According to the National Association of REALTORS®, millennials currently make up 34 percent of U.S. homebuyers—the largest share of buyers for the fourth consecutive year! NAR research also shows that while there are barriers to break through, such as student loan debt and fast-moving inventory, 94 percent of millennials want to own their own home.
While many millennials are putting home-buying off slightly longer than previous generations, their time is coming, which means you should be paying attention to this important group and learning how to best market to them—you can’t afford not to!
Here are three simple tips to help you win over millennial homebuyers:
Tip 1: Improve Your Online Presence
Millennials are part of the “Yelp generation”—even if an agent was referred to them by a friend or family member, they will still do their due diligence and look online for information. Plus, an online search is the next most popular option for finding an agent after a referral, with 34 percent of millennials finding their agent on the internet. You need to be sure that you are not only easy to find, but also putting your best foot forward when it comes to your digital presence. Testimonials from outside sources, recommendations from friends and colleagues, and a social media presence are key to winning over millennial consumers. One of the best places to start is with your free agent profile on realtor.com®.
Tip 2: Share Your Knowledge
Most millennials are new to the home-buying process and want to work with a knowledgeable real estate professional that can walk them through it start to finish, highlighting next steps along the way and explaining what will be needed from them at each stage. In fact, 74 percent of millennial buyers noted that help understanding the purchase process was the most beneficial part of working with an agent.
Tip 3: Optimize for Mobile
The average person spends 90 hours per month on smartphone apps. Millennials are glued to their phone, rarely spending a minute of the day without it by their side (even in bed!). In fact, a recent survey found that 39 percent say they interact more with their smartphones than they do with their significant others, parents, friends, children or co-workers. Wow!
Want more tips on how to win over millennial homebuyers?
Join ListHub’s free webinar for a brief overview of the millennial homebuyer, and information on how millennials’ search behavior and communication preferences can inform your marketing strategy and help you win their business! You’ll also get answers to the following questions:
- What are millennials looking for in a real estate agent?
- What can I do to improve my online presence?
- How can I communicate with millennials more effectively?
- What tools can I use to streamline these tasks and win over the millennial market?