So how you appeal to this group, that for all intents and purposes, seems to behave completely differently than the generation before them? Most first-time home buyers are millennials (roughly born between 1981 - 2000) and are now surging ahead of Baby Boomers as overall home buyers. In fact, they now account for 1 in 3 home buyers and regard owning a home as a measure of success.
Here are a few proven characteristics of millennials that will help you get ahead as a real estate agent, if you know how to cater to them.
1) Engage at the speed of the consumer
Millennials work on ‘Internet time’ – they have never known a time when access to information was not at their fingertips. Accordingly, as a real estate professional, you need to ensure you respond to their queries within one day.
2) Be tech-savvy
Whether you like it or not, millennials do a lot of ‘shopping around’ and use all the resources available at their disposal. 51% of them have purchased a good or service online at least once per month and 73% use social media daily. For potential millennial home buyers, these could include the latest mobile apps, virtual tour technologies, and robust websites with neighbourhood statistics or detailed mortgage calculators. More than any other demographic group, they do more research and evaluate more agents before picking one. Once they have selected their real estate agent, millennials will then have a close-knit group to share listings with, whether it’s trusted friends or family.
3) Go paperless wherever possible
Most millennials operate digitally, dislike tons of paper (they are environmentally conscious) and don’t even own a cheque book. Make sure all important documents can be accessed easily in one place, such as DropBox or Google drive. Also ensure e-signature options are available wherever possible.
4) Be authentic in your marketing
Marketing is no longer about blasting your message to everyone who can see it. Millennials want to deal with professionals who have transparency with a personal brand that they can connect with one-on-one. They need to trust you, but if they go to your website and it looks outdated, or your social media feed only show every listing you’ve had for the year and nothing else, they will feel like you can’t bring them any value.
5) Guide them through every step of home ownership
Though they are drowning in information, millennials still seek wisdom and guidance from a trusted source. Be a non-stressful resource they can go to when they have questions about everything from getting a pre-approved mortgage to basic home maintenance tips.
6) Recommend a good home inspector to help them understand the main systems of the house & basic life cycles
Less than 40% of home owners regularly maintain their home and whether it’s through their own fault or not, many millennials lack home maintenance IQ. A qualified home inspector can help your clients understand the main systems of the house (furnace, water main, electrical panel, etc…), as well as the normal life cycles of key items such as the roof or air conditioner. Additionally, this will help millennials understand how to budget for repairs in the future. Approximately 1% to 3% of the home’s value should be set aside for normal maintenance each year.
If you are able to execute all of these tactics effectively, you will be able to provide value and insight to the first-time home buyer.
For more information, visit the nationwide experts at Pillar To Post Home Inspectors - www.pillartopost.com
The millennial generation has been one of the most talked about, mysterious, and fasting-growing consumer groups in Canada. Millennials now account for approximately 10 million individuals that are among the most diverse and educated in history.