According to the Active Home Shopper Report on Realtor.com last September, 52% of shoppers looking for a home identified themselves as first time buyers. Not surprisingly, most of these first time buyers are also millennials. This was a major increase considering that in 2015, millennials made up only 33% of first time buyers. When you look at those numbers, it’s easy to see the financial impact of millennials on the housing market, and why real estate agents should be engaging them.
Although first time home buyers and millennials are predicted to make up a large portion of the pool of buyers this year, a majority of them are actually starting their home search without a REALTOR®. My challenge as an agent is finding ways to show them the value of a REALTOR®. The first step is understanding how to market to them.
Real Estate Marketing Millennials
I have found that Millennials don’t respond to typical outbound marketing tactics like cold calling and print advertising. Instead, they react to interesting and relevant content in blogs, shared posts, and recommendations from their friends on social platforms. They prefer to connect with a real estate professional who provides them with an authentic experience, in lieu of a hard sales pitch.
One of the most effective ways I engage my first time home buyers is by using social media to draw attention to their milestone (with their permission of course). After successfully helping a client close on their new home, I share a ‘congratulations’ post on Facebook, tagging so that their Facebook network sees it. Sometimes I’ll post a great photo of them in front of their new home. It is a great way to celebrate their good news and often times their friends will ask about their experience and, they’ll be likely to share it on their own profile.
Start Using Technology in Real Estate
It’s also not a secret that this generation loves technology, which is why I provide them with innovative tools to use in the process. I have found that platforms like Casamatic help them with their home search. I made it easy by putting a Casamatic search right in my own website, showing them that I am up to date on the latest tech trends helps me gain their trust and earn their business.
Lastly, in the age of instant gratification, response time is key when I am working with those who are connected to their smartphones. Even if I can’t get them what they are asking for right away, I make a point to respond quickly and let them know when I’ll be able to help them which goes a long way! Remember that millennials are the texting generation, which in my opinion makes communicating with them even easier.
Make a Memorable Experience
In the end, buying a home is an incredibly personal experience — no matter how old or young the buyer is. This is why I market myself not just as an agent who will help them find a home, but as the guide they need along the way. While using great technology and providing helpful content will get a millennial’s attention, being there to walk them through every step of the process is what makes them a client for life.
If you are looking for more information on how I work with millennial, tech savvy buyers, please feel free to reach out to me. I would love the opportunity to speak with you in more detail.