Understanding Millennial Homebuyers Will Help You Market to Them
Millennials are those young adults who were born between the early 1980s and the early 2000s. Also called “Generation Y,” this section of the population has been spearheading the real estate market in the United States for the last few years. And, they are also expected to be a large factor in the market’s success for some time to come.
So, if you have yet to attract this class of home buyer, or you wish to improve the number of your younger clients eyeing your For Sale sign or online listing, these five tips will help you gear your marketing to this important group of buyers.
#1: Improve Your Presence on Social Media
Millennials are never apart from their smartphones because social media plays such an important role in their lives. It’s how they communicate, how they shop, how they find what they’re looking for, and it’s how they get engaged with businesses. According to the PEW Research Center, 37% of adults under the age of 50 use Twitter regularly. The Center also shows that 82% of adults aged between 18 and 29 use Facebook.
By building a stronger online profile, especially your social media presence, you will be able to connect with and engage potential home buyers within the millennial population.
#2: Respond to Inquiries as Quickly as Possible
Millennials don’t have much patience. It’s why they’re often deemed the “instant gratification” generation. Thanks to companies like Amazon, Starbucks, and others, millennials have become used to having their issues and concerns addressed almost immediately.
Of course, this demanding nature is often what causes some agents to stay away from millennials, but by accepting it and responding in kind, you can place yourself ahead of your competition. Plus, every generation wants a quick response. As a result, your Realtor can likely expect potential millennial buyers to start referring them to their other house-hunting friends, too.
#3: Customize Your Communications
To connect with prospective millennial clients, you should tailor your communications methods to those most preferred by the prospective buyer. For instance, millennials typically prefer to communicate via text, instant message, and email rather than using the telephone or even meeting in person. But, not all of them feel the same, so be sure to ask them how they want to communicate.
#4: Be a Resource
Most millennials are first-time buyers. Therefore, it is important for you to work with a Realtor that is prepared to be an active source of information for them. By providing them with the answers they need, they will start seeing your agent as trustworthy and be more likely to continue engaging with the listings they are interested in.
#5: Have a Balance of Word-of-Mouth and Reviews
Millennials are notorious for being ruthless researchers. They tend to spend a lot of time researching products online before they make a purchasing decision. As a result, you should have a good balance of word-of-mouth referrals and positive online reviews to persuade members of this generation. And even more importantly, the more testimonials they have from other millennials, the easier it will be for them to attract additional millennial prospects.
The above five tips will play an integral role in your ability to attract more millennial homebuyers. Implement them and cultivate them and you’ll start seeing your younger home-buying audience grow.
Carson is a real estate agent based out of Phoenix, Arizona. Carson loves data and market research, and how readily available it is in today's world. He is passionate about interpreting these insights to help his clients find and buy their perfect home. Carson also contributes to homes.com