Reposted with permission from Matt Bonelli.
Millennials are buying homes!
Really? It’s about time!
The real estate industry cannot stop talking about millennials. Zillow’s latest report showing that half of today’s homebuyers are under the age of 36 has sparked even more conversation around the topic.
Young buyers entering the market is a great thing for the real estate industry, particularly because the average age of first-time homebuyers has been increasing for years.
There is a small problem, though. The real estate brokerage community thinks the only way to communicate to the millennial generation is with technology.
However, Zillow’s report shows that the two most preferred methods of communication for millennials are the same as all other buyers: over the phone and in person.
Yes, technology is important, especially for marketing and helping you become more efficient and effective in your daily operations. But, if you want to serve your millennial clients well and impress them throughout the real estate process, this is what you should do:
1. Control the process and be an expert
Millennials value an expert. They don’t know what the process of buying a home is like and will look to you to guide them with in-depth local market knowledge.
Start off with an in-person buyer interview to set expectations about the process and learn about the buyer.
Not only is this a great way to give your millennial buyers comfort and help build trust, but it will help you understand how you can best deliver value.
2. Be an educator
Young buyers expect you to know everything, and they want to learn from you. You should be ready to answer almost any question your clients ask.
This does not mean you need to have the answer right on the spot, but you should have access to resources that can help you get the answers to even the toughest homebuying questions.
3. Be a connector
Just like you are expected to have all the knowledge, millennials expect you to be a one-stop shop for resources.
You should have a network of lenders, inspectors, contractors, landscapers and so on that you are ready to recommend. Don’t assume that your buyers will search online for everything.
4. Be fast
Interestingly enough, members Silent Generation are the ones who expect you to respond to them right away while only 40 percent of millennials expect a response in less than a day. This is a huge opportunity for you to exceed expectations.
Provide recaps of home tours and answers to questions in less than 24 hours, and you will be ahead of the game. You do not have to be a 24/7 real estate agent to do this; you just need to execute a proven process every time.
In conclusion, if you want to be an expert real estate agent for millennials, just be good at what you do. Do not be afraid of technology and think that only the millennials know how to use this stuff.
Most of the technology that we love and use today was founded by baby boomers.
Stay focused. Over-deliver on value. Be transparent. Most importantly — care, care for your clients.
You don’t have to crush it on Snapchat to be a great agent and help move millennials.
For more, watch the video above.
Matt Bonelli is a manager and broker associate for Turpin Realtors’ Chatham office in Chatham, New Jersey. You can follow him on Twitter or learn more about him on LinkedIn.