This year is quickly shaping up to be the year that millennials finally started purchasing homes at the rate that many of us expected them to more than a decade ago. It feels like we have been waiting forever for these buyers who officially entered adulthood around the turn of the millennium to start buying homes, and that time has finally arrived.
Millennials represent a massive segment of the real estate market for any agent, but they are a unique group that makes them especially unique buyers. In order to properly target them as potential clients, great agents have to be aware of the ways that these millennials are different from the clients they are used to working with.
Unique Age Ranges
The first thing that sets millennials apart from your typical buyers is that they are going to be older than your average first-time homebuyers, but not quite as old as the clients who are looking to buy and sell in order to upgrade their home. Because many millennials spent the past decade or so renting their starter homes, many of them are ready to skip that step and jump right into purchasing an upgraded home.
Ready to Purchase
Because they have waited so long to enter the real estate market, the millennials that are looking for homes today have likely been saving up for quite some time. They have also advanced beyond the entry levels in their careers, which means that they have both the savings and the income to afford the houses they are looking at.
Want the Best of Both Worlds
There has been much written about the fact that many millennials preferred to spend the past decade renting in cities, as opposed to buying in the suburbs. Today, we are seeing that millennials are moving more towards buying in the suburbs. However, after living in more urban areas for so many years, millennials have unique expectations for local amenities, and they will want to be close to exciting areas of your community.
Open to Unique Situations
Thanks to many of the television shows they have seen, millennials are surprisingly open to purchasing homes that might offer unique situations like an extra apartment or multiple garages that they could rent out for additional income. There are also a growing number of millennials who travel extensively and will be interested in the AirBnB income potential of a property.
Not Influenced By Advertising
While millennials are open to all kinds of unique situations, one thing that they do not respond to is traditional advertising. That means that the billboards and sports calendars that most real estate agents rely on simply will not work with millennials.
Today's millennial buyers want to work with agents who they have already formed a relationship with, so building those relationships proactively is the best way to generate new business with millennials.
They Embrace Technology
One of the best ways to establish and build those relationships with potential clients is through things like social media and email newsletters. Because they are first adopters when it comes to technology, these approaches work extremely well with millennials and should be your go-to for any efforts to market to them.
The Do Their Homework
Because they are so comfortable with technology, many millennials are able to do quite a bit of research on their own. That means that you can expect them to already know the basics of any property they might be interested in. They might also research local statistics. This can make the agent's job much easier, but you should still be prepared to answer any other detailed questions that they might have.
Because they represent one of the best growth areas in the entire real estate industry, millennials are going to be worth focusing on for years to come. If you are able to acknowledge the things that make them unique and tailor your services and style of working to accommodate those differences, they could represent a golden opportunity for your real estate business.