The real estate industry is on the cusp of a significant wave of new homebuyers that will drive the housing market for at least the next decade: millennials. Millennials—those born between 1982 and 2000—account for one quarter of the U.S. population, and they will represent 75% of the American workforce by 2025. This means there will be an influx of young professionals looking to purchase their first home.
With the rise of millennial homebuyers, there will be a similar rise in millennial real estate agents. This generation approaches the housing market differently than previous ones, and according to the National Association of REALTORS®, 81% of real estate professionals are over the age of 45. However, that doesn’t mean they can’t successfully sell to this market. Just figure out what works for them and adapt your approach accordingly.
It probably goes without saying that millennials love technology! Texting is their main form of communication, they’re social media-savvy, and they’re used to accessing information at the touch of a button anytime, anywhere. Not surprisingly, a report from Zillow Group suggests millennial buyers turn to technology first when choosing a real estate agent (and 70% do choose to use an agent when purchasing a home). Thus, they are more likely to choose an agent who understands the importance of smartphone apps, a professional website, online reviews, and social media. Beef up your social media presence and build your online reputation to connect and engage with millennial buyers even before your first face-to-face meeting.
With plenty of information at their fingertips, millennials may come to you with a very clear idea of what they want and expect from the housing market and from their agent. Position yourself as an invaluable resource first, not an agent trying to make a sale. Let them know you’re there to help guide them through the home buying process, clarify misunderstandings resulting from too much information, or debunk misinformation collected from unreliable sources. Establish trust first—this generation highly values your professional advice.
In order for a baby boomer-dominated industry to corner this emerging market of young homebuyers, it is vital that agents understand and cater to the needs of millennials. Know that they will have done their research before they seek your services, but don’t be fooled into thinking you can’t offer them more! Millennials value your expertise and they’re loyal customers. Show them you care and earn their trust, and you could secure long-term clients who are happy to send referral business your way!