Smart REALTORS® recognize the growing millennial home buyer market and want to tap into this lucrative niche. The right real estate marketing techniques can attract millennial buyers and keep them coming back for more.
Many millennials, born between the 1981 and 1996, are looking to buy their first homes. Tech-driven millennials have different budgets, goals and perspectives than past generations. REALTORS® can cash in on a golden opportunity to serve this growing niche market. Savvy real estate marketing techniques will attract millennial buyers and build a level of trust.
Get to know the millennial
The stereotypical millennial is known as a tech enthusiast with the need for instant gratification. However, that is just a small part of this demographic. Some millennials are already parents, looking to move to an area near award-winning schools and shopping. Others are single or newlyweds with hefty student loans to pay. Each of these groups will have different goals and budgets. Ask questions, understand their situations and help them find housing based on their unique needs.
Focus on the investment
Recent studies show that 85 percent of the millennial market views owning a home as an investment . However, many still have low-paying jobs or perform unpredictable contract work. They are cautious about getting in over their heads but don’t want to keep throwing money into rentals. Buying a home is a way for them to build a nest egg. Fixer-uppers and older homes are often an excellent choice for a millennial. A REALTOR® who can help provide information and resources is sure to be their top choice. Get to know more about first-time home buyer loans, low money down mortgages and rehabilitation programs such as the Federal Housing Administration (FHA) 203(k) Rehabilitation Loan and the Fannie Mae HomeStyle Renovation Mortgage.
Going green and what it means
With finances in mind, a millennial wants to save both money and the environment. Green housing options with eco-friendly amenities make a house more desirable because they lower the cost of utilities. Energy Star appliances, solar panels, smart home devices and remote security features grab a millennial’s attention. Make sure a high-speed Internet connection is available in the area. Many millennial buyers are also aware of the benefits of buying a LEED-certified home (Leadership in Energy and Environmental Design). Learn more about green housing for millennial home buyers.
Appeal to the millennial lifestyle
Older generations tend to work nine-to-five jobs, but the millennial lifestyle is not the same. Many work different hours or have freelance jobs. Some also work from home. A home with room for an office is a top priority for these buyers. Millennials usually want to live near restaurants and cultural hot spots. Also, walking access to public transportation is on the millennial must-have list. Owning one car or not having one at all is a common way for millennials to save money, so parking and valet services may not be a top priority. Finally, low maintenance is a selling point, including minimal landscaping and durable roofing and siding.
REALTORS® appealing to the millennial niche must be tech-savvy. Have a website, business social media accounts and a notable online presence. Update your profiles, content and images, as a millennial is most likely to check them. Create search engine optimized listings with detailed descriptions, professional photos and videos. Virtual tours are sure to impress a millennial buyer who is looking to save time. Real estate marketing techniques should include email campaigns, blogging and pay-per-click marketing. Try to be everywhere millennials go online, including popular social media sites such as Snapchat and Instagram.
Marketing for today and tomorrow
Millennial buyers are looking for their first homes today, but they might be looking for larger homes soon to accommodate their growing families. Finding the right first home puts a REALTOR® first in line when these buyers are ready to upgrade.
Inspire Positive Reviews
Also, a millennial is most likely to write online reviews about a REALTOR® ‘s services. Other millennial buyers are likely to turn to sites like Yelp to read these reviews. Develop a millennial-friendly approach that inspires positive reviews and recommendations. The right marketing strategies ensure future business for REALTORS® dedicated to meeting or exceeding a millennial’s expectations.
Millennials have become the largest group of home buyers in the country. REALTORS® need to speak the language of these buyers with tech-focused marketing campaigns and the latest financial updates. Doing the extra work to learn more about the millennial market is a wise way to build your real estate business for years to come.