When it comes to homeownership, there has definitely been a lag in the market brought on by the lack of participation from the millennial generation. There are many calculable reasons millennials have delayed homeownership with data showing the disparity between generation x and their millennial counterparts in regards to home prices, incomes, debt and other economic factors. However, lack of participation does not equate lack of desire, and as the younger generation has continued to age (the oldest of the millennials turning 36 this year) and reap the current economic benefits of increasing incomes and steady job growths as well as personal financial stability, we are beginning to see many more throw their hat into the housing ring.
With that being said, preparing a marketing strategy is more important than ever when selling to the millennial generation. Your audience is different, so expectations are different as well. Check out our 5 tips below for the best practices when selling to the millennial generation:
1. Get social
It is a widely known fact that millennials love social media. In fact, on Facebook alone, only 11% of 20-35 year olds don’t have an active account. If you’re not on social media you’re missing out on a gold mine of potential clients.
2. Location is key
For millennials, their dream home is more likely to depend on the location and neighborhood of the property than its aesthetic qualities. School district, community initiatives and business proximity all play a key role in selling to this demographic.
3. Be mobile friendly
Interacting with a generation in which 90% own smartphones and 93% are accessing the internet through mobile devices, it’s safe to say that making sure that you’re a mobile friendly agent is a great investment.
4. Be transparent
Authenticity is one of the best qualities you can develop when selling to millennials. This generation is being inundated with advertisements and sales pitches all day every day. They don’t want to be sold to. They want a transparent and honest relationship with their agent that provides education and clear information during their home buying process.
5. Build up your reviews
Thanks to the instantaneous nature of technology and endless resources at ones fingertips, the average millennial (first time homebuyer or not) will come to you already informed on the market and on you. Make sure you have positive online reviews placed on third party sites such as google and social media as well as on your personal webpage in order make it easy for them to choose you. This builds trust and establishes credibility between you and your clients