The Millennial Home Buyer | 3 Keys To Selling Homes to Millennials
For the past decade, Millennials have been the butt of late-night monologues and satirical cartoons. Often portrayed as listless, unmotivated hedonists, it’s a common misunderstanding that Millennials are flighty and entitled. These notions could not be further from the truth, especially as the 19-year old effigies of Millennials that have been so mercilessly lampooned no longer exist. The Pew Research Center identifies a Millennial as someone who was born between 1981 and 1996, meaning that the eldest of their cohort has just begun to turn 40. It’s highly unlikely that they’ll only be obsessed with Starbucks and Kanye, as the stereotypes may claim. More than likely, their Grande Frappuccino is cooling-off in the center console of their Camry with Kanye’s Graduation playing as they drive to the closing of their new South Florida home. Here are 3 things realtors need to know about millennials.
They’re All on Social Media
If you haven’t already, you’re behind the curve on this one. When the pandemic initiated a mass exodus of tenants from all metropolitan areas in Spring/Summer 2020, those residential real estate agents still left standing had to deal with a massively oversupplied rental market. Among them were Millennial and some enterprising Gen Z agents who took to social media platforms like TikTok and Instagram, collectively garnering millions of views and impressions that would have been out of reach to even the most seasoned realtor a decade ago. Don’t simply rely on texts and rarely expect a phone call. Using social media will make you more accessible to the Millennial buyer lead, who tend to utilize multiple social platforms, so it is best to diversify among Facebook, TikTok, Instagram, Snapchat, and more!
They’re Tempered by the Great Recession
By the time the financial markets dived in 2008, the youngest of the Millennials were turning 12, old enough to remember the struggle of those dark years of recovery. There is not a single Millennial that did not experience or know someone who experienced the loss of home and displacement. These lasting psychic scars may have healed over, but the average Millennial will be much more cautious and conscientious of how much they can spend on their monthly mortgage payments. Thanks to ballooning student debt being hoisted upon this generation and fewer employment prospects, many Millennials are simply not actively searching for homes they cannot afford.
They Want Authenticity
Competency and knowledgeability are paramount, but even the slickest of those who hold a real estate license can fail to connect with the Millennial homebuyer. Millennials are correctly regarded as more sensitive and despise anything that comes off as contrived and disingenuous. If they detect a façade or empty language, be prepared for them to “ghost” you. Our best advice is to keep up with current pop-culture trends or be prepared to reveal a tiny bit of who you are professional while making sure that it is something that they too can identify and empathize with. In fact, empathy will be paramount whenever managing your client relationship with a Millennial.
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