As Baby Boomers are retiring and downsizing, millennials are just beginning to purchase homes of their own. So what does this mean for the real estate marketplace? This means that real estate professionals are needing to adapt their sales strategies to fit in with the younger buyers and sellers are needing to style their homes in more appealing ways.
Think of it as a real estate revolution! Here are a few tips and strategies to consider when selling real estate to millennials:
Take Advantage of Social Media
Millennials use social media as primary tools for communication with other people as well as engaging with businesses and performing research. Utilizing social media provides you with the opportunity to connect and communicate with buyers where they feel most comfortable. Use a unique property to catch the eyes of millennials scrolling through their Instagram feeds.
Rethink Renovations
Majority of millennials aren’t looking for a fixer-upper. They’d much rather buy a home that’s ready to move in, so real estate agents should take this into consideration when staging their homes. This also means speaking to the sellers about a possible renovation budget if they’re willing to dish out a few upgrades in exchange for a more comparable price listing and an increasingly more appealing sale.
Sell the Integrated Lifestyle
Millennials expect the total work-life integration, which means having the full experience of the home, work, and play lifestyle right on their doorstep. This is great news if you’re selling a home in an urban environment. If you’re selling a home that’s not within walking distance to several amenities, the offset could be investing in more enhanced technological features in the home such as energy efficient appliances, windows, and materials along with smart tools and upgraded security.
Be Overly Transparent
With over 30% of millennials holding a bachelor’s degree, the result is that millennials are more likely to ask lots of questions and will want to compare a variety of homes before making their ultimate decision. Be as transparent as you can with all of the facts when selling a home to gain their trust from the very beginning.
Customize a Unique Experience
We live in a world full of content that’s personalized and visual. Millennials are looking for a customized and unique experience that will not only keep them engaged and interested but also refer you to their friends. Knowing their wants and needs are valued will help them feel understood and appreciated.
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