With 36% of all home purchases in 2019, Millennials are now the largest demographic group of home buyers. The Census Bureau estimates there are 83 million millennials, representing 22% of the US population. Born between 1980 and 2000, they are entering their peak home-buying age and will dominate the real estate market for the next 15 years. Knowing what motivates them and how to work with them will be the key to your success.
First and foremost, Millennials are tech-savvy. They grew up with technology and are constantly plugged in. You may find that communicating by text messaging works best for them. They get information from social media channels such as Facebook, Instagram, SnapChat, and Twitter. That means you can engage them best on these channels, so focus your marketing efforts there. If you have a website, make sure it is optimized for mobile devices because their phones are where they engage with information. Use video in your social media marketing.
Time Magazine, somewhat unfairly, called Millennials the “Me, Me, Me Generation.” But if they can be a tinge self-obsessed, they are also curious about the world, open-minded, upbeat, and passionate about equality. What this means for real estate agents is you need to be authentic, credible and knowledgeable. Don’t waste time with a sales pitch, establish your relationship by delivering value in terms of market knowledge and specifics about what you can do for them. Millennials have been bombarded by sales messages all their lives and seek referrals from those they trust. They rely on word of mouth, or more accurately, word of text from people they know and trust to support their life decisions. Make sure your testimonials are in your marketing and on your website.
Millennials are also looking for a work-life balance. They are not as willing to sacrifice family for a career as previous generations. Be prepared to fit their schedule and be available to respond to texts, calls, and emails outside of normal working hours. You can’t work 24/7, so consider a chatbot text solution for communicating after hours such as HubSpot, Zendesk Chat, or Vergic.
There are many resources out there where you can learn more about how to market yourself and work effectively with Millennials. Invest some time into understanding them and you will be rewarded with some great clients as well as commissions.