Realtors, Millennials – comprising of 1/3rd of the total U.S population have their own preferences, likes, and dislikes. When it comes to the real estate industry, millennials are supposed to bring the next boom for relators.
To understand the significance of this group, let us see who they are, what they want, and why are they important for the relators?
Who are Millennials?
Millennials are people born between 1981 and 1996. This group of people, aged from 18 to 35, make the bulk of the high earners in the country.
Most of the millennials are now in an age where they are looking to buy homes. However, their expectations and perception of buying a new home are widely different from the former generation.
Therefore, realtors need to understand their demographics, preferences, and lifestyle for marketing the house listings appropriately.
How Can Realtors Reach Millennials Prospects?
Reaching millennials in this digital era is not difficult. These are the tech-savvy people and finding them on the web is easier. Furthermore, they are likely to respond to digital marketing strategies.
Offline marketing tactics such as newspapers, billboards, pamphlets, etc., will not work for this group. Since they spend their lives with desktops, smartphones, laptops, and gadgets, reaching them through digital channels is ideal.
Here are some more facts about millennials:
- Millennials Prefer Virtual Setups
Even if you have a well-established office, an online presence is essential to reach millennials. This will enable you to connect with potential real estate buyers through social media, email alerts, text messages, virtual calls, etc. Millennials love connecting with people online. They prefer virtual tours, virtual hangouts and often work remotely.
- Millennials Consume Online Content
Many new as well as established real estate owners are working on blogs to reach potential clients. Since these people stay connected with the web, reading famous blogs and following links are common among them. Besides this, millennials usually check links shared by friends and family on social media.
Blogs also allow realtors to connect directly with millennial prospects. The comment section opens up an opportunity window for attracting new buyers. Besides this, it is an ideal way to show the digital identity of a real estate business.
- Millennials Can Promote Your Business
Gone are the days when pictures were sufficient to attract home buyers. Millennials are different, and they love to see the house from every aspect. Additionally, they prefer having this view from the comfort of their home. Therefore, a YouTube channel can do wonders for real estate agents.
This will allow prospects to see videos and share them with their friends. Since they love watching videos, sharing them among friends, chances of your video becoming viral are high. Once a video becomes viral, and the channel gains popularity, conversions are guaranteed.
- Millennials Always Follow Trends
Since millennials live with technology in their hands, they stay updated with the recent trends. For instance, if a textured wooden floor is in-trend, a millennial is likely to search for a house having this feature.
- Millennials are Eco-Friendly
Millennials are also called Generation Green because they are more eco-conscious than the previous generations. In fact, more than 75% of millennials consciously choose environmentally friendly products. Hence, they are likely to choose sustainable housing as well.
Apart from these basics, relators should also have some knowledge regarding the suitable sales technique for millennials. Let us have a look at it:
Sales Technique for Millennials
Experts believe that millennials have short attention spans. Therefore, one famous sales strategy known as AICDC works great for them. This strategy includes:
- Attention: try to gain their attention with anything that is of their interest.
- Interest: once they are attentive, try asking multiple questions to see what they exactly need.
- Conviction: now show them favorable answers and support your answers with historical data, reviews, and testimonials.
- Desire: continue supporting your answer by showing them attractive videos, data, pictures, etc.
- Close: once you are done with all this, try to close the technique. Many realtors hesitate in closing, but if you do not close, you will sound pushy, and the prospect will not get time to think about the desire.
Realtors should also make use of technology to close millennials, especially Real Estate CRM, to conduct thorough data analysis and maintain customer relationships. This will allow you to design future strategies by keeping the current trends in mind. Thus, you will be able to attract more buyers.
Other Key Things to Know about Millennials
Here are some additional things that can assist realtors in designing future strategies for millennials:
- They Prefer Affordability
Most of the millennials sacrifice luxuries like vacations and dining out with family just to pay the down payment. Therefore, they prefer an affordable home. Most of them even prefer a used or small home where they can expect a good increase in property value. Thus, high-class and luxurious homes in elite areas are not for millennials.
- They are Ready to Relocate
The perception of homeownership among millennials is different from that of previous generations. They assume spending time in a single home for a maximum of 10 years and are always ready to relocate. One reason can be the tough job market. Due to a sudden job change, millennials can relocate at any time.
- They Research before Reaching an Agent
Millennials always do thorough research on multiple online channels before reaching an agent. Since they have a limited budget and they have waited for a long to purchase a house, they do not want to take any risk.
Besides this, they are already active on multiple social media channels, so they do not find any difficulty in getting an idea about the average property rates. However, they do contact agents, but realtors should know that a millennial will always be having enough knowledge about the property.
Wrapping It Up
In short, realtors should have complete knowledge about millennials before designing any new marketing strategy. Since they have been waiting for a long to buy their first home, they perform thorough research on multiple channels before reaching an agent. Besides this, they want a middle-class home that is affordable and can give a good return in the future. Millennials are also ready to relocate since they keep on searching for better job opportunities.
