Millennials, also referred to as Generation Y, are the generational demographic following Generation X and the biggest generation in U.S. history. Today, most demographers agree that millennials are aged between 22-37 (born 1981-1996). They are the generation that was raised on technology, they have an unprecedented appreciation for avocados on toast, and they are on the receiving end of countless stereotypes (like the aforementioned).
In the real estate industry, the most important thing to know about Millennials isn’t their preferred toast accompaniment, though.
At this year’s Xplode Conference, Matthew Josefs, the Senior Trade Show Consultant for TORCHx by Web.com, pointed out that although Millennials currently make up 34 percent of homebuyers, they are particularly difficult to convert into clients.
Here’s a recap of what Matthew had to say about why that is and what you can do to remedy it:
Did you know…99% of millennials search for homes online?
This means that if you’d like them to buy the home you’re selling, you have to make your listing as appealing to them as possible!
This information will help:
What do Millennials want in homes?
- Technology- They like cool things. Who doesn’t? This doesn’t mean that they’re looking for a bonafide Smart House (any Millennials remember that Disney Channel Original?), but it will work to your advantage to highlight any cool gadgets the home has or the potential your listing has for those sorts of things.
- Space- Space is important, particularly in the Master Bedroom.
- Luxury- New appliances, upgrades, and interior design (or the potential for those things) will get your listing noticed by Millennials.
What do Millennials want to see on real estate websites?
- PHOTOS- After all, a picture’s worth a thousand words (apologies for the cliché, it just works so well here!).
Still, you won’t get engagement by simply making the home seem pretty.
Quick Communication is key.
- 94% of Millennials say responsiveness is a “very important” agent skill
- 73% of Millennials say it’s very important for agents to send postings as soon as a property islisted/the price changes. 63% want this information via text message.
Millennials consume and dissect information differently than previous generations, so it’s important to keep that in mind when trying to sell to them. It may be challenging, but they’re a powerful market that should be on your radar. With a bit of research and good planning, you’ll have a young buyer in no time.