It’s evident from the statistics that the majority of potential home buyers now belong to the millennial category. Indeed, more than 35 percent of home buyers are millennials, so it’s vital for real estate agents to be knowledgeable in their approach to take their business to the next level.
It’s important to note this generation relies heavily on the internet. They have grown up with access to all kinds of information at their fingertips. So, you can’t really expect them to have similar expectations to the generations before them when they enter the market to buy a home.
Millennials have a pretty straightforward list of features they are looking for when considering a home purchase. For millennials, a seamless digital experience is a priority. Also, they prefer to look at the big picture, even when they purchase a property. So, what should you be keeping in mind while dealing with millennials?
The First Step
Naturally, most millennials are first-time buyers. They don’t have much experience of knowing how the real estate market functions since this is the first step, they will be taking to buy their own home. So, they will expect a great deal of guidance.
Millennials don’t only need you to show them properties, but also offer guidance about the various aspects associated with a property purchase. They will most likely assume that real estate agents have all the answers.
Of course, they are more than willing to learn and go through the extra mile for this purpose. However, real estate agents with ample knowledge will have increased chances of landing these potential clients.
There’s No Hurry
Time isn’t much of a factor for millennials. They don’t mind waiting until later to buy their first house.
Although, millennials are under a significant deal of financial burdens with student loans and other expenses. They have to face many challenges before they can secure the financing needed to buy their first house. Of course, they will have to compromise on some features to accommodate the purchase in their budget.
At such times, real estate agents can offer millennial clients realistic advice and let them know about what may or may not be a priority. This support will help strengthen the relationship between millennials and their real estate agents.
Don’t Mind the Suburbs
A key area of interest for millennials is affordability when buying a home. This is one of the factors that often prompts them to consider moving outside of cities. In fact, many millennials now reside in small towns. If real estate agents can present affordable property options in suburbs, it may be a more beneficial option for millennials.
Additionally, they don’t mind potential property fixes if the need be. Millennials are spending a significant amount on renovations every year. So, real estate agents with recommendations for landscapers and contractors will most likely find themselves with an advantage.
Digital Presence is Valuable
Millennials like to shop around and weigh all their options when it comes to both real estate and the agents that represent them They will conduct immense research to find the best real estate agent to best meet their needs. This is where a social media presence will prove to be invaluable for real estate agents.
This unique category of buyers will take everything into account, from online reviews to website information. Having active social media profiles is vital to gain the trust of millennials.
Additionally, technology is a must for millennials. This holds true for house-hunting too. They will make the best use of technology to assist in their home-buying process. Real estate agents with a thorough understanding of the digital world will most likely have an advantage.