Millennials, born between 1980 and 1997, are an important group of home buyers. In fact, they make up 34% of all home buyers which makes Millenials the largest group of home buyers.
Not only that, Millenials are the largest generational group we’ve ever seen. There’s more of them than their parents, the Baby Boomers.
Clearly, this is one group of home buyers that real estate agents can’t afford to ignore.
But how can realtors market to millennial home buyers who grew up online and don’t trust advertising? Read on. We’ll give you 8 tips to help you connect with Millenials who are looking to buy a home.
1. Provide Guidance
Millennials are often first-time homebuyers. That means that they are looking for a realtor who will give them reliable information about a world they have no experience in.
The most important thing you can do to target Millenials is to provide guidance. Forget traditional advertising boosting why they should choose you as a realtor. Instead, focus on serving the customer with free resources.
Consider adding a blog to your website that focuses on important topics such as market trends, mortgages, and purchase procedures.
Post practical tips about yearly home maintenance, simple repairs and so on. Provide human interest stories about other millennials who were able to get the home they always wanted thanks to you.
Make sure you allow comments and be willing to answer questions on your blog.
Another popular method of getting information with Millenials is AMA. This stands for Ask Me Anything and is popular on Reddit. Host one yourself where you offer to answer any questions about anything to do with real estate.
2. Use Social Media
Another important consideration is to bring your real estate services to where they are. That means using the social media platforms that they are using.
Millennials are more likely to search for services using social media platforms compared to other web-based research. So meet them where they are.
Sare pictures, videos, 3D models and the neighborhood on social media. Highlight the features they are looking for and help them imagine themselves living there.
3. Be Transparent
Millennials don’t trust traditional advertising. They don’t respond well to faceless organizations.
What they do love is open dialogue and openness. Especially online.
Use social media to live stream an open house for your latest property. Chat with the people who are watching your steam in real-time.
Take questions about the property and neighborhood and answers them in the comments. Millennials will appreciate your transparency and accessibility.
4. Help them Save Money
There’s a common misconception that millennials are big spenders. In fact, they are a cost-conscious group that is used to saving money.
71% of Millennials are saving for their retirement. 24 years old is the median age when they started saving. That’s more than 5 years sooner than Gen X.
At the same time, millennials are often first-time home buyers that are still working on paying off their student debt. They know they have to make every dollar count.
You can attract millennial home buyers by focusing on how they can save money. Help them with contract negotiations, suggest other loan options, and/or provide mortgage lender recommendations. Highlight the affordability of your properties and neighborhoods.
5. Focus on Visuals
If you want to catch the eyes of millennial home buyers, focus on image heavy marketing.
A medium resolution shot of a house just won’t do for this group. Show them a home they can see themselves living in.
Highlight the incredible city views and gorgeous still shots of homes that have been professionally staged. All your emails and website content must be aesthetically pleasing to entice this group of home buyers.
Also, expand your marketing to include visual-heavy platforms such as Instagram and Pinterest.
6. Be Personable
Did you know that 54% of millennials will contact multiple agents when they are searching for a home?
You need to stand out for the competition by being authentic and personable. One way you can do that is to introduce yourself with a short video. This will help you establish a personal connection with your prospects.
You can also create a bio that helps home buyers get a sense of who you are and why you would be the right agent to help them find their home.
When you send emails, make them conversational. No stuffy emails needed when conversing with Millenials.
7. Be Available
Millennials are used to instant gratification. That means that you need to be prepared to reply at 6 a.m. as well as at 11:30 p.m.
But this doesn’t mean you have to give up your personal life. You can install an AI Chatbot on your site to answer common questions or hire a virtual assistant to handle the nighttime inquiries.
8. Keeps up With VR Technology
If you want to appeal to millennial home buyers, you’ll want to stay current on the latest VR technology.
For one thing, VR allows your clients to take a look at a property online, at their convenience, to decide if its a property they want to see in person. This gives clients more time to focus on homes they are very interested in.
Besides, this technology is here to stay. Millennials expect realtors to be up-to-date on the latest advances. Read more on how VR is changing the real estate market.
Bottom Line on Millennial Home Buyers
We hope you found these 8 tips for reaching millennial home buyers helpful. Remember, millennials are willing to shop around to find the right realtor to suit their needs. It’s important to show them the benefits you offer them.
Next, check out how to get listings if you’re a realtor struggling with low inventory.