Millennials have been slow to enter the housing market: home ownership among 18-34 year olds is the lowest it’s been since the US Census Bureau began measuring data in 1982. But with a more favorable lending environment, rising rental prices and desires for home ownership, millennials are set to be the largest home-buying group in 2015.
For real estate agents, mortgage brokers, home builders and others in the real estate industry, working with millennials will be key for success in the coming years. So, here’s our tips for wooing the 80 million millenials.
1.They Don’t Trust Traditional Advertising
If you want to attract millennials, forget billboards and mailouts. According to a new study released by Elite Daily, 33% of millennials choose blogs as their main media source. Less than 3% agree that television news, books and magazines influence their purchasing decisions, and only 1% say that a great advertisement makes them trust a brand. To appeal to millennials opt for blogs, social media, online review sites & a really great website over print, radio or out-of-home.
2. They’re Educated
When you begin to work with a milllennial buyer, expect them to be well-researched – they’ll very likely come to you with a list of properties they’re interested in. Since millennials don’t trust traditional media, they’ll spend significant time educating themselves to make good purchase decisions. They’re used to researching online, so don’t expect a millennial buyer to take the back seat. On average, a millennial that’s a first-time buyer will search online for 3 weeks prior to contacting an agent.
3. They’re Connected
87% of millennials use two or three tech devices on a daily basis. This means agents should be using multiple platforms and communication tools to connect with these buyers. Make sure your website is mobile & tablet friendly, and that your emails can be easily opened on mobile devices.
4. They Need Your Help
Since the vast majority of millennials are first-time buyers, they likely don’t have a mortgage broker, lawyer, home appraiser, contractor or moving company that they trust. As their agent, you can guide the buying process and make it stress free by connecting them with a great team. You’ll not only impress your client by providing awesome service, but you’ll also get to the closing table faster and strengthen your vendor network.
5. They’re Loyal
Because millennials like to research and shop around before making a decision, when they connect with a brand they’re very loyal. 89% of millennial home buyers say they would probably or definitely use their agent again or recommend their agent to others. This means that giving awesome service to millenials leads to a steady stream of referrals and repeat business.