Every year, more and more millennials are attempting to take their first step on the property ladder. As more reach a ‘buying age’, we, as agents, need to consider how we advertise and reach out to this demographic. In 2019 and 2020, this is going to be an essential transition period and one you cannot afford to get wrong.
First things first, where can you find millennials? Easy answer; online. Therefore, this should always be your starting point.
Millennial Home Buying in 2018
According to some sources, as many as 99% of millennials started searching for their new home online. If you want to risk going for the 1%, be our guest (you might not last long!). This is an incredible statistic and it’s compounded by the fact that over 55% of millennials actually found their new home on a mobile device. We don’t believe technology will ever replace agents, but agents who aren’t harnessing the power of technology WILL get left behind.
Regardless of how we find our homes these days, the fact still remains that this is likely to be the largest single purchase we ever make. For millennials, they’re looking for guidance and have openly admitted to disliking the paperwork and long-winded processes involved when buying a property…this is where you come in.
Don’t think that technology is replacing agents, it’s simply aiding the first stage of the search process; buyers still need professionals eventually.
The Millennial Market
If you’ve done any research on marketing, you will have read that ‘content is king’. Therefore, we recommend creating genuinely useful and interesting content that resonates with millennials. With listings, millennials want shortlists of the best features a property has to offer (of course, they also want to see pictures to imagine themselves in the property!).
Digging even deeper into this idea, the fact that millennials like to look at images shouldn’t come as a surprise; look at the size of Instagram these days. With this in mind, we recommend uploading as many pictures as you can with listings. From here, you can complement them with answers to the MOST important questions. Don’t overwhelm the audience with words on a page, you can go into more detail later. For now, we recommend answering;
- How many bedrooms?
- How many bathrooms?
- Is the kitchen new?
- How big is the garden?
- Does the main bedroom have an en-suite bathroom?
Attracting millennials to any business will require time and effort; if you aren’t willing to invest either, don’t push for the demographic because there are other agents going above and beyond. To help, we recommend teaming up with a technology company who will assist even as you grow. The more of a competitive edge you have, the more likely you are to find success in this difficult market.
Good luck and embrace the millennial market as opposed to shying away!