Millennials are becoming an important generation to target when it comes to buyer clients. According to Google, Millennials are targeting homeownership more than other age groups so it’s important to understand what is driving their decisions.
- Interest could improve demand – Millennials have been in an ideal situation by either living at home with their parents, or with roommates. In both instances, they have had the ability to keep their living costs low. Saving money and/or paying down any debt would put them in a good position to purchase a home in the near future so be prepared for their eventual entrance into the market.
- Younger buyers comprise the majority of online home searches – As real estate searches continue to shift towards online and mobile activity, Millennials are starting well in advance of a home purchase. According to a Google Consumer Survey, Millennials are searching up to six months before actually purchasing their home. They also search for design trends on sites like Pinterest, Houzz and Instagram.
- Millennials prefer to work with genuine brands – They are skeptical of advertising. On social media, they are more likely to interact with a friend’s post than that of an advertiser. In fact, they feel friends are the most credible source. Consider building relationships with Millennials so they will share their experiences with their friends.
- Marketing tactics to connect with Millennials – Have a mobile-friendly website (which you do!). Stay active on social media and share helpful content. Register your business online and ask your clients to write reviews to build up your web presence. Provide valuable resources like buyer guides and checklists (which you have!).
- Fewer embellishments – Millennials are not as interested in fine craftsmanship so something like molding does not hold as much value to them. This is something to consider for sellers from a different generation.
- Less maintenance – Millennials work long hours and have a variety of interests. They would prefer not to spend their free time taking care of household chores so they are on the lookout for items that are easy to maintain, both inside the home and outside.