Millennial Home Buyers: What’s Attracting Them to the Market?
Today, millennials are a major home buyer demographic. As more millennials look to buy homes and settle down, real estate agents need to fully grasp this generation’s needs to capitalize on the market potential of this demographic. The vast market potential that millennial home buyers herald is very exciting and should inspire agents to make attracting this demographic top on their list of priorities.
So, Who Are Millennial Home Buyers?
Millennial home buyers are the most extensive home buying force in the US real estate market currently. This demographic of home buyers is made up of the persons born between 1981 and 1997. They form a significant home buying demographic and represent the largest home buyer demographic in our country’s history. Some brokers and agents will tend to overlook millennial clients, but the forecasts point to a booming millennial real estate market. Millennials are quite particular about what they want. Thus, agents need to capitalize on the main things a typical millennial shops around for when searching for a home to buy, then embrace a good selling approach to entice these younger home buyers.
How Can Real Estate Agents Attract Millennial Home Buyers?
1. Millennials Are Looking for Convenience. Offer It.
Beginning with how you engage them as a real estate agent, the amenities offered by each listing they come across, to the home buyer add-ons available in the property market, millennials love convenience. Your real estate market acquaintance is indeed valuable when dealing with millennial clients with a whopping 89% of them saying they would transact via a real estate agent when buying a home.
No doubt about it, millennials love simplified and convenient services. As a real estate agent, you need to brush up on the efficiency of your service offerings to position yourself as a reliable service provider millennials can reach out to. Attracting more millennial clients requires agents to understand how they think, to always keep an eye on trends, and to adjust their selling techniques to resonate with these buyers.
2. Millennials Mostly Look for Listings Online. Tune Up Your Online Presence.
Let’s face it: most millennials grew up when the Internet and technology were becoming a hit. As a real estate agent looking to appeal to this tech-savvy demographic, you need to take your online marketing efforts a notch higher. For most millennial home buyers, the decision of buying a particular listed property comes after a thorough online search. To attract millennial clients, your online presence and your consistency in showcasing properties that are hot for this market demographic are key. Additionally, nine out of every 10 millennial buyers rely on online resources for home buying education. To attract these buyers to the market, you need a strong online presence.
3. Millennials Crave for Captivating Visuals. Use Them on Your Online Platforms.
Most millennial search is done using online visual content. Consequently, every agent needs to up their game in the digital space. Using fascinating visuals of listings on all your online marketing platforms will increase traffic, and thus lead to more conversions. While running such online marketing campaigns, you could also leverage high-quality videos and virtual house tours to attract younger home buyers. Giving them a feel of the magnificence and aesthetics they are looking for on all your online platforms and social media channels. The appeal that comes from lifestyle photos and videos taken on listed properties is enticing to this demographic, and thus attracts these types of buyers to your market.
4. Millennials Have a Soft Spot for Luxury and Style. Capitalize on It.
A top trend in the growing millennial home buyer market is the prioritization of luxury and style. Any real estate agent looking to capture the attention of this demographic and win them over will need to showcase a lavish lifestyle in the properties they are selling. Fascinate millennial clients and increase your chances of getting more conversions by displaying exceptional properties and showcasing the luxury and style of listings. By highlighting sophisticated outdoor living spaces, eye-catching courtyards, or even a swimming pool, you are attracting more millennials to the market.
5. Millennials Can’t Resist Reasonable Deals. Offer Them One.
One crucial fact agents need to remember is that millennial home buyers will look for alternate listings once they discover a home is out of their price range. If you are looking to attract more millennials, you have to get your pricing right by ensuring your prices rank within your local real estate market’s price range, and present buyers with multiple financing options to avoid losing their interest.
The Bottom Line
The home buying habits for millennials are unique. By leveraging these tips, everything will point towards an excellent future for real estate agents and brokers, and position them to attract more millennial buyers to their market.