The word millennial can often be a stand-in for kids these days in articles complaining about everything you can imagine (diamond sale, Applebee’s, avocado toast, etc.). But in fact, the oldest millennials are now 38, solidly in the home buying demographic. And while many millennials have a harder time affording a home than previous generations, thanks to student loan debt, wage stagnation, and a lack of available starter home inventory, there are many looking to enter the housing market. In fact, millennials represent 45% of all purchase loans. How can you make yourself a millennial’s favorite agent and capture all of these potential new customers? Here are some tips about millennials to help you.
They Aren’t Just Looking for Any Agent with a Real Estate License
Millennials want to make a personal connection with their real estate agent. This isn’t just a business transaction, it’s an important life transition. You can help by creating a friendly connection with them, being transparent about the process, and listening to their specific needs. And if you create a personal connection, they’ll likely refer you to their network of millennial home buyer friends.
They Often Need Education About the Home Buying Process
Many millennials are first-time homebuyers and lack knowledge of the options that are available to them. You can put your real estate license to good use by helping educate them about different types of loans and tax breaks that can make their HGTV dreams more affordable.
They Prioritize Online Resources
Is your website up to date? Do you have profiles on all of the major social media networks and well-maintained profiles on review sites? Millennials are digital natives--their first instinct is to research online. If your online presence is lacking, you’re losing out on your best opportunity to make an impression on this generation. Provide a blog with resources for first time buyers to explore or create an email newsletter highlighting seller success stories.
They Know What They Want
Millennials as a generation have grown up with constant access to home improvement television. They may not know all of the ins-and-outs of the home buying process, but they do know what they are looking for in a home. Many millennials prefer open floor plans, updated kitchens and bathrooms, and environmentally friendly features like energy efficient appliances and solar panels. Understand that they may already have a long list of priorities and listen when they express them.
They Aren’t One Size Fits All
Most of all, don’t rely on stereotypes and cliches to understand the millennial buyer. Their generations has been analyzed and re-analyzed both online and in print, but they’re still just people. MIllennials aren’t an entirely different species.
To learn more about what millennial buyers are looking for, download Aceable’s helpful guide to marketing to the millennial .