FACT: Nearly half of Millennials (now between the ages of 20 and 37) live in suburbs.
FACT: New Home Inventory is low… very low. However, builders are trying to find a way to increase construction of new, entry-level homes to accommodate the growing need. This is good news as would-be buyers have been frustrated in their search for a home that meets their needs – and their budget.
FACT: A large portion of Millennials – slightly less than half – are already purchasing their second or third homes. (Wow!)
Working with Millennial buyers
First, communication is key.
Millennials are well connected and have a large network. Their neighbor, relative or friend of a friend likely knows (or is) a real estate agent.
However, they value key components and are not as likely to simply accept a referral without doing their research.
- Be social and have your contact information easily accessible online. Have you googled yourself lately? Do your contact information, website and social media platforms quickly pop up?
- Do you have a professional headshot? Monitor your online image and provide content that speaks to the clients you want to attract.
- Be ready to text, email, tweet, FaceTime and message. This is not your momma’s real estate market, and we must evolve with the next generation of clients.
- Tech up! Make the process convenient for them with slick apps and technology they can really submerse themselves in. They are much more apt to preview a virtual tour on their mobile device than schlep across town and fight I-4 traffic.
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