Millennials now number about 83M or over a quarter of the nation’s population and they’re predicted to become the nation’s largest population in 2019, overtaking Baby Boomers. They’re also the largest generation in the workforce with the oldest members of this generation approaching 40. This is the beginning of a demographic trend that has some financial strategists making a long-term, bullish case for the U.S economy and the stock market.
For the last few years, the 18-to-35-year-old demographic has been the largest home buyer group at 36% according to the 2018 buyer and seller trends report. If you’re used to catering to older generations, it’s time to pay attention and adjust to the needs and expectations of millennials if you expect to grow your business into the future.
Millennial Real Estate Challenges
It’s been difficult for many millennials to achieve homeownership. Rising student load debts, the fallout from the Great Recession, rising rents, and delayed marriage all contribute to their price sensitivity and putting off homeownership in general. According to a recent study, half of high-income millennials ages 30 to 34 are afraid they won’t be able to retire. And for the younger-than-35 age group, they have the highest amount owed in amount and percentage going back to 1989.
Strategy for Millennials
Help Them Focus And Navigate
Millennials are great at using technology to collect information. Your job will be to help them sift through all of their options and help them navigate the process. They will be less impressed by your ability to find and show them houses (they have found them already online and taken VR tours) and more impressed with your ability to address their specific needs.
Most millennials are not known for being patient. As digital natives, they’re used to getting information immediately on their phones. Make sure your initial follow-up to new lead inquiries is instantaneous and you reply promptly to their questions along the way after introductions are over.
Be Active On Social Media
You really must employ social media effectively for your business these days. Millennials will expect to find you on social media and see that you are active. Do things like pushing fresh content on a regular basis to your blog and social channels and make sure you’re promoting your featured listings on Instagram.
Make Your Website Friendly
Millennials live on their phones, so make sure your website provides a great experience on all devices. This is important for all age groups and it’s especially important for attracting millennials. Make sure it’s easy to contact you no matter where people are on your site. You’ll have a greater chance of attracting new clients from all generations, including millennials, by making sure your website is set up for success.
“We Speak Millennial”
You obviously wouldn’t put this on your website or business cards, but do try to think about the way you communicate with millennials. They generally don’t like lots of acronyms and business speak, which is plentiful in real estate. Explaining things in their terms while avoiding the business speak will help earn their appreciation and trust.