Millennials were the largest group of home buyers for the fourth consecutive year. Here are some tips on how you can tap into the Millennial marketplace.
It’s nearly impossible to close a sale if the buyer doesn’t trust you. So what’s the guaranteed way to gain a Millennials’ trust?
Don’t treat them like a stereotype. The current generation of young homeowners has been vilified by multiple media sources as entitled, self-obsessed, and whiny, even though research shows they are socially conscious, high achievers who want to better their communities.
Don’t ask them to make a big purchase if you are not willing to take the time to learn about their buying behavior.
Understand That They Are Delayed Not Disinterested
Millennials have been saddled with an unstable job market that requires them to have some college experience to find a good job. To stay viable, most millennial graduates weigh themselves down with student loan debt – an average of $37,000 per graduate!
A debt load that size often delays other benchmarks like marriage and home ownership. But you shouldn’t mistake that delay for lack of interest. Most Millennials want to buy a home, but, because of all these hurdles, they can’t afford it.
Related Content: Why Real Estate Agents Shouldn’t Wait to Market to Millennials
Understand What Younger Buyers Want
Young home buyers are looking for a home that will give them a chance to customize their living space, give them a sense of privacy, and help them make a connection with their community. And they may not always be looking for a starter home.
With an unstable job market, there’s no guarantee that they’ll get the new job they’ll need to purchase that future dream home. That’s why some young buyers may be looking for budget-friendly, long-term housing.
Play up features like sustainable properties and walkable neighborhoods. And be sure to offer a wide range of square footage and price options in the properties you show.
Keep It Visual, Keep It Interesting
Millennials have seen more ads than any generation in the rest of human history. But they’ll still respond to campaigns that play to their interests.
When you’re creating ads for young home buyers, be sure to bring a human element into your copy. If possible, draw from the memorable and personal experiences you had when you bought your first house.
Make sure your ads are clever and eye-catching, with a heavy emphasis on interesting images – visually appealing ads translate better to your social media platforms.
Update Your Social Media Presence
Research shows that 75% of Millennials use social media as their primary source of entertainment and information. So if you want to reach young home buyers, you’ll need to know the difference between a Retweet and a Pin.
Having professional accounts on Twitter, Instagram, YouTube, and Pinterest will give you access to over 1.9 billion users. You can stand out in these oversaturated markets by making ads that are vibrant, educational, and easily shared. If young homebuyers like your ad, they will advertise your business for free by sharing or recommend it to their friends and followers.
New generations and technology are bringing big changes to the real estate market. By staying ahead of the times and updating your selling styles, you can have no problem connecting with the digital generation.
Millennials are poised to become the homeowners of tomorrow. Are you reaching out to them? Check out programs for targeting Millennials in your local neighborhoods, learn more today.