Whether you?re a real estate agent or broker, it?s hard to deny that millennials ? those born in the years between 1982 and 2004 ? continue become the largest group interested in purchasing real estate. According to the National Association of REALTORS? Generational Survey, millennials are the largest group of home buyers claiming 32% of the market as of 2015.
Are you effectively reaching this growing audience, or are you struggling to connect with this demographic? Learn how this age group interacts with the world to increase your customer base and close more sales.
Facts about Millennials
In 2014, the White House?s Council of Economic Advisers (pdf) released a report identifying trends found in the millennial generation. Though findings indicated adults ages 18 ? 36 were less likely to own a home at a young age, it did confirm that many millennials are living with parents in an effort to save money, complete educational goals, and begin their careers.
When the time comes to purchase a home, many adults in the millennial age group are armed with improved financial and career stability in addition to an established credit history. According to a Nielsen report, millennials use digital channels to conduct financial management tasks, research investment opportunities, and conduct searches for information more than any other age group.
For real estate agents, reaching millennials online is not simply a luxury ? it?s a necessity. Learn how to connect with millennials online while improving your status as a thought leader in the real estate space.
3 Effective Millennial Marketing Strategies
Make slight changes to your existing marketing strategy to gain more prospects born into the millennial generation.
Be Available on Mobile
With more millennials using mobile devices than any other generation, failing to make your real estate business available via mobile can really hurt your bottom line. Whether you choose to design a mobile-friendly website or create an app specifically for your business, making yourself available on a mobile platform is the best way to access millennials.
Create Content to Back Up Your Expertise
Millennials research everything from their favorite celebrities to promising stock opportunities online. Instead of reading multiple newspapers per day, millennials await digital editions of their favorite publications or simply seek information on the web. As a real estate agent, having an engaging, informative digital presence can be one of the best ways to get a millennial?s attention.
Focus on What Matters
Research shows that the values of millennials are very different than those of previous generations. Whereas their predecessors valued family, integrity, and duty, millennials pursue happiness, passion, and discovery. When it comes to purchasing a home or business, millennials want to know they?ll be content in the long term. The key for real estate agents and brokers is to discover what matters most to millennial clients and incorporate real estate investments into that equation.
The Bottom Line
The number of buyers entering the market and preparing to purchase property is steadly increasing each year. By incorporating digital marketing and a strong desire to help millennials reach their goals, you can build trust with younger buyers and expand your target audience.