As a real estate agent, you understand that prospects are the pipeline to sales. Prospects are available through many resources, but deciding which prospects to target should be the first important step in your marketing strategy. Right now there is a game-changing group looking for your expertise. Are you ready to reach them?
Millennials are prime prospects in the home-buying market. Definition of a Millennial. Experts project that the sheer size of this generational segment will drive housing activity for decades. Here’s why:
- Millennials represent the largest demographic of serious shoppers, outnumbering all other age groups of homebuyers last year.
- They are more likely to buy or sell a home within the next 12 months. Yes, millennials already own homes. They represented 15% of sellers in the past year.
- Changes in household size and composition – which include marriage, having children or planning to start a family – are much higher for millennials due to stable or improving incomes.
- Desire for education has ranked this generation as the most educated, which prepares them for greater economic opportunities.
- Over 60% are looking at real estate online each month. A record number of millennials are educating themselves on home buying, mortgage qualification, and local housing conditions.
How to reach them
- Find a reputable resource to identify the millennials in your market.
- Communicate as much as possible through telephone calls, direct mail, print advertising, emails, blogs, a mobile-friendly website, and social media outlets.
- Get to know the community around them and make your presence known.
What they need
- A local real estate agent who speaks their language and a lender or mortgage broker to help them get pre-approved. They want professionals who can help them understand what they can afford in a house, which translates into the tradeoffs they will need to make between their wants and needs.
Some millennials might struggle to get financing now, but they will eventually enter the home-buying market, so get a jump on the competition by making a positive impression today.
The seeds you sow now will be your rewards later. Looking for a place to begin? Check out our programs for targeting those millennials in your local neighborhoods by visiting Haines Information Products.