Millennials have been the largest home-buying segment for quite some time now, and they are not going anywhere. Their buying power is only expected to grow as they age.
This demographic has a different set of needs than previous generations. Therefore, real estate agents should make their property listings more creative and attractive for this specific market.
We’ve put together five ways that homeowners can make sure they’re targeting millennials in today’s market.
1. Leverage New Technologies to Reach More People
Millennials grew up with new technologies, and they prefer an online experience. Hence, it makes sense that many of them turn to technology before making a home purchase. To reach this age group, you need to have a strong presence on social media and be sure that your website is mobile-friendly.
New technologies allow buyers the opportunity to tour homes from their smartphones, which also means they can do much of their research without ever stepping foot inside your home or office building.
It would be best if you used these new tools to create an immersive experience so that the buyer has a complete understanding of your home before they ever set foot on your property.
2. Offer Experiences Instead of Possessions
One of the driving factors behind millennial buying trends is their affinity for experiences over possessions. This means you’ll need to sell them the experience of living in the community rather than just showing real estate listings if you want to attract this group.
If you can offer a unique experience, such as hosting an event at your home or offering exclusive tours of properties that aren’t yet on the market, then this group will be more inclined to check out what you have to offer.
3. Be Flexible
Marketing strategies for millennials often focus on flexibility and customization since they grew up in the sharing economy. This means that you need to offer flexible terms and options for your home to get exactly what they want without moving around a lot of furniture.
Make sure that each room has several power sources, such as USB outlets and electrical outlets, since millennials may not have enough space to charge all their devices.
4. Be Wary of Lifestyle Changes
Millennials are more likely to move around than previous generations, so you must have a flexible real estate strategy. They may want the ability to change the floor plan or even remove walls without having too many restrictions.
Keeping these tradeoffs in mind will help ensure they’re happy with their purchase even if they need to make some changes later.
5. Be Patient
One of the most critical aspects of marketing your real estate properties is being patient since millennials are less likely to have a traditional timeline for home buying. Instead, consider hosting events that let them see what it’s like living in the community so that you can meet some of their needs.
This group is willing to wait for the perfect home, so you need to give them something they can’t get anywhere else, which will make it more likely that they’ll buy your property in the end.
Why Are More Millennials Buying Homes?
Millennials are buying homes at a higher rate than any other generation. This is because they have more money and less debt than previous generations, making sense to invest in their future.
They are also keen to be independent and own property even before they get married or start a family. They prefer to rent for a while before they buy just to feel the environment and the community.
Why does this demographic prefer an online experience when it comes to purchasing a home? Technology is essential when marketing homes online, and using social media platforms like Instagram, Pinterest, Twitter, and Facebook is vital in reaching this demographic.
When posting property listings, it’s no longer enough to just post the details about the house and its neighborhood. Millennials look for 360 photos, virtual house tours, and videos that show the total living experience in the home.
This means that realtors and home sellers need to create an immersive experience since they can’t enter most properties until they buy them or sign a lease agreement with the landlord.
Following millennial buying trends is an excellent way to meet them where they are. By addressing their needs and preferences, you’ll be able to connect with this generation and make them more likely to buy your property or at least think about the options you presented over the following weeks or months.
This generation has buying power. And, as always, the customer is king.