Millennials have real purchasing power! The millennial generation was the largest share of home buyers in 2017, totaling 34% of purchases. 31 is the median age for a first-time buyer in the US and this age falls right in the middle of that generation (b. 1982 - 2004).
Real estate pros and sellers alike are trying to figure out the best way to market to millennials!
Without a doubt, millennials want to be "wowed" and have differing priorities from their parents & grandparents generations. Research suggests that a “layered” marketing approach is best, which means reaching the buyer with multiple touch points. A strong social media presence is critical, which we will detail shortly.
Millennials are long-term planners. They want to fully understand a property before committing. They will research neighborhood data, appreciation potential, and financing options before stepping foot in the door. It is wise to have as many of these questions answered online as possible. Millennials need to be able to see themselves living at the property, not just a good price per square foot.
Before even attempting a sale to a millennial, the property itself must have specific appealing features,, such as being in a walkable location that is close to restaurants and entertainment. This generation is focused on achieving a comfortable and convenient lifestyle. Inside the home, millennial buyers are attracted to on-trend finishes & materials and a thoughtful use of space. They will prefer a well designed space over extra square footage.
Creating a strong online presence where a buyer can get a virtual walk through and facts about the property is key. Before visiting a home or even driving by it, most millennials will "cyberstalk" a listing to get as much information as possible. Also, be sure photos show off the property in the best way! You can make or break a listing with photos. With a strong online presence, millennials may actually help by selling to their peers. Creating a network of people in this generation can help with selling homes in the future.
Ultimately, the millennial buyer wants to immediately feel “at home” when considering a real estate purchase. Can they see themselves and their families living there? Does it fit in with their lifestyle? It is worthwhile to invest time in getting to know their wants and needs if you want to expand your reach into this large, impactful, generation!