If you’ve been keeping up with real estate news for the past couple of months (or our Facebook page!), then you have probably seen some interesting facts about millennials and real estate. For the most part, perceptions have changed about this demographic as their lifestyles and incomes have, too.
Let’s round up the most recent news and statistics about millennials in real estate.
Millennials Want Personal Touch in Real Estate
The financial advice website CentSai found through a recent survey that seventy-five percent of millennials prefer a local real estate agent versus a remote or virtual agent. The reasoning behind this preference included knowledge on a local level, personal assistance and convenience, among other things.
Peace of mind seemed to weigh heavier for millennials than saving money through an online agent. After all, they are making one of the biggest purchases of their lives! Most just want to do it right.
Don’t get them wrong, millennials, as with other real estate buyers and sellers, still rely on the Internet and online communications. They just want the human connection more.
Not a One-Size-Fits-All Generation
We thought this was an interesting observation from the “Triangle Business Journal” about millennials and what they look for when it comes to city development. They are the least homogenous generation, with unique tastes, lifestyles, interests and income levels.
This was shared by the author of the article to a young real estate developer who wondered how to make the city more appealing to manufacturers. Millennials, the author advised, should really be the target audience – then the businesses will follow.
All in all, to be attractive to millennials, a neighborhood or area should be accessible, affordable and aesthetically pleasing. These are great cues for real estate agents like you when you talk to your millennial clients. Emphasize these three areas, and you’ll speak right to their hearts.
How to Speak to Millennials
Speaking of speaking to millennials’ hearts, it’s also a good idea to speak their language. According to a recent “Huffington Post” article, technology is important to them.
The biggest takeaways:
- Make your website mobile-friendly or responsive.
- Provide as much information through an FAQ and your blog about the real estate process and industry.
- Include multiple ways for clients to get in touch with you, especially through your website (think online contact form or a live chat option).
- Add your social media feeds so they can get to know you directly on your website.
All Grown Up
We’ve talked about millennials for years, and after all this time, they are moving on – and moving up. Marketplace.com shared how millennials are starting to buy their first homes at the highest level ever.
With older generations upgrading to larger homes or even downsizing in some cases, millennials are snatching up their properties and will continue to do so in the future.
One stat this is interesting to note from Realtor.com: millennials will comprise 33 percent of the real estate market while boomers will make up 30 percent.
Millennials are not only changing as a generation, they are changing their impact on the real estate market quickly. So, now is a good time as ever to adjust your mindset around millennials as well as how you market to them.