In 2015, Millennials surpassed Baby Boomers as the largest generation. What does this have to do with the real estate market, you may ask? Well, as the largest living generational group, Millennials now make up the largest group of home buyers. If you want to sell your home quickly, learning how to make it more appealing to Millennials is a great start. Working together with your real estate agent, you can build a marketing plan for your home that targets this powerful generation.
Who are Millennials?
The exact birth date ranges vary, but most researchers and demographers categorize those born in the early 1980s through the mid-to-late 1990s (or sometimes the early 2000s) as Millennials. The core group of Millennials currently ranges from ages 18 to 34.
What traits do they share?
Psychologist Jean Twenge has said that Millennials are more confident and tolerant than previous generations, but they also have a higher sense of entitlement and narcissism. They have grown up in a very tech-forward world and love their gadgets. Because of this, they’re tech-savvy and have shorter attention spans. They’re more likely to respond to online marketing and prefer to communicate through text or email.
What does this mean for home sellers?
Because this generation has grown up alongside everyday use of computers, cell phones, and eventually smart devices, they’re very adept at using them and are always looking for the next, newest thing. To reach the Millennial market, make sure your real estate agent is well-versed in what’s new in the world of technology. Ask them to create shareable online content that markets your home. Blog posts, short videos tours, and high-quality photos posted to Facebook, Twitter, Instagram, YouTube, Pinterest, and other popular social media sites are all great ways to reach this target audience.
What else is important to Millennials?
Price is priority when it comes to this group. Most of them are first-time home buyers, and many are still carrying student loan debt. For the most part, they can’t afford a large down payment and want a great deal on a home. As for the house itself, you’re going to want to have it staged by a professional. According to Zillow’s Consumer Housing Trends Report 2017, 41% of young home buyers say that home staging is important. Create a bright, stylish, comfortable, environment in which these buyers can really picture themselves living. Some of the features Millennials want most are open-concept floor plans, smart home features, a separate indoor laundry room, lots of storage, exterior lighting, outdoor space, and modern kitchens. Since many Millennials have jobs that enable them to work from home either some or all of the time, they need a clearly defined office space. They also value efficiency and function over larger spaces.
The key takeaway here is to have a good online presence and be willing to cater to this generation’s tech-savviness. Work with your real estate agent to ensure that you get lots of eye-catching professional photos, a concise yet interesting blurb on your listing, and a few different forms of shareable web content (drone footage, blog posts, and video tours, to name a few). Above all, be approachable and reachable. For Millennials, that means any and all contact information should be clear and easily accessible on all devices.