(NEW YORK, NY) — Millennials have now taken the lead as the largest portion of the population, ultimately surpassing baby boomers. This generation hasn’t always been a top priority for the real estate industry, but now that may all need to change as millennials now represent 37% of all home buyers according to the National Association of Realtors.
In a survey conducted by Clever Real Estate, 2019 Home Buyers Report, 84% of millennials states that homeownership was an important aspect of the “American Dream” and significantly prioritize it over marriage or children. With considerable differences between Baby Boomers, it is important to know what the newer generation is interested in. So as a real estate agent, broker, or even a home seller, how do you begin appealing to this generation?
What are Millennials looking for in a home?
Not all millennials are jumping straight into buying homes, many are very much so still looking to rent. This aspect is important to finding the right home for them, although it may be hard to believe 55% to 65% say they prefer the suburbs over urban settings, those who are renting do prefer cities.
According to the National Association of Home Builders three-quarters of the millennial home- buyer population wants a single-family home, 52% want two-story homes, and 78% want an open concept for plans. As experts in technology millennials want a sense of modernity including laundry units, new and sleek appliances, and entertaining spaces.
How to Appeal to Millennials
Technology is essential to a Millennial, they use it for just about everything, which means they will be using it to find heir perspective home. This includes finding the perfect real estate agent, street views on Google Maps, neighborhoods, crime rate, and the areas social setting.
So how can you connect with Millennials? Here are a few tips:
- Be active on social media: Social Media platforms such as Instagram, Twitter, Facebook, and Snapchat are some of the key places you should be representing yourself. Create profiles and consistently develop content to engage your audience, for example, be consistent, the more consistently you post the more you will be noticed. Millennials are all about hashtags, use a hashtag to put yourself out there, hashtags such as your location, you’re real estate firm or even real estate related words such as #DreamHome or #ModernArchitecture. Don’t forget to post your listings!
- Set up a website or blog: Now more than ever it is easy to just hop on the internet and research exactly what you’re looking for and that is exactly what millennials will do to find the perfect home. According to the National Associaton of Realtors, 94% of millennials use online websites for home searches and 51% found the home they eventually purchased online. If you already have a website get more creative and engaging, create a blog to go along with your website on topics such as the latest home trends, the purchase process, or tips on how to find the perfect home. By adding a blog section you establish more of credibility, you could also include stories or customer reviews on how you helped them find their dream home. If you aren’t too fond of creating a blog find a way to make your website more appealing. Start by creating a visual appeal such as modernity, millennials love the aesthetic design and by including this on your website it easily captures attention. Include interesting content, mobile responsiveness, and even quick response such as live chats to deliver information rapidly.
- Use technological tools!: This generation is all about technology so get creative! Offer interactive property experiences by using immersive 3D content. By creating 3D content such as virtual tours or 3D pictures you allow clients to explore the property without the necessity to physically tour the home. It also allows for exploration through their own point of interest, you can upload such content easily on your website or on your social media pages. Augmented Reality has also become widely popular, AR is powered by technologies such as GPS location and image recognition. How does this fit into marketing? Well by using mobile proximity marketing your prospective clients receive information when they are physically close to one of your listings.
- Ditch the traditional open house: No one likes the awkwardness interactions at open house events, create a more laid back ambiance, turn it into an event. Traditional open houses are boring and can become uncomfortable, throw an event instead, mix things up to keep things fun and new. Consider live DJ’s, hors d’ oeuvres, or even outdoor luaus, all this while touring a home creates an enjoyable experience while mingling. Millennials love social events so why not give it a try and see how well your event does, maybe you’ll consider this over your traditional open house.
Keep in mind that millennials now represent a large portion of home buyers, the way you market to this generation is important to gaining them as future clients. Although it may be challenging to market to millennials it is certainly worth the effort, and there are many ways to capture their attention, learn how and where to find millennial real estate prospects online. Once you’ve established your targeted audience make an effort to communicate with them in ways that would appeal to them.