Millennial home buyers have entered the housing market in a big way. As of 2015, Millennials surpassed Baby Boomers as the largest generational group in America, and they now make up the largest group of home buyers. As a real estate agent, marketing to Millennials should be among your top priorities as per Real Estate Express article suggested.
You’ll want to begin building marketing campaigns that are specifically targeted toward this group.
Understanding Millennial home buyers
Sometimes labeled as “Generation Y,” Millennials are people born between the early 1980s and the early 2000s. They were projected to surpass 75.3 million people as a group in 2015. With the core group of Millennials between 18 to 34 years old, they are now within age ranges where they are most likely to need a place to either lease or purchase. Many of them (or at least those who can afford to do so) are beginning to buy their first homes and invest in real estate for the first time.
When marketing to Millennials, consider these helpful statistics on Millennial home buyers and trends:
89% of Millennials would use a real estate agent. Yet, they may be harder to please compared to other generations.
63% of Millennial home sellers would use their agent again, or refer the same agent to another. These are the lowest percentages of any generations surveyed.
70% of Millennial home buyers would hire their agent again, or refer them to another.
45% to 50% of Millennials originally found their real estate agent through a friend or family member.
Millennials are more into social media and texting than any generation ever. Yet, 75% of Millennials polled also like to be contacted by telephone calls.
Millennials love the internet for communicating and finding real estate opportunities. Upwards of 94% of Millennials use online websites for home searches. 51% of Millennials later found the home they eventually purchased online first.
Millennials utilize apps, but still rely on the wisdom of real estate agents, as noted by 87% of them eventually going to agents for assistance..
How to connect with Millennial real estate prospects
Millennials love their technology. They grew up with high-tech gadgets, desktop computers, and smart devices. When marketing to Millennials, know that they are more likely to respond to online marketing and communication efforts as opposed to newspaper ads, flyers, and postcards. Although you may have a physical office at your brokerage firm or at home, don’t forget to take advantage of an online virtual office, too. This will allow you to interact with prospective Millennial home buyers online—whether through social media, email, Skype, text alerts, or other means.
Some of the most effective options for targeting Millennial home buyers (and others) are shareable blog posts and short videos posted on YouTube and Vine. Many agents today are writing their own blogs and posting videos from their smartphones onto social media sites that can be seen worldwide. As more people “Like” their video tours of home listings or share them on Facebook, Twitter, LinkedIn, Pinterest, Google Plus, Tumblr, or Instagram, the potential growth rate of viewers is almost limitless.
In a wrap-up
Marketing to Millennials may be challenging, but it’s worth the effort. To successfully grow your business as a realtor, remember to focus at least some of your advertising efforts toward this target market. Make an effort to connect with them in meaningful ways. Once you find the most qualified Millennial prospects, you can start building long-lasting relationships that will hopefully lead to lots of new referrals down the road.
At One Republic Mortgage we are very experienced in new ways of how to properly market, create and track successful campaigns, and assist our valued real estate agent partners. Reach out to us, our marketing team will help you and you might be surprised on what products we offer this target group as well as all of your potential clients.