The fact that millennials are the first generation to grow up with the internet, what they want from a real estate agent, and the home-buying process differs from previous generations. These tech-savvy consumers seek a home with much potential and a flawless digital experience. They’re more likely to buy a fixer-upper, and their search may take you by surprise.
Here are some things to remember as the new generation enters the market.
The Majority of Millennials Are First-Time Homeowners
Like all first-time buyers, they may seek further assistance and guidance from their real estate agent. To be authorized for a loan, what credit score is required? What are the most fantastic neighborhoods for them? What are some red flags to look for during the property purchasing process?
The good news is that millennials are more willing to learn how to do things themselves than previous generations. They’ll gladly sign up for a free-hour consultation to learn about which town or area is perfect for them or attend a digital course on a topic they’re interested in. Including these in your services can help you reach more potential customers. Your potential client list can grow tremendously as millennials communicate information more freely.
Millennials Are More Likely to Wait Longer Before Purchasing a Property
Another tendency among millennials is that they delay home purchases.
The fact that millennials have less money than the baby boomer generation is one of the primary reasons they buy homes later. Many millennials have tens of thousands of dollars in college debt, making it difficult to have a low debt-to-income ratio and save for a down payment. And if that wasn’t difficult enough, they are also the group of people who takes the longest to recover from the financial crisis and recession they suffered when they first entered the workforce.
This form of compromise is common among millennial clients. Millennials understand that they won’t be able to obtain everything on their wish list because of their financial situation, especially for their first home. As a result, they may turn to you for assistance in creating a budget-friendly must-have vs. want-to-have list. With this population, providing realistic advice and support will help you expand your business.
Millennials Are More Open to the Suburbs and Fixer-Uppers
Many believe millennials are more open to the suburbs and fixer-uppers than they are. It’s a wise decision, given millennials are finding it increasingly challenging to find move-in-ready homes within their budget in big cities due to limited supply and rising costs. Many millennials are opting for fixer-uppers rather than turn-key homes to address this issue. While baby boomers continue to spend more on renovations, millennials spend more yearly.
Are you looking for a competitive advantage? It will help you stand out from other agents, get more millennial referrals, and strengthen your relationship with your neighborhood if you have recommendations for everything from reputable contractors to good landscapers for clients to use for their upgrades.
Millennials Look For More Than One Real Estate Agent
Millennials, who have grown up studying everything online, don’t always choose the first agent they come across. Instead, they choose a Realtor based on their social media presence, online ratings, and website information. As a result, having an excellent online presence is critical to attracting a younger clientele. This entails maintaining active social media accounts on Instagram, Twitter, and Facebook. Your content should portray you as a trustworthy and honest specialist who can help them discover a home.
Another approach to demonstrate reliability is inviting each satisfied customer to submit a brief review on Google, Facebook, or other sites. When potential clients Google you, they’ll find scores of glowing reviews, boosting the likelihood that they’ll choose you.
Technology Is Increasingly Important to Millennials
Millennials also want to use cutting-edge technologies in the home-buying process, such as minute mortgages and virtual tours. You may set yourself apart from other agents by providing a seamless digital experience from house search to closing.
Several digital technology options can be integrated into your workflow. Chatbots, for example, can assist you in responding to your millennial clients immediately, even if you are unavailable.