Pew Research says that millennials are just about to surpass the Baby Boomers as the largest living adult generation. Here's why--and how--it affects your real estate marketing strategies.
Millennials are defined as those born between 1981 and 1996. The upper end of the generation is reasonably established in their career, and nearly all need a home to lease or purchase. However, here's where millennials differ the most from previous generations: they're much more into the sharing economy, or using vs. purchasing. Look to the popularity of Uber and Lyft, for example, or the ability to Rent the Runway. Additionally, the average credit score for this generation is fairly low--about 625--so they must qualify for more flexible, FHA-insured mortgage rates. However, despite all of this, 32% of homes are being purchased by millennials.
How Real Estate Marketing Reaches This Generation
Real Estate Express offers these helpful tidbits on how to reach this market most effectively:
- Millennials prefer social media and texting for communication - but 75% would prefer that their real estate agent contact them by phone.
- Over 90% of millennials rely on the Internet to find and communicate real estate opportunities.
- While they know they can find the answers to practically anything online, 87% eventually seek out advice from real estate agents
This generation grew up with technology. Maybe not smart phones, but definitely in the era of the home desktop computer and a gaggle of gaming systems. When it comes to real estate marketing, target them on their favorite networks.
As a real estate agent, you're in charge of a lot when it comes to connecting with prospective buyers and sellers. One way to connect with millennials is to create shareable content. This can be videos, blog posts, infographics, etc that are posted on social media. These types of content of should be "bite-sized," meaning they're easily consumable in a short period. No one wants to watch a 10 minute tour of a house on a shaky iPhone. Create quick cuts of highlights. Or create a slideshow on Instagram. Play with mediums and styles to figure out what works for you and your audience.
Once you've hooked your millennial customer, remember that this generation relies heavily on the recommendations of their peer group. Take this opportunity to create a unique closing gift using Sunrise Package's custom packaging options. Like the FlashPad Wallet. Or any of our other innovative packaging solutions - just remember to slide your business card inside!