If you are in the business of selling homes, understanding the Millennials generation will help you as a Realtor to factor in their characteristics and behaviors and be able to market your listings, so it becomes easier to build relationships, gain trust, and close business with this generation.
A Generation refers to a group of persons that grew up within the same time frame, experiencing similar events, common social, economic, historical, and political setting. Regardless of some disparity in details, it is understood that there are six American generations: the Pre-Depression, Depression, Baby Boom, Generation X, Generation Y, aka Millennials, and the Tweens aka Generation Z. In this article, we are providing some keys on how to market the Millennials.
It is common to hear that “not enough millennials are buying homes like the previous generations.” Most of them are renting homes, or relocating from city to city, that buying a home is not their priority, but this is only true for the youngest of the generation. The older millennials are beginning to enter their peak spending years. They are now the largest part of the workforce and a great audience to target your listing because of their large spending power and presence in society, but you must understand them and know what catches their attention.
Millennials are typically in their mid-twenties to late-thirties. They are up to date with everything happening around them, are known for being tech-savvy and independent, have busy lives, spend good amount of time on social media, and settling at a later age. Their motivation is different than previous generations.
Get the millennials attention when marketing your listing following these tips:
- Be as helpful as you possibly can: millennials rarely have home buying experience. Typically they consult the internet, their parents, or older family members for advice on important matters like buying a house. They are also more likely to consult their friends before making purchase decisions.
- Be easy and patient to talk: be prepared with all the information at hand, to answer every question, since they will have a lot of them. Make sure to breakdown the complexities of the process of buying a home.
- Be friendly: millennials value good communication and friendships. They influence one another’s opinions and behaviors. It is more likely they will share their experience with their friends, and encourage them to also buy a home. Word-of-mouth is very important to them.
- Make emphasis on the listing space: millennials appreciate their space and ambiance. Because they are social people and like to engage in group activities, they love to have friends over, host dinner parties and have plenty of space for their projects. If you ask millennials about their dream home, it is more likely they have a home wish list that includes an open floor plan, abundant natural lighting, and a convenient location, this last is extremely important to millennials and will be a huge factor in whether or not millennials are interested in your home. They need to be close to their activities or have easy access to the highways and the transportation options that take them there. Convenience and accessibility are keywords for millennials.
- Respond fast to their inquiries: millennials love prompt online communication while using their phones. Be it phone calls, emails, or direct messages, or instant notifications with updates about your listing that interest them. Millennials love to receive their initial information online and they expect to have it fast. They value quick responses, or they’ll lose interest, they see a slow response a negative consumer experience. They are all about instant gratification “I want it fast, and I want it now.” They expect a faultless experience.
- Build an online presence: millennials are “digital natives,” they get all their information online. It is relevant that your listing is published on all the social media platforms, especially Instagram and Facebook. Just make sure to share content that is appealing, and high resolutions photos that attract them. Millennials are captivated by simple, minimalist, and clean design. Good-quality videos definitely catch millennials’ interest. Presentation and delivery of the content are very important for this generation.
Keep these tips in mind when marketing your listings to millennials, so they feel at ease with the purchase of their home. Most of all remember, millennials can buy homes and once they really want something, they’ll make sure they get it. In addition, millennials influence one another.
If you have questions about your real estate transaction and want to make sure it flows smoothly to a successful closing, contact us by phone (305) 865-5718 or by email email@example.com.