Marketing to Millennial Homebuyers
Things are upgrading because the reigns of the real estate market are now being passed to the millennial home buyers. The previous generations had to face harsh times during the 2008 market collapse, but things have achieved stability – thanks to the right measures by authorities.
The present millennial home buyer in the United States is not new to harsh times either. They have been fighting their war with enormous student debt and underpaying jobs. Despite all these hardships, generation Y is said to possess an unparalleled optimistic approach and a desire for driving change.
Millennials have revolutionized the real estate industry. Their need for customization and minimal lifestyle shook the core of the present-day market.
A New Beginning
There was a time when the baby boomers and Gen X’ers were at the center of attention of every real estate marketing strategy. But things have changed now as the focus has shifted to the millennial homebuyer. According to the recent stats, people aged 37 and younger constitute the largest demography of American homebuyers. Here are some fun stats to make you realize how things have changed:
- Millennials rent for an average of 6 years before buying a property.
- 5% of the people aged 25-24 are comfortable sharing houses with roommates. Which is 3.5% higher than the same stats in 1990.
- According to the surveys conducted 2015, 35.6% of people aged between 18-34 are living with their parents – an all-time high!
A Major Shift is Thinking!
Before millennials started dominating the industry, many developers tried to predict their buying habits, here are some that turned out to be wrong:
- Millennials would abandon suburbs. While in actuality, only 15% of millennials bought property in urban areas.
- Millennials wouldn’t prefer living in master-planned communities. While in actuality, a much higher percentage of millennials are looking for places that are walkable and connected.
How to Market to the Millennial Homebuyer?
Now that we have data to look at what the millennial homebuyers are interested in – we can predict how millennial homebuyers should be marketed real estate. Here are some ways you can sell to the millennial audience:
Millennials love their mobile devices! A study found out the 77% of the millennial buyers used their mobile phone to search for their home. Make sure that you not only have an online presence but a mobile-friendly website that offers detail insight into what the property is like. Here, to make the marketing campaign stand out, you need to go with real estate photography. This will show the visitors what the property looks like.
The millennial homebuyer is a fan of customized floorplans and financial options. Therefore, while running your marketing plan, make sure to indicate that you offer flexibility. If you are a real estate agent, provide ease of communication. This means that you need to be available on text, email, and social media.
The present-day homebuyer is all about the value the property will add to their life. Things like walkability, energy efficiency, connectivity, and affordability are essential things every millennial homebuyer looks at. Similarly, they are a pet-loving generation, and dog-friendly communities are heaven for these buyers. According to a survey conducted by SunTrust Mortgage, 33% of millennial first-time homebuyers desire for more space for their dog!
Location, location, and location:
84% of the millennial homebuyers say that they are willing to give up different amenities such as a garage, upgraded kitchen to living in an ideal neighborhood! Therefore, if you are a real estate agent, know that your buyer won’t adjust for a mediocre place!
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