Millennials accounted for 43% of homebuyers, making them the largest generation of homebuyers in 2022, according to a report published by the National Association of Realtors®. With many younger millennials just now settling down and reaching first-time homebuying age, this number is expected to continue to rise.
However, marketing to millennials (those born between 1980 and 1998) is not the same as marketing to their predecessors. Because most millennial buyers are first-time buyers, they often require more guidance and teaching along the way. They may need help understanding or carrying out homebuying steps that non-first-time buyers are familiar with, such as what to look for in a house, how to apply for a mortgage, how to make an offer and more.
It’s also important to know the needs of your millennial clients. Millennials are the most college-educated generation thus far, which also means they have the most student debt. As the large majority are first-time buyers, they also don’t yet have families of their own or the need for extra space. Because of this, many millennials are searching for smaller, more affordable places as their starter homes.
Keenly familiar with technology, it’s also important to stay connected with millennial clients. While they may favor messaging over calling, millennials rely on their Realtors® to communicate clearly and establish a sense of trust.
Realtors® looking to market towards millennials should create and maintain an online presence, including social media and other forms of web presence. An online business presence helps build trust and client relationships, establishes a brand, increases professionalism and helps when marketing to other potential consumers.
Similarly, focusing on and providing visuals is helpful when working with millennial homebuyers. Quality photos of listings and floor plans help with credibility and make a home more enticing. Offering other technologies, such as live stream info sessions and virtual tours, can also draw in younger buyers.