Millennials are a growing but challenging market. As they enter the home buying market, they are positioning themselves to be strong buyers – improving their credit rating and educating themselves on the real estate market. How can sellers and real estate agents position themselves to attract these buyers?
Take Advantage of Social Media
For millennial buyers, pictures on a listing site are not enough to draw them into viewing a home. Many of them experience the internet through social media, so a strong social media presence is important. Instagram galleries, mini-virtual tours on TikTok, and virtual walkthroughs on YouTube are all excellent ways to utilize the social media platforms millennials use to reach them.
Become a Digital Master
When it comes to millennials, you can’t stop at digital marketing. This digital generation wants to be able to follow every step of the process through their phones. Digital apps that allow them to not only look for homes but communicate with their agent, access checklists, and digitally sign documents are key.
Millennials are cost-conscious and ready to buy older properties. However, that doesn’t mean they’re looking for fixer-uppers. They want homes that are move-in ready. If you can show them older homes with updated kitchens and bathrooms, home-office conversions, and staging with updated décor, you will draw them in.
Give Them Room to Expand
While millennials don’t want a fixer-upper, they do want the room to expand. If you can show them a move-in-ready home with potential for growth later, you will have a winner. Show them homes that have room for expansion or the potential for layout changes. If they see that their home will grow and change with them, they’ll see the long-term value.
Sell Them on an Integrated Lifestyle
Work-life integration and balance are important to millennials. While the potential for a home office is good, it’s not enough to draw their attention. This generation is more likely to purchase homes near public transportation and with easy access to the conveniences that they need and want, like grocery stores, coffee shops, and restaurants.
Millennials spend a lot of time educating themselves on the real estate market. Be ready to answer their questions and show them transparency. Explain pricing and finance options. Answer their questions about the neighborhood and community. Tell them about the history of older homes. The more knowledgeable and ready to answer questions you are, the more willing they will be to buy.
Create a Custom and Unique Experience
Anyone can set out a tray of crackers and a few flyers. Millennials will feel better about a showing, however, if you can create an authentic and welcoming experience. If you’re showing them a staged home, warm things up with fresh-brewed coffee. Have a place set up for the kids to play while you show the home. If you know they have or want pets, set up dog toys on the porch or cat toys in the living room. These unique touches will help them envision their life in the home.
How can we help you or your clients reach their dream of home ownership? Contact us today to learn about home mortgage options.