Millennials are the dominant sector of also known as “Generation Y,” are those born between the early 1980s and the mid- to late-1990s. Unlike other generation groups, Millennials are very different as they believe that home ownership is commitment and with career prospects, student debts are very challenging for Millennials to save for a down payment on real estate.
As obvious it may seem that Millennials, are not in a financial but according to the National Association of Realtors, Millennials now make up 32% of all home buyers, and a whopping 68% of first-time buyers. Like any other generation, Millennials are looking to secure property towards a secure future the only difference is the process that they go about while home-buying is focused on a tech savvy approach.
Whereas older generations may look to a real estate professional first, Millennials will begin the home-search online, a stark difference many sellers and agents may not be aware. If you want to sell your home to a Millennial, and we are looking to buy, then you need to update your marketing strategies to fit the generation’s mindset. Below you’ll find some tried and true methods for marketing your home to Millennials, thus helping you target the majority of buyers currently on the market.
Social Media: Millennials use social media as a tool to identify themselves as individuals and thus consider it as the first approach while home buying. Yet another important reason while social media marketing plays a crucial role in the decision making process as they spend majority of their time on social media channels. If you are looking to reach Millennials post advertise on Facebook page/profile, Instagram account, or Twitter, Google+ page, post a photos of your home on Pinterest, or create an album on Facebook.
Virtual Tour: More engaging and immersive than a simple set of photos is a virtual tour of your property, a video showcasing the layout and best features of a home. By creating one, you’re allowing a prospective buyer to experience a viewing from the comfort of home, one in which you control the perspective, giving you some power over what they see first, last, and in-between. First impressions play a large role in selling a home, so make sure your virtual tour (likely the first time a buyer will “see” the property) is created with that in mind.
The easiest route to create a virtual tour to be seen by a Millennial buyer is to post it on YouTube, but don’t just let it sit there. Utilize other social media channels to ensure the virtual tour is viewed by the most eyes possible. YouTube videos can be posted directly to Facebook now, and a link to the video can be attached to any photo description, or put in a tweet. Remember the more that people that see the tour, the more likely it is you’ll gain interest in your property.
Sell Your Neighborhood: A property is important, but to many buyers, specifically Millennials, the surrounding area may be a more important factor. Basically, the neighborhood your home can influence a Millennial’s decision when deciding to make an offer. We’ve already covered what Millennials want in a home, and the point to take away in this context is that Millennials want amenities, and lots of them. If your neighborhood has tons of cafes, independently owned stores, and plenty of restaurants, make sure to showcase that to a Millennial. On the flip-side, if you’re area isn’t the most lively, you can demonstrate how it’s “up and coming” or even list amenities found in nearby neighborhoods. Millennials care about the area they live in just as much as the property itself, so ensure you have some insights and descriptions at the ready (or already featured on social media).
Know What Millennials Want: Essential to any sale is knowing what a buyer wants, and to older generations, what’s on a Millennial’s list of priorities when it comes to a home may be a mystery. Using some insights gleaned from personal experience;
“Smart home” features; home-technology that can sync with other devices
Spaces to entertain, which can overtake more functional needs (e.g. large living room but a smaller kitchen)
Fixer-uppers: one-third of a poll showed Millennials are willing to buy a home that needs work, almost half willing to do home maintenance themselves.
Energy efficiency and home technologies greater curb appeal
Properties that require less general upkeep; smaller spaces
Always Be in Communication: Millennials are hyper-connected, and we expect everyone else to be too. Whether it be through social media, text message, or even email, our generation is almost always interacting or exchanging information of some sort, and so a seller and real estate professional should expect to do the same. When a Millennial buyer makes a comment on Facebook, likes a photo, or sends out an inquisitive tweet, you should respond as soon as possible. Otherwise, the potential buyer may lose interest and find another property online, or simply believe you lack good communication skills, thus souring the relationship from the get-go. Try to stay in communication as possible when working with Millennials, as we pretty much assume everyone else is just as connected as us.
Be Honest & Upfront: In truth, the virtue of being entirely honest and as transparent as possible should be employed by sellers and professionals no matter what age group they’re dealing with. But when it comes to Millennials, one should take extra care in being completely candid regarding the features of a property. There’s no doubt that if a Millennial is contacting you, they’ve done tons of prior research on the area, nearby properties, and the general home-buying process. Anything a Millennial buyer already knows but a seller/professional fails to mention (or avoids when asked) will come across as secretive, make the buyer suspicious, and sour the relationship. Despite being a generation relatively new to the real estate market, Millennials (being adept at using online resources) are incredibly knowledgeable and should be considered savvy-buyers right from the start, so be upfront and honest even when it comes to the negatives.
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