How to attract millennial buyers
It’s been predicted that millennials—those born from 1985 to 2004—will be purchasing more homes this year.
It’s even being suggested that they will be known as “the house-buying generation,” according to the report, Millennials and Their Homes: Still Seeking the American Dream from Nielsen and the Demand Institute. It suggests that by 2018, there will be 21.6 million millennial homeowners, up from 13.3 million in 2014.
“They will spend more than $2 trillion on rent and home purchases combined – more on a per-household basis than any other ‘generation’ over the next five years,” states the report.
How can you tap into this lucrative market? Bubba Mills, executive vice president of Corcoran Consulting & Coaching Inc., offers six tips to attract millennial buyers.
- Think search. When it comes to homebuying, younger buyers almost always start the process by conducting searches on the Internet. Google reports half of all millennials in the United States visited real estate-related websites this summer. Investing in search engine optimization (SEO) will likely be money well spent. Additionally, register your business on local business directories and review sites so you can be found online.
- Think mobile. So exactly how do millennials conduct their online searches? Mostly on their mobile devices. In fact, a full 26 percent of younger buyers who ultimately purchased a home, found that home via a mobile device, according to the National Association of Realtors® (NAR). Be sure your website and all digital communications are viewable on mobile devices.
- Think testimonials. Millennials don’t trust advertising so they look to more trustworthy sources. In fact, 95 percent reported their friends are the most credible source of information. Take time to get testimonials from clients and use them in all of your communications.
- Think social. Millennials spend an average 3.2 hours a day on social media, so stay active on these channels, like Twitter and Facebook, and share helpful content that prompts them to engage with you and become an advocate.
- Think helpful. Millennials are prudent and take more time than other age groups to research all things real estate, often starting their search six months in advance of buying. That means they’re seeking relevant and helpful information. Be sure your communications provide valuable information about the mortgage-lending process. Consider offering borrower guides and mortgage checklists.
- Think video. If a picture is worth a 1,000 words, then a video is worth 2,000 words. Millennials like videos—it’s no wonder YouTube is now the second largest search engine. Google says real estate videos on YouTube were viewed 13 percent more in 2014 than in 2013. Consider how you can market yourself and your services via video.