As millennials are the new market on the block, real estate agents need to know how to connect with this new target market and eventually turn them into clients.
Companies everywhere have started tailoring their marketing efforts to the biggest new market of consumers, millennials. And, rightfully so, the millennial generation is now the biggest in America, surpassing Baby Boomers in 2016. Just last year, the percentage of millennium homebuyers increased from 30% to 35% and is expected to continue growing. This new target market carries significant differences in buying preferences as compared to their predecessors. Honing in on their interests and capturing the millennial market is key for any successful real estate agent.
Capturing the Millennial Market
While older generations’ primary focus in real estate centers around single-family homes and an urge to live in suburbs, millennials carry different preferences. Tiny houses and condos are more aligned with their price point and household size. In addition, millennials are flocking to cities and are looking to rent and buy in bustling urban centers. The traditional image of white picket fences is foreign to them. In fact, many long for more practicality and proximity to city centers.
Furthermore, to fully capture the millennial market, agents need to be aware of the platforms millennials use to communicate. Having a strong Twitter, Instagram, or Snapchat presence can help agents reach this market efficiently. Simply creating a profile on these channels will not cut it. Agents must consistently post engaging and thoughtful content, for example, Snapchats of open houses or Instagram photos of new listings in order to remain on the radar of millennials.
What is the takeaway?
In order for older sellers to capture the millennial market, they need to focus on three factors: honing in on the buyer’s needs, communicating properly, and being easy going and not pushy. The millennial market can be quick to jump ship with agents so garnering solid relationships is crucial in gaining the trust of millennials. Nonetheless, this new generation of consumers is the gateway to new sales and a lifetime of fruitful business relationships.