It’s no secret in the real estate world that young men and women between the ages of 24-32 (aka the Millennial Generation) are one of the most important segments for a real estate agent to target. In fact, a recent report by Nielsen and the Demand Institute labeled Millennials as “the house-buying generation.” According to its projections, Millennials are forecasted to spend nearly $2 trillion on rent and/or home purchases.
A survey conducted by The National Association of REALTORS® at the end of 2014 revealed that Millennials accounted for a little over 28 percent of all home sales during the year, trailing Gen Xers by a very slight margin. At the end of 2014, there were about 13 million Millennial households in the U.S., and Nielsen and the Demand Institute predicts it will grow to over 22 million by 2018. Considering Millennials are now the main home-buying group, it’s vital that real estate pros tailor their marketing plan to highlight things this generation cares about. As a result, here are three ways to be sure that your message is being seen by these younger buyers.
Millennials are tech-savvy, big believers in multi-tasking, and thrive on instant gratification, but also have shorter attention spans. If there’s one thing that defines the Millennial generation, it’s dependence on their smartphones. Searches for homes by Millennials are most often conducted on mobile devices. In fact, NAR reports that 26 percent of younger buyers, who ultimately purchased a home in 2014, did so after first viewing it on a tablet or smart phone. When compared to previous years, Millennial mobile usage grew by 81 percent from May 2013 to July 2014. As smartphone technology continues to develop, assume this figure will only increase.
The use of video is another important feature agents can no longer afford to ignore when planning their marketing tactics, particularly when trying to work with these younger buyers. According to NAR, 70 percent of homeowners would rather list their home with an agent using video, but less than one percent of agents actually offer it. To get started with video, there are a plethora of property video solutions for agents to use that are easy to implement and will gain the attention of Millennials. While photos can highlight the features of a property, video offers you an opportunity to connect with consumers while prominently featuring the property’s best features. Potential buyers want to envision themselves living in a new home, complete with the lifestyle that comes with it. Videos provide an excellent way to capture those dreams.
Don’t forget about social. Millennials spend over 3 hours a day on social networking sites (Statista). Take advantage of social media as a way to connect with Millennials and stay top of mind. However, it’s not just about Facebook and Twitter anymore. Today, sites like Pinterest, Instagram and Google+ are all great ways to network with Millennials. If you’re not already active on these sites, now is a great time to start. Download this helpful checklist to discover ways to improve your social strategy and start turning followers into clients.
The Millennial Generation is making their presence known in the real estate world, and targeting and appealing to this segment will lead to success. It’s imperative today’s real estate agents are connecting with younger buyers while they are hot in their real estate search. Homes.com’s Mobile Local Ads is a great way to target more Millennials who are searching for their dream home on their mobile devices. Also, because many Millennials are searching for properties based on location, being in front of these young buyers as they are actively in their city or zip can brand you as the local expert.
For more information on how to market to Millennials visit connect.homes.com.