The Commonwealth Blog

Wednesday, June 20, 2018

How to Sell Homes to Millennial First-Time Homebuyers

Whether you’re a new Realtor or you’ve been in the business for decades, there’s a recent group of homebuyers that have entered the market in a big way. Millennials are now the largest generational group in the United States, having surpassed Baby Boomers around 2016. In this study, the millennial generation encompassed individuals born from 1981 to 1997, who would be 21-37 years old in 2018.

Although millennials don’t yet have the buying power of older generations, they’re the largest group of first-time homebuyers and represent 34% of the market, according to the National Association of Realtors. It’s essential to realize that these buyers differ from other generations and what motivates them to purchase properties. With these important tips, you can sell more homes to millennial homebuyers and expand your business.

Market the Neighborhood

For many buyers in the millennial demographic, it’s not as much about the house as the community. They’re looking for a neighborhood that matches their interests and passions and can support their needs. This demographic’s needs likely differ from other buyers and are focused on urban centers with better public transportation.  

Millennials own cars in fewer numbers than Generation X or Baby Boomers, preferring public transportation. When targeting millennial buyers, focus on the amenities of the area, including local businesses, restaurants, breweries, music venues, whatever appeal to your buyer.

Do your research for your clients to discover which neighborhoods match their desires and find a community that they can participate in that has properties that fit their lifestyle. If you can enter showings armed with the knowledge of the surrounding area, you’ll be off to a good start for your new millennial clients.

Improve Your Social Media

Word of mouth and referrals have always been the bread and butter of real estate. Many Realtors have created social media profiles, but it’s more important than ever with millennial clients. 88% of adults aged 18-29 indicate they use social media, while 78% of those aged 30-49 do according to a recent Pew study. Facebook and Twitter are the most popular though Instagram and Snapchat are rising in popularity.

As a Realtor, you can use social media to engage with potential clients (both sellers and buyers) in a format where they’re already comfortable. Enhance your social media presence by posting and creating unique content for your clients.

Respond and Act Quickly

Often deemed the “instant gratification” generation, millennials expect things more quickly. While it’s not a universal truth, many homebuyers in this generation are impatient and want communication to happen more quickly than may normally occur. Accepting this faster-paced lifestyle and message style may be difficult but can help you secure additional clients.

If you’re ready to answer emails, text messages, and other forms of communication quickly (and at odd times), you can be a resource to your buyers and differentiate yourself from competitors.

Make Yourself a Resource

Many millennials are first-time homebuyers and may not know much about the real estate and purchase process. Instead of positioning yourself as an agent trying to sell a home, first be a resource to your client. Buying a home can seem complicated and overwhelming, so walk them through this daunting process. Build trust and establish good rapport by answering questions and guiding them through the steps toward buying their first home.

One of the easiest ways to be a resource is to have content ready for your millennial clients. Whether you write it yourself or hire someone in content marketing, your real estate articles can be invaluable in building trust with millennial buyers.

Targeting a new generation of homebuyers can be challenging, but with these tips, you can expand your business and sell homes to more millennials.

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