Expectations
There are a few different ways you can meet, and even exceed, the expectations of millennial home buyers as their real estate agent. Some of them include:
Millennials appreciate quick and efficient communication. Responding to questions in a timely manner, whether that be through text, email, social media, or a good old-fashioned phone call, can prove that you’re available for them and their needs at any time of day.
Generation Y values transparency and expects honest information from their real estate agent. Be upfront about property details, current market conditions, and any potential obstacles they may face in their search. Being transparent can build trust with your clients and help them make better decisions when buying their home.
Constantly educating oneself allows you to better understand and adapt to the evolving needs of millennial homebuyers. By staying up-to-date with the latest millennial home-buying trends, you can provide your clients with relevant information about housing inventory, pricing fluctuations, and up-and-coming neighborhoods. Actively staying informed can present you as a real estate expert that they can trust to ultimately help them find their dream home.
Ultimately, concentrating your efforts on selling homes to millennials can help you become successful in your real estate career. Doing so can help you build lasting relationships and stay relevant in a constantly changing industry.
Looking to start your real estate journey? Take the first step by enrolling in one of our online real estate training courses today!
Written and Published by: VanEd