When I started writing this blog post, I spent some time searching for a definitive definition of the word “Millennial”. Most dictionaries reference the word as an age group, or a group of people born between particular years. During my quest for the perfect definition, I stumbled upon Urban Dictionary. Their definition of a Millennial is as follows:
“Special little snowflake.
Born between 1982 and 1994 this generation is something special, cause Mom and Dad and their 5th grade teacher Mrs. Winotsky told them so. Plus they have a whole shelf of participation trophies sitting at home so it has to be true…”
There are a lot of stereotypes and assumptions about every generation, but these assumptions are important in understanding each generation from a business perspective. Marketing and advertising are largely based upon psychology, and those industries leverage the human brain to sell their products, services or ideas. In order to market your real estate business to the Millennial generation, you must learn more about their values, goals and desires, and ultimately, how those things affect their decisions in real estate.
As a member of the generation (and a recent home buyer), I am here to help!
- Millennials make up roughly a quarter of the U.S. Population, making us the largest generation in U.S. History — That’s a lot of potential buyers right there. We are also known for being the most racially diverse and educated generation to date.
- 50% of Millennials are still renting (convert, convert, convert!), 26% own a home or condo, 21% live with family, and 3% live in student/military housing
- The top reason Millennials buy a home is the sole desire to own a home.
Leveraging this data to better yourself as an agent and as a marketer is going to help your business sail through the Millennial takeover. Below, I have listed some tips for doing so:
Be Current. Have a user-friendly, and mobile-responsive website — If the page doesn’t load in 2.5 seconds, I’m going somewhere else. If I click on a button and it takes me nowhere, forget about it. We grew up with technology, so we have set certain expectations for things we see online.
Stay in contact. Making sure that you are readily available to both your buyers and sellers will be key (we’re on our phones all the time). The Millennial generation is all about instant gratification. Convenience in home-buying and home selling, convenience during the home search, convenience during the transaction, and obviously a convenient home location.
Choose your words carefully. Millennials aren’t buying a home to settle down and live the American Dream. We are in it for the transaction, and to build credit and credibility with the bank. So, instead of using words like “dream home”, mention the affordability of the home, the updated features, or the value of the location.
Be a mentor. Some of the top things we value in an agent include trustworthiness, honesty and reputation. Most Millennials are first-time home buyers, so the buying process is new and even frightening to some. The key to getting solid reviews on your website, and referrals from clients is being trustworthy and easing your client’s minds from the beginning.
Overall, the biggest thing to take away about the Millennial generation is to be adaptable. As you know, the real estate market is ever-changing, whether it’s trends in home style, fluctuations in home prices or a change in demographics. Keep up with all that is going on in your market, and make sure to tailor your business to suit your audience and your clients.