Millennials may not be the wealthiest consumer segment in the home buying market. Yet that generation may be the most important segment. According to a recent report from the National Association Realtors, 37 percent of home buyers are Millennials, which means they make up the biggest share of home buyers.
Millennials aren’t letting their financial status or rising real estate prices destroy their dreams of homeownership. Here are ways real estate professionals can appeal to Millennials.
Position Yourself as an Expert
The same report from the National Association of Realtors states that 87 percent of younger Millennials and 72 percent of older ones wanted guidance to understand the home buying process from a real estate professional. Millennials are already looking for local experts in real estate. Your challenge is to become known as an expert in your local real estate market.
Becoming known as the knowledgeable, go-to real estate agent in your area takes effort. Having a robust online presence is critical. Being active on social media platforms can build your credibility and allow you to engage with potential home buyers. Your business webpage should include a blog that covers topics related to home purchasing, local market conditions, homes for sale, and homeownership. Updating the blog on a regular schedule (weekly, bi-weekly, etc.) has the benefit of:
- Building anticipation for your regular readers
- Keeping content fresh and relevant
- Improving the chances of good placement in organic search results
Another strategy is holding monthly or quarterly workshops on aspects of the home buying process. You could invite would-be home buyers to your office for your presentation. However, it may be more effective to take your presentation to meetings Millennials usually attend. Offering general information on the home purchase process rather than a sales pitch should allow you to get on the meeting agenda of local organizations like schools and neighborhood associations.
Suggest Inexpensive Upgrades to Your Sellers
You’re probably going to have to educate your sellers on the importance of appealing to Millennial homebuyers. Due to their limited budgets, many Millennial homebuyers aren’t interested in spending money to upgrade and repair a fixer-upper. They want move-in ready homes with modern floorplans and tech-friendly amenities.
If your sellers’ homes don’t meet Millennial standards, it’s wise to gently recommend a few budget-friendly upgrades and repairs. Like most homebuyers, Millennials pay particular attention to kitchens and bathrooms. A cost-effective refresh in these rooms might include:
- Repair leaky faucets
- Replace outdated faucets, shower heads, and cabinet hardware
- Paint the rooms in a neutral color
- Add a new shower curtain and bath mat
- Remove broken or dated small appliances like the microwave or toaster oven
Unlike older generations, Millennials grew up with modern technology and expect it to be incorporated into their homes. Some sellers may be reluctant to give their home a technological upgrade due to its cost. You can alleviate those fears by suggesting improvements that should total in the hundreds, not thousands, of dollars.
Making technological upgrades is fairly simple. The current homeowners can save money if they’re willing to do the work themselves. You may want to suggest projects like:
- Swapping out a few traditional outlets for ones with USB charging ports
- Installing a smart thermostat
- Putting in a smart doorbell
Stage Homes to Appeal to Millennials
As you stage homes, it’s important to help Millennial buyers see themselves living there. High-end furniture from retailers like Williams-Sonoma and Anthropologie isn’t going to do it. Millennials relate more to home decor from wallet-friendly retailers like Target, Ikea, and Bob’s Discount Furniture.
Since Millennials primarily shop for homes online, it’s essential to show off your staged homes using your online channels. As heavy users of social media platforms like Instagram, Millennials are accustomed to high-quality visual images. You need professional-quality photos and videos of your staged homes to meet this generation’s expectations.
Embrace Technology for More Marketing Opportunities
With a little creativity, you can come up with additional ways to use technology to reach Millennials. Live streaming your open houses may create a buzz among your target population on the platform and in the real world. Finally, consider creating virtual reality house tours.