Modern American Realtor is a new podcast hosted by brothers and entrepreneurs, Corey and Casey Wright. Each week, they share their experience and insight on technology, marketing and business strategies needed in this evolving industry.
In this episode, Corey and Casey discuss one of today’s most prevailing and rampant topics: millennials and the real estate industry. Who is this generation? How do agents obtain them, and how do they keep them?
Corey and Casey dive into these topics and more in the first episode of the series, “Millennial clients and closing gifts.” Here are the three biggest takeaways from this episode; make sure to check out the whole episode below.
1. Who is this generation buying houses? Think less Lindsay Lohan, more Mark Zuckerberg
The millennial generation, which spans from individuals born 1980-2000, now accounts for over 31 percent of all homebuyers. A staggering 76 percent of this market are first-time buyers, which means they are fresh and up for grabs for real estate agents to snag as lifelong clients.
They sell twice as quickly as any other generation before them and are more likely to refer and recommend you to their friends. They are moving up the ladder and expanding their lifestyle and their homes faster than ever.
2. It doesn’t matter how experienced you are — if they don’t trust you, they won’t work with you
Building trust with a millennial is the absolute bread and butter of a lifelong client-agent relationship. More than 70 percent of millennials agreed that once they find a brand they trust, they stop shopping.
This loyalty also means millennials rank higher in satisfaction than any other generation before it. If a millennial doesn’t trust someone right off the bat, they will never earn their business. They don’t buy what you do; they buy why you are doing it.
Building that trust is the single most important step a real estate agent can take in securing the millennial market.
3. If you leave a millennial a voice mail, you’ll probably lose their business
Millennial homebuyers are beyond tech-savvy — that’s all there is to it. They’ve been using iPhones and search engines longer than any generation, and, as a result, are accustomed to the technological and instantaneous information lifestyle.
Millennials want an agent who is up to date with technology because they will undoubtedly research you before you even speak.
Having an updated website and an active Web presence will not only ensure this generation that you are active and involved in real estate, but also that you will also be able to help them curate and make sense of all the information that is currently overwhelming them.
Make sure to keep up with the generational communication trends as well. Text messages supersede phone calls any day of the week in the millennial world. By staying on their preferred level of communication, agents can assure this generation that they have a sincere interest in obtaining and maintaining their business.
Corey Wright is the co-founder of WingWire, a custom website and blogging service for real estate agents, and co-host of Modern American Realtor, a podcast for the modern agent. You can connect with him on LinkedIn or Instagram (@filbertsteiner).