Who are millennials? How can real estate agents cater to their needs?
If you plan to sell a property, it is in your best interest to familiarize yourself with some millennial home buying statistics and to understand the basics.
The millennial generation is made up of people born between the years 1980 and 1995. Millennials are now the largest generation in history, boasting approximately 90 million members. Research has indicated that this generation is characterized by self-confidence, technology, high levels of education, and social connection.
In 2018, millennials represented the largest cohort of home buyers at 37 percent, according to the National Association of Realtors’ 2019 Home Buyers and Sellers Generational Trends Report.
According to Inc.com, only 11% of millennial home buyers consider their first home as permanent.
And while there is a myriad of advice online about what appeals to this generation, one thing is clear ‑ agents are more needed than ever: 87% of all home buyers worked with an agent, but the share increased to 90% for buyers aged 37 and younger. Buyers who worked with an agent cited that they wanted help finding the right home, negotiating the purchase price and terms of sale, as well as help in understanding the purchase process.
Those who hope to successfully sell to today’s buyers must actively take part in real estate marketing for millennials. Traditional marketing tactics may not work on these digital natives, and real estate professionals who take the initiative to understand this generation’s consumer preferences and behavior will develop an advantage.
Tips for Selling to Millennials
The following are 5 unique tips to find success in selling to the millennial home buyer:
- Help them each step of the way: 90% of home buyers aged 37 and younger worked with a real estate agent, and many of them cited that they wanted help in understanding the home buying process. Understand that guidance is extremely important to this consumer segment and take advantage by marketing your emphasis in assisting clients.
- Know that price matters: Most millennials use their savings to pay their down payment, more so than other generations, signaling limitations in financial options. Help these buyers by suggesting how to save money or use their funds in the most impactful way during the home buying process.
- Pay attention to visual representation: Visually-based social media platforms such as Instagram and Pinterest are popular amongst young home buyers. In addition, many of them cite staging as an important factor filtering through properties online. Do not hesitate to market your property in a visually compelling manner, such as through Instagram or Pinterest.
- Specify your competitive advantage: Millennials know that each real estate agent has something unique to offer, so be ready to stand out from a group of candidates by clearly specifying what you have to offer to them.
- Go digital: It should go without saying that the best way to appeal to this generation of digital natives is through digital marketing; 93% of home buyers aged 37 and younger use the internet for their home buying process.
After making the sale to this up-and-coming generation, consider the array of services offered by the only title agent in Wharton County.
Serving the local community since 1972, Mid-Coast Title offers title reviews, also called a title examination, a title review uncovers any issues with the land on which a residential or commercial building is located. We identify any liens, judgments, or lawsuits pending against properties to ensure a clean transfer of ownership.
Title insurance protects both real estate owners and lenders against loss or damage occurring from liens, encumbrances or defects in the title or actual ownership of a property.
Mid-Coast Title also facilitates closings. A professional agent oversees the settlement of the transactions with buyers, sellers and real estate agents.
Deeds, affidavits and any new notes or mortgage paperwork is signed. Old loans are settled and other parties are paid.
If you have any questions about the services Mid-Coast Title offers or you just want to learn more about what we do, visit www.mid-coasttitle.com.