It’s advice that’s repeated ad nauseum when agents and brokers look for ways to reach new millennial clients: embrace online reviews, mobile websites, open transaction data and hyperlocal expertise. A comprehensive report from Zillow Group suggests agents may want to take heed: the real estate behemoth has found that technology plays a big role in how buyers choose which agent will get their business and what buyers expect from that agent. This is especially true for millennials (aged 18 to 34), who are less likely to use a real estate agent, but more likely to be loyal to one they do use, according to the report. Half of all buyers in the U.S. are under the age of 36, the report said. "Agents should be aware that millennial clients approach the homebuying process in a different way than older generations," Zillow Group spokeswoman Amanda Woolley told Inman via email. "Millennials want an immersive experience and bring all available tools to the process, including t...
- A comprehensive survey from Zillow Group found that millennials educate themselves and research agents more than any other generation.
- Younger buyers are more likely to read agent online reviews, look up past sales history, and interview multiple agents before choosing one that will get their business.
- Buyers overall typically choose their agent based on first impressions and on the agent's local market knowledge.