In this day and age, millennials not only dominate the category of first-time homebuyers but are surging ahead of baby boomers to claim the throne as U.S.’s dominant homebuying generation. They now account for one in every three homebuyers.
Millennials — made up of U.S. residents born between 1980 and 1995 — are undoubtedly a critical group for real estate agents to reach if they want their businesses to thrive in 2017 and beyond. But connecting with them effectively is no cake walk, especially for agents who came up in earlier eras.
But they can’t be ignored.
The 85 million members of this mysterious, popular generation are among the most diverse and educated in history. Collectively, they represent more than $1.5 trillion dollars of spending power. So how do you appeal to this group, that for all intents and purposes appears to behave completely differently than the generations before it?
We provide some tips below.
6 ways to provide value to millennial homebuyers and win their business
The following six communication strategies that real estate agents can employ to build fruitful relationships with millennial homebuyers are based on some of group’s well-defined characteristics.
To communicate effectively with millennials, real estate agents should:
- Move quickly: Millennials work on “internet time” – they have always had information at their fingertips. Accordingly, strive to respond to their queries within one day.
- Be tech-literate: Whether you like it or not, millennials shop around and use the latest technologies and apps to search for homes and research real estate information, communicate with friends (and real estate agents) and read reviews. Make sure you have a fast, mobile-friendly website, are well-versed in current communication platforms and have online reviews.
- Go paperless: Most millennials operate digitally, dislike using paper and don’t even own a checkbook. Ensure they can access important documents easily in one place, such as Dropbox or Google Drive. Also have e-signature options available whenever possible.
- Be authentic: Marketing is no longer about blasting your message to everyone who can see it. Millennials are blasted with hundreds of messages each day, which means you must have engaging and powerful content to capture their attention. Millennials are less impressed by pedigree, work experience and titles than other generations and prefer to deal with transparent professionals that have brands they trust.
- Serve as a homeownership guide: Millennials may be drowning in content, but they still seek wisdom and guidance from a trusted source. Deliver expertise they can’t find on Google. Be their go-to resource for their homebuying questions whether it be information on how to get preapproved for a mortgage, understanding common first-time homebuyer obstacles or getting basic home maintenance tips.
- Recommend a good home inspector: Most homeowners don’t regularly maintain their home. What’s more, many millennials lack a basic understanding of how to properly maintain a home. A qualified home inspector can help your millennial clients understand the status of a house’s vital elements such as the furnace, water main, electrical panel, air-conditioning unit and more, giving them (and you) invaluable knowledge when writing offers and negotiating contracts and terms. Additionally, this process will help them understand how to budget for future repairs.
If you execute all of these tactics effectively, you will provide value and insight to millennials and consequently see your business prosper.
For more information, visit the nationwide experts at Pillar To Post Home Inspectors.