Millennials have officially surpassed Baby Boomers as the largest living generation. Typically, millennials are defined as those born between the mid ‘80s and late ‘90s—those that came of age in an extremely different cultural and social environment than Baby Boomers or Gen X. As their experiences aren’t the same as their parents, neither are their preferences when it comes to home buying.
So, as more and more millennials enter the homebuying market, it’s vital to understand what makes them unique, what motivates them, and mostly, how to market your home to them.
Master social media
Everyone is attached to their phone, but millennials are more than any other age group. When it’s time to search for a new home, their experience begins online. Thanks to smart phones, real estate apps, and social media, a great portion of the homebuying process can be done online. Millennials are connected 24/7, so in order to sell a house to them, you must master the art of social media—from content to images. If a millennial buyer isn’t drawn to your photos or posts, they’re immediately moving on to the next place.
Location, location, location
For millennials, buying a home is as much about the location and the neighborhood as it is about the home itself. Typically, they want a community that mimics the urban experience as best as it can in the suburbs. In other words, they want homes that are within walking distance to a town, public transportation, local businesses, restaurants, and bars. Unfortunately, you cannot move your home to a better location, but you can—and should—adjust the price to meet the market.
To effectively communicate with and sell to millennials, you have to be willing to:
- Communicate with them using their preferred method, whether that is texting, emailing, etc.
- Communicate with and respond to them in the most efficient way possible, as quick responsiveness and instant gratification is important to them.
It’s important to position yourself as a knowledgeable source, not just someone trying to sell a home. Buying a home can be complicated and overwhelming, especially if it’s their first time. If you don’t act as a resource to millennial homebuyers, they’ll either stop communicating with you, switch to online methods of home searching only, or move on. Building trust and acting as an expert who can answer question and guide through the process is absolutely vital.
Everyone loves reading online reviews and recommendations, especially millennials. To not just market to millennials, but actually attract them, ask current and past clients to write testimonials to recommend you and help build an online repertoire to gain millennials trust. Share them on social media for extra points!
Assuming you can use your old techniques in a new demographic will leave you trailing behind, spending many months with a home on the market, and wondering where you went wrong. In this day and age, you need to adjust your mindset and marketing tactics to meet millennials in order to get the job done.