Millennials and Home Buying
Millennials are one of the largest demographics to enter the real estate scene in recent memory. But for millennials, real estate is anything but the same old game as they are bringing with them a new approach along with a new set of rules.
Below are just some of the ways millennials are changing real estate.
Write, Don’t Call
Communication is a pillar of the real estate process, but for millennials this means communicating via text messages and emails versus actual phone calls. When working with millennials it is important to understand what the expectations are going to be on all fronts: type of communication, frequency of communication and expected response times.
Understand Where Millennials Need Help
Thanks to their being dialed in to technology, millennials do not rely on others finding homes for them to review or visit. Chances are they are have already taken to the internet to research the exact neighborhoods and specific homes they are interested in. However where they often do need help is in fully understanding or interpreting the plethora of information they have amassed. Being ready and able to answer more granular, targeted questions to help guide the final decisions will make for a good relationship.
Avoid Surprises
Millennials are interested in every single step of the process, wanting to understand what they can expect and when they can expect it. Working to clarify the steps ahead, making the process as transparent as possible, will help avoid missteps along the way.
Customer Service Matters
Not only are they looking for an answer, millennials are looking for it immediately. Be prepared to interact with this “Google Generation” and their expectations for response times.
Apps
This generation is never far from their smart phones, using the device as a tool for everything. Home shopping is no different. Real estate apps are often the preferred means for discovering home listings and collecting research.
Power of Testimonials
Recommendations go a long way for millennials as they find themselves looking for someone to partner with. Word of mouth referrals from someone within their immediate network are of course the most powerful, but significant weight is also assigned to reviews found online.
When beginning to work with millennials your relationship will be much stronger and effective if you can understand where they are coming from and what they are looking for. Millennials are a new breed of home buyers, as they take advantage of all of the widely available information found online and merge their real estate ventures with all aspects of technology. Be prepared to offer quick, responsive, insightful service as you find yourself working side by side with millennials.