Reaching Out to Millennial Home Buyers: 5 Tips for Effective Communication
Millennials, those born between the early ’80s and late ‘90s, are the new powerhouse. With over 80 million Millennials in the United States alone, they represent a major percentage of the buying power in today’s real estate. A study by the National Association of REALTORS® found that young adults purchased the largest number of homes in 2015, surpassing Generation X and the Baby Boomers.
The millennial home buyer can be intimidating. Connected 24/7, they’re shopping faster and smarter, and making educated decisions. According to one study, young home buyers value authentic communication more than anything.
So how can REALTORS® adapt to Millennials’ needs? Here are five tips that will help you understand how to reach out to them.
1. Make Sure Your Website Is Mobile Friendly
Millennials grew up with technology and rely on it heavily. In fact, according to data from the National Association of REALTORS®, over 50% of Millennials search for homes on their phones or tablets, and 26% actually bought a home they found that way. Needless to say, being mobile is not an option any more – it’s a must.
Converting to responsive design and providing an enjoyable mobile experience is a necessary step if you want to engage Generation Y.
2. Millennials Prefer Texting Over Talking on the Phone
Millennials are always on their phones but never available to talk. They want texts. They don’t want to be bothered with a conversation if they can connect with you via text, email or instant messaging. On the opposite side, phone calls have been real estate agents’ best tools, and many still rely on it. With 81% of REALTORS® older than 45 and 25% older than 65, dealing with tech-savvy home buyers has proven to be a challenge for many agents.
Of course, there are still moments when a phone call is mandatory, but most of the time a text or chat would do just fine. Vision Lead Intelligence has a messenger built-in that allows you to connect with visitors when they are online.
3. Make Them Feel Involved, Not Marketed To
Millennials don’t want to be in the passenger seat; they want to be part of the process. Give them the opportunity to understand what happens each step of the home-buying process, by creating an open communication and making them feel involved. Invite them to share their opinions, answer their questions promptly and show them that you care about their needs.
4. Millennials Want Relevant Information
One of the harsh realities of millennial home buyers is that they rarely need a real estate agent to find a home. They have done their research and, usually, know which house they prefer and in which neighborhood. Your job is to supplement their research with useful data and to ensure that the information they have is accurate and legal.
5. Stay in Touch With Them on Social Media
Millennials care about authentic communication. They don’t follow you on social media for your listings, but to get a feel of how trustworthy you are. Besides listings, share valuable tricks and tips for home buyers to engage with them. Don’t shy away from entertaining content either, and showcase your human side.
Millennials don’t just represent the largest share of the real estate market now, but will do so for a long time to come. Adjusting your strategy to their needs and buying behavior is vital if you want to stay in the game.