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How to Make Yourself Relevant with Millennials

Written by Posted On Sunday, 11 August 2019 23:37
How to Make Yourself Relevant with Millennials

So can you afford to miss out on a potential target of almost 75 million people? Well, many Realtors are doing just this by not focusing effectively on the millennial market.

 

The Millennial sector now outweighs that of Baby Boomers, and they are precisely the target that is ripe for buying homes. Furthermore, they will peak by 2020 and become the dominant segment for the next decade.

Are They Worth It?

But we hear you saying that these people do not have the sort of income to buy new homes. You may be surprised, but the national average annual household income for millennials is $88,200. Added to having the necessary means, they want to buy their first home.

Balanced Life

An often forgotten characteristic of Millennials is that they show family-centric values with greater importance than that of their predecessors. They are likely to sacrifice high pay for flexible hours and a more balanced work/life schedule.

 

So they are looking like a premium target, right? Well, they are, but some factors need to be remembered when dealing with them.

Everything Already Done For Them

Millennials believe that homeownership is the American Dream more so than any other age group. Unlike other target groups, they are not interested in a “fixer-upper”. They do not wish to spend large amounts of time and money on renovation. They prefer to buy a newly built home where they can be confident in electrical and plumbing issues.

 

Millennials do not see homeownership as a permanent goal. Rather they see it as a stepping stone to the house they ultimately desire. Due to affordability, they are seeking homes in a suburban location. They still have to cope with student loans don't forget.

Connect With Them

As they are the most tech familiar segment, they know what they want and how they get it. Realtors have to adapt to accommodate them. The way they seek out new homes has changed as well, with the internet rather than agents being their biggest source of knowledge. 

 

That’s not to say agents have become redundant because you will still have a vital role to play. Make sure you think outside the box when it comes to attracting their attention. Millennials connect with down to earth and honest people. Instead of business casual, try a tie-dye shirt or during the holiday season, why not wear Ugly Christmas sweater? 

Hold Their Hands 

Three-quarters of Millennials want help understanding the purchasing process. They are comfortable trusting the experts with over 92% buying their homes via agents. They want an Agent to take them by the hand and walk them through the process. They also want them to impart any local knowledge they may have about particular suburban locations.

 

Millennials tend to find a Realtor through recommendations from a friend, relative, or neighbor. So it is important to remember that credibility in your company is maintained to the highest standards.

Conclusion

Thus, the role of the Realtor is changing, especially for Millennials. Adaptability is key. They don’t need you to seek properties out for them. They want you to negotiate, sort out contracts, and complete paperwork. As far as Millennials are concerned, the role of today’s Realtor is to be a facilitator.

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James Stevenson

Hi, My name is James and I've been involved in the property and real estate industry for 10 years now. I hope people will like to read about my thoughts and experiences in the industry and please contact me if you want to discuss my articles further!

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