Millennials’ Influence in Real EstateBy Angela Smith, Communications Manager
May 05, 2016
Real estate agents everywhere are being forced to adjust their traditional ways in order to reach out to this fast growing group...
Millennials, those born between 1980 and 1999, are one of the biggest sources of consumer buying power in the market today. There are more than 80 million millennials in the United States – representing one-fourth of the entire population. Reaching them means using your fingertips instead of your voice.
Many companies have struggled to connect with this generation due to their rejection to traditional methods of marketing. Due to their heavy influence and trendsetting abilities, they have transformed the home-buying process. Real estate agents everywhere are being forced to adjust their traditional ways in order to reach out to this fast growing group.
This means texting versus talking, utilizing social media and blogging as opposed to traditional advertising and engaging them on multiple tech devices. If you’re trying to sell your home, there are many things you can do to reach the more than $200 billion in buying power that millennials carry.
Here are some features and qualities millennials are looking for in a home.
They are move in ready. No stainless steel appliances? They’ll reject it. They want a home with very few features that need to be changed or updated. If things do need work, they value referrals to contractors and vendors.
They prefer living spaces to be streamlined. Have shelves built next to electrical outlets that can serve as charging stations or set up a command center near the door for keys, mail, bags and coats that can serve as a “hub” for the home. If there’s an outlet nearby, you can plug in a tablet or phone so potential buyers can immediately see the benefit.
They want an inviting environment. Bar chairs set up to an island or tall countertop in the kitchen can give the impression of hosting gatherings or arrange seating in the living room to create space for conversation. If possible, create an open floor plan so the kitchen and living room are open for more gathering space.
They want it family friendly. Many millennials are in the early stages of beginning a family or have future plans to. If your home doesn’t come with a yard, have maps displaying nearby parks and playgrounds.
The best chance for selling a property is reaching out to the largest segment of our country’s population. They will continue to be a driving force in real estate and in the economy as a whole. Appealing to their needs and wishes doesn’t have to be exhausting and it will pay off in the long run.
Sources: https://www.washingtonpost.com/news/where-we-live/wp/2016/03/31/how-boomers-can-appeal-to-millennial-home-buyers/ http://money.usnews.com/money/personal-finance/articles/2015/02/27/how-millennials-are-transforming-the-homebuying-process?page=2