No two clients are the same, especially when it comes to millennials (aka Gen Y).
Gen Y homebuyers are unlike anything the world has ever seen before. They’re incredibly tech-savvy, their ability to find out anything is impeccable, and their need for instant gratification is unparalleled. Jobs can be found by posting a status, buying is as simple as touching a photo, and even dating can be done by just swiping right!. In order to capitalize on the rise of younger homebuyers entering the real estate market, you need to understand them better so you can effectively market to them.
The Gen Y Homebuyers Grew Up in A World of Easy Processes
Some argue that Gen Y homebuyers don’t know hard work when they see it. Whether this is true or not is up to researchers to discover. However, this theory does give you a bit of information as to what strategy you should use to entice these young clients.
Millennials aren’t going to listen to your long voicemail message, nor are they going to play phone tag or go through a process in which they feel is unnecessary or timely. It’s important to approach these homebuyers with a straightforward process. For example, you don’t want to send them an email every time there’s a new listing. Instead, you want to wait and collaborate all listings into one email at the end of the day unless asked otherwise.
If You Aren’t Current with The Tech Trends, You Won’t Be Their Real Estate Agent
One thing every Gen Y homebuyer has sufficient knowledge of is technology. As a real estate agent, this is incredibly important to know because if you pull out a 10-year-old Nokia, they will notice. More importantly, they will associate your lack of current technology with a lack of marketing skills. This will likely send them in the opposite direction looking for another real estate agent. So always be aware and on top of technology.
Upgrade your old phone. The new capabilities of technology will amaze you and they may even further your business efforts. Maintain a strong online presence by posting regularly on social media, writing blog posts and hash tagging like a pro. When it comes to Gen Y homebuyers, it’s not so much about what you know about technology as it is what you don’t know. The latter is certainly more damaging.
Stop Calling Their Phones and Send a Text Message
Put down the phone, unless you’re sending potential clients a text message. While phone calls are sometimes required within the real estate industry, Gen Y homebuyers would much rather receive a quick text message.
Millennials grew up with text messaging and that’s their preferred form of communication. Too many phone calls, whether unanswered or not, will quickly cause millennials to feel frustrated and irritated.
A Slight Mistake Can Jeopardize Your Rapport with Millennial Clients
As a reputable real estate agent, you understand the importance of being honest. You would never purposefully lie to a potential client. However, it’s important to remember just how resourceful millennials are. If you tell them you just sold a home for $350,000 they know how to pull that information up within seconds. So, when speaking with the Gen Y homebuyers, make sure all of your information and data is accurate. Otherwise, a slight mistake may jeopardize your real estate rapport with the millennials.
Once you’re the prospective Gen Y homebuyers’ choice of a realtor, you’ll have to adapt your real estate even further to suit this generation. If it’s old or outdated, it won’t ever work for millennials. Knowing this can be the key to appealing to these new prospects entering the real estate market.