Essential Strategies for Winning Over Millennial Clients
An article from ListHub
Posted by: RET Staff
Millennials. They seem to be the talk of the town in every industry, especially real estate, right now. There's a good reason for that – according to the National Association of REALTORS® 2016 Home Buyer and Seller Generational Trends Report, millennials (ages 18-35) were the largest group of home buyers for the third year in a row. Sixty-seven percent of this group was also a first-time buyer. If you haven't already thought about how your marketing strategy should change to reach millennial buyers, it's time!
Millennials are vastly different from previous generations. According to Paul Taylor, executive vice president of the Pew Research Center and author of the book The Next America: Boomers, Millennials, and the Looming Generational Showdown, "Millennials are different from their parents and grandparents in ways that are already impacting all aspects of life. For example, they are less religiously affiliated and slow to marry and have kids. They grew up with cell phones and on social networking sites while also obtaining a high level of education, but are still struggling financially because of the economy."
While times may be a little tough for the millennial generation with higher student loan debt and difficulty entering the job market, they are still eager to reach the "American Dream" of owning their own home. In fact, the median age of first-time buyers has stayed relatively unchanged at 31. According to Jessica Lautz, managing director of survey research at NAR, this means that millennials "are ready and willing to buy if they can, in fact, break into the market. It's getting more difficult to get to that point, but the desire to do so hasn't changed."
So how can you connect with this large group of young buyers?
1. Demonstrate Your Expertise
More than any other generation, 71 percent of millennial buyers noted that help understanding the purchase process was the most beneficial part of working with an agent. They are new to home buying and selling and may need a little hand-holding as you work through the financing and overall process. Be patient and demonstrate how well you know your stuff! Take advantage of the millennial interest in infographics, videos, and visual content to take your expertise to the next level.