Much has been pondered about the Millennial Generation. Are they lazy? Do they just want to live at home forever? What are they waiting for when it comes to investing in a home for themselves? People born between 1981 and 1996 are considered to be the Millennial Generation. They have grown up with the Internet and a fast-food mentality of having everything available to them right now. When they look for homes, they do not call a Realtor until they are ready to purchase, based on intensive research done via the Internet. This is totally backward from how real estate transactions used to occur.
A report by Nielsen and the Demand Institute labeled this group as “The House Buying Generation.” A report by the National Association of Realtors stated that about 38% of home buyers during 2019 were from the Millennial Generation. There are about 25 million Millennial households in the U.S. That makes Millennial buyers the main home buying group for decades to come. So how should you tailor your home’s marketing to sell in a Millennial market?
Millennials have been known to spend almost 3 hours per night on social media. This is how this generation communicates with each other. You want to select a Realtor that is up to date on the current social media trends and can market your home on all of the various social media sites.
Mobile is the fastest-growing industry ever, and real estate has been swept up into that mass revolution. Millennials want instant gratification, and mobile is how they get it. Be sure that your agent is comfortable using mobile technology. Millennials don’t pick up the phone to call; they pick up the phone to text or instant message. Your agent needs to be tech-savvy, without having to be the next Steve Jobs.
Video has exploded across the U.S. Advertising your home using video is a must. Your agent needs to know how to create a simple video for YouTube or outsource it to someone that does.