A Quick Profile Of Millennial Home Buyers
Millennial home buyers are sweeping the nation, and will be for quite some time. Over 50% of millennials say they are either “extremely” or “very” likely to buy a house in the next year and many will delay their wedding or honeymoon in order to buy a home! Here is a quick guide of what you need to know to win their business.
They Like Digital!
Millennials do a tremendous amount of online research when deciding on an agent. 90% of millennials will use the internet and 80% will use mobile devices and apps to help with the home-buying process. How you market yourself online is crucial so make sure you have a professional website and reviews from previous clients.
They also don’t want to waste their time on listings that don’t have content. The majority of millennial home buyers want to view listings with high-quality photography and virtual tours before seeing a house in person.
When it comes to millennial sellers, they understand that online appeal is the new curb appeal. Sellers who sold for more than list price made imagery and home information available across multiple online outlets including listing sites and social media.
They Follow In Their Parents’ Footsteps
Not all millennials want a lofty condo downtown near restaurants and shops. Many of them are looking to buy a single-family home in the suburbs and nearly 54% purchase houses in communities with shared amenities.
Millennial Home Buyers Are Loyal
Millennials like consistency and rely heavily on word of mouth when selecting an agent. In fact, 58% of millennial home buyers rely on referrals when deciding which agent to work with. They are also the demographic most likely to provide an online review of you and recommend you to their peers.
Communication Is Key
Although millennials are the digital-generation, texting and emails aren’t the best way to communicate with them. The majority of millennials prefer good old-fashioned phone calls and in-person meetings. So instead of crafting the perfect emoji-friendly text, you should pick up the phone and give them a call!