What Real Estate Agents need to know about Millennials

With a population of about 80million in the United States, the Millennials represent the highest segment of the home buying population. According to the  National Association of REALTORS®, that is a whopping 32%!

Who Are Millennials?

Also called Generation Y, Millennials are those born between the early ‘80s and the late ‘90s. They are born into technology and they make faster and better informed decisions as a result. Some of the features that the Millennials exhibit that every real estate agent needs to take into consideration are outlined below

Key Traits of Millennials:

• They are more interested in homes that are closer to their favorite activities while being move-in ready at the same time
• They like to have a home office which they believe will make them more efficient. When showing a Millennial houses, remember to suggest spaces they can use for a home office.
• They are tech-savvy and prefer texting and emailing to phone calls. They also prefer doing their own research before they contact a real estate agent.
• They are likely to either delaying marriage or to just having one child in order to manage expenses and build wealth.
• They are also more likely to buy a home, fix it up and sell it for a profit. They also have a preference for energy efficient homes.

When marketing to Millennials; you need to take these features into consideration. You need to consider their buying habits and tailor your messaging towards them.

Reaching Out to Millennials

Because Millennials are tech-savvy and more informed; cold-calling or any other aggressive marketing tactic won’t work on them. Instead, a content marketing approach should be taken.

Here are four ways through which you can reach out and engage with Millennials:

• Start a blog aimed at educating and providing relevant information to them. Nobody wants to be marketed; most especially Millennial. Help them understand what happens each step of the home-buying process and invite them to share their opinions and ask questions – which you must answer in a non-sales manner.
• As stated earlier, Millennials prefer texting, email etc over phone calls. So, instead of asking them to give you a call to make enquiries; suggest they use the contact form. Also, because they consume a lot of content, consider <creating valuable content> such as e-books, whitepapers and webinars in exchange for their email address and you can keep in touch with through email marketing.
• Millennials want relevant information and because of their knowledge and usage of technology, they can easily and effectively conduct their research at their own pace. However, if during the course of their research, they keep coming upon your content and resources, they will begin to consider you as an <expert in the real estate industry.>Use your blog and social media to build trust and foster engagement with them by posting relevant and entertaining information.

Millennials do not just occupy the largest share of the real estate market now; they are likely to do so for a long time. By understanding them and tailoring your marketing to them, you’re more likely to attract, retain and nurture them to becoming customers.

Need help with a content marketing strategy tailored at Millennials? Contact us today.