Do you want to start selling more homes to millennials but are not sure where to start? You are off to a good start. For the past five years, millennials have been the largest generation in U.S. history. This means they are one of the most dominant buying forces—even above baby boomers.
If you know what millennials are looking for when it comes to purchasing a home, this means you will be able to attain steady leads and business throughout the year. You will also find that by focusing on a millennial target market, marketing will be easier and more effective overall.
If you are ready to start tapping into the millennial mindset, keep reading for our guide on how to sell to them successfully!
Choosing Your Target Market in Real Estate
When it comes to your real estate business, you may be wondering why concerning yourself with the millennial home buying mindset is important. This is because by choosing a specific target market, you will be able to market to them far more effectively.
If you generalize your marketing or do not have a specific plan in place, you are spreading yourself too thin. For instance, retired seniors looking for a reasonably priced retirement home will not be looking for the same homes as a young family.
Here are a few benefits to marketing to millennials and any target market you choose:
When you have a thorough understanding of who your target market is and what they are looking for, you do not have to spend as much on marketing. This is because you will be marketing far more efficiently and will not need to use as many resources. For instance, you know that millennials will spend far more time on social media than reading a newspaper or magazine.
When working with a company like Hommati, they will work with you to get the best marketing strategy and reach as many people as you can, especially millennials.
You will also find that an understanding of your target market will increase the quality of your marketing. For instance, you will know that millennials may be interested in smaller homes in more populous areas that have access to greater amenities. With this knowledge, you can use certain keywords in your listing descriptions that will spike their interest.
Once you have a target market in mind, you will be tapped into the kind of homes they are looking for and the locations they desire. When you acquire a new listing, you will be able to identify right away whether it is the kind of home they would enjoy.
With a company like Hommati, they can market a listing on social media with hashtags that cater towards the potential buyers and highlight aspects of the property that will engage people viewing them, such as millennials.
What Do Millennials Want in a Home?
Now that you know the benefits of tapping into the millennial mindset in real estate, you are probably wondering what kind of homes they are attracted to. Here are a few ideas to get you started:
Millennials are the first generation to grow up with computers and Internet access. With this in mind, they are going to expect to be able to view homes and get an idea of their layout from the comfort of their own couch. This can be done with technology like 3D virtual tours.
Once they find a home they like, many millennials prefer email or text versus phone calls. According to a survey by BankMyCell, many millennials reported that the top reason they hated phone calls is that they take too much time. They would rather converse through email or text when they can take the time to read messages and formulate responses. If they are interested in the house further, they have the ability to email the real estate agent via their phones right after looking through the 3D tour.
Millennials are more willing to make sacrifices on the size of their homes when it comes to the proximity to their workplace. This is a generation that hates the daily grind of a long commute, and they see the value in living in crowded cities if that means less of a commute to their place of work.
This means that when you hire a professional photographer, make sure they also get aerial videos or photos done. Not only will this show what the local neighborhood looks like, but they will also get an idea of how far the property is from popular urban areas where they are more likely to work.
Companies like Hommati offer packages to real estate agents that feature both 3D virtual tours of the interior of the house and aerial videos of the exterior of the house, so that potential buyers can get a great feel of how the house looks inside and out before seeing it in person.
This generation more than any others are saddled by unfortunate education and credit card debt. With this in mind, millennials are willing to wait longer in their lives in order to commit to a home that they can afford. It is important for realtors to recognize that finding a home within their budget is one of their top priorities.
According to new research by Realtor.com, 63% of millennial homebuyers are looking to purchase a home that is at or below the median price in America of $350,000.
Millennials are also willing to sacrifice the square feet of the house if it comes with an ample outdoor area. This means that realtors should focus on the curb appeal of the home and try to see the way it would be utilized. Would a yard with a newly built deck make a good entertaining space? Can you see it as a great place to grow a vegetable garden or construct a play area?
Realtors should help sellers work on the landscaping of the yard. This will help millennial home buyers see the potential of the outdoor space. Taking aerial videos of the entire exterior of the house will highlight these aspects and draw more people in as well.
Now more than ever before, millennials are craving community gatherings of friends and family in their homes. This can be achieved with large kitchens in ample open layouts. Open floor plans are huge selling points along with large kitchen islands that can fit a few dining stools.
Even if a home does not have an open layout, consider if it is possible for a future home buyer to knock down a wall or two and do their own home renovations. Consider how much it would be and if you can include this possibility as a selling point.
Since millennials grew up in the digital age, it makes sense that they want their homes to be just as connected to every other part of their lives. The millennial real estate mindset is particularly tuned to homes that come with smart technology. This can be as simple as homes that are already set up with things such as Ring doorbells and Nest thermostats.
You will also want to consider other automation features such as automated lights. These features make life more convenient for them. Homes that come with these features can stand out in a crowded marketplace.
Millennials are mostly low-maintenance when it comes to their choice of materials, as well as landscaping. For instance, instead of granite countertops that require more maintenance and care, the new trend is now quartz. Millennials appreciate how easy this material is to maintain as well as the less-busy appearance.
Instead of carpet or genuine hardwood flooring, millennials are also looking into low-maintenance alternatives such as laminate or tile that has the appearance of wood.
There is also more of an interest in homes that do not require additional renovations. Millennials want to be able to move into a home without investing even more money in costly renovations or upgrades. When they do purchase new homes, millennials also have an eye on the community amenities such as pool access, tennis courts, and more.
Millennials especially want to avoid properties that have current plumbing and electricity problems. This can be avoided by ensuring that a property inspector is hired to thoroughly inspect the property before a purchase is made.
Tapping Into the Millennial Mindset: Sell Homes Effectively
By tapping into the millennial mindset when you are selling homes, you will be able to market your listings more effectively. For instance, now that you know that millennials have an interest in homes near their workplaces that are under $350,000, you will be able to showcase these properties in your listing descriptions.
It is also important to remember that millennials are attracted to homes with outdoor spaces, open layouts, and low-maintenance materials that are more efficient to keep clean over time. If your sellers are in the process of updating their homes to prepare to put them on the market, make sure they are aware that add-ons such as smart features and tile versus carpet will help bring more attention to the listing.
Ready to begin selling your homes through consistent technology? From 3D tours to aerial videos, we make the marketing process easy. Enroll with us for free today!