17 Millennial Housing Preferences That Realtors Should Know
Millennials make up 34% of home buyers — more than any other generational group. Contrary to popular belief, millennials actually are buying homes. And they're doing so at a relatively high rate.
If you're in the real estate game, you need to know millennial housing preferences and how to sell to millennials. Luckily for you, we have your back. Check out these tips that will help you sell homes to millennials.
Marketing to Millennials
First thing's first: you need to bring millennials in the door. But how do you do that? Here are our tips for marketing to millennials.
1. Online Presence is Crucial
99% of millennials search online when searching for homes. So if your home doesn't have an online listing, there's a strong chance a millennial will never see it.
This isn't to say that millennials don't use real estate agents. But they're more likely to do their research ahead of time and then contact you. Additionally, they'll look for an agent online.
It's easier to bring in millennial clients by offering up an attractive home and having them contact you to see similar properties.
2. Focus on Your Visual Representation
Having your home listed isn't enough. If millennials come across a home listing with one exterior photo of the home, they're likely to ignore that listing altogether.
Use high-quality photos. Photos should show the best possible view of the home. If it doesn't look good in a photo, who is going to be interested in viewing it?
Consider using a virtual home staging. This will allow them to get a feel of the home before they ever set foot inside the home. It's more likely to make them interested in scheduling a visit.
3. Show What You Can Offer
Finally, show what you can offer that other real estate agents can't. They like to shop around for the best deals and the best candidates. So make sure you specify what you have to offer over your competitors.
What They're Looking for in a Home
Next, you need to make sure to show them the right listings. But what are they looking for in a home? Here are the keys to millennial housing preferences.
4. Modern Technology
If you have a home offering modern technology, it can boost your chances of selling. For example, simply installing a smart thermostat like the Nest can make an old home feel modern.
Also, show that you know about the technological features they care about. For example, if you know that there's Google or AT&T Fiber in the area for the internet, tell them about it. Let them know how good reception is for different cell phone providers.
5. Energy Efficiency
Environmental activism is becoming increasingly prevalent. Finding a home that has energy-efficient features can help millennials achieve their goal of reducing their carbon footprint. Additionally, green incentive programs mean that it's budget-friendly as well.
Millennials prefer a home closer to the workplace or near public transportation options. Having a home within walking distance of restaurants, bars, and stores is also a huge bonus. Most millennials would happily trade a larger home for a more convenient location, so keep this in mind as you choose listings to show them.
7. Office Space
But if you're working with an individual that works from home, there's something else you need to consider. With an increasing number of remote jobs, a millennial working from home needs space for their home office. And many have side businesses that they run from home to supplement their income.
Getting to know your clients is crucial to finding them the right home. Make sure to ask them about their job as well as their wants and needs.
8. Open Floor Plan
With the new generation, segmented spaces are falling out of favor. Instead, millennials prefer their spaces to flow together. Open concepts where the living and dining rooms flow into one space should be emphasized over homes with strictly segregated areas.
9. Low Maintenance
Low-maintenance features are preferred by millennials. And who would blame them? If you have home features that are low upkeep, make sure to point them out to your prospective clients.
10. Updated Homes
New fixtures are preferred to a fix-it-up type home. With the budget-conscious millennial, renovating is not a top priority. If you have homes where these features have already been replaced, it will go a long way.
Choose homes with hardwood floors instead of carpet, newly installed granite or faux-granite countertops, and modern light fixtures.
11. Pre-Owned Homes
Likewise, due to budget restrictions, millennials are not interested in building their own homes or paying the price of a newly built home. This year, 94% of home-buyers under the age of 28 bought a pre-owned home.
Pre-owned homes can be a great way to find a lower price and still get an ideal home. Look out for pre-owned homes that are either modern or renovated and be sure to show them to your millennial home buyers.
Selling to Millennials
Now that you've found the perfect home, it's time to close the deal! Here are some tips for successfully selling to millennials.
12. Focus on Affordability
Millennials are said to have a recession mindset because they grew up during the Great Recession. They tend to be more cautious in their financial decisions, especially due to college debt and difficulty finding a job.
They tend to wait longer to buy a home, often moving back home or into an apartment upon college graduation. When they do buy a home, they need to use savings to provide the down payment. So, budget planning and suggesting ways to save money are crucial when selling to millennials.
13. Be Transparent
As stated earlier, millennials do extensive research to find a home and realtor that interests them. The more information you can provide upfront about the home, the more trustworthy you appear.
To this end, consider doing an up-front home inspection. They'll appreciate that you took the time to thoroughly vet the home before they make an offer.
14. Make it Easy to Make an Offer
If you require paper forms brought to your office, it might turn some millennials away. They like to use technology for everything and allowing them to submit forms on their own time and from their own home is a huge benefit.
Additionally, they may want to research at home before officially making an offer. So by providing online paperwork and offering online resources, you'll make it easy for them to make an offer.
15. Give Financing Advice
Due to the budgetary issues mentioned above, guiding them through the financial aspects of buying a home is very important for making a sale. Many of these homebuyers don't have a lot of money for a huge down payment and may not be able to cover a change in home value.
Get an appraisal upfront so that they know the exact price point ahead of time. That way their loan is more likely to be approved. They'll appreciate the time and effort you made to make the buying process easier.
16. Offer Plenty of Help
For most millennial home-buyers, this will be their first home purchase. So, they're going to need your help along the way. Proper guidance is important, and they value customer service.
Be upfront, clear, and patient when describing the home buying process to them. It will help increases your chances of making a sale. And it will increase the chances that they'll refer you to all their friends!
17. Don't Write Them Off!
There are so many articles about millennials "killing" a variety of markets, including the real estate market. But if you go into it with that mindset, negotiations are sure to fail.
72% of millennials say that buying a home is a top priority. The problem is figuring out the financial aspects of it when faced with a mountain of college debt.
So, while many millennials are moving back home instead of purchasing their own home, that doesn't mean they aren't interested. As long as you're patient, kind, and trustworthy, you'll be the type of realtor any millennial can love.
Millennial Housing Preferences: Now You Know!
Follow these tips and tricks, and you'll have your first millennial housing customers in no time! Looking for some help attracting millennials? Consider listing your homes on Hommati.
Hommati offers a variety of high-tech options for your online home listings. Check out our list of what our website can bring to your business and contact us today to learn more!