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 therecent 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 samestatsin 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:
Mobile Advertising:
Millennials love their mobile devices! Astudy foundout 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.
Flexibility:
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.
Presenting Value:
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 themillennial homebuyerssay 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!
Why Millennials Are Dominating the Homebuying MarketUpcoming CE Classes
Contact Tricia Shipley for more information.
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Frequently Asked Questions
Can I use a smartphone for real estate photography?
Using a smartphone for real estate photography is possible, but it may not deliver the same quality and detail as professional equipment. For optimal results, consider investing in a dedicated camera and professional services.
How much does real estate photography cost?
The cost of real estate photography varies based on factors like location, property size, and service type. Typically, prices range from $100 to $500, depending on the package and additional services selected.
What is the ideal lighting for real estate photography?
The ideal lighting for real estate photography is natural light, preferably during the golden hour—shortly after sunrise or before sunset. This soft, diffused light enhances property features and creates inviting atmospheres.
What is virtual staging in real estate photography?
Virtual staging in real estate photography is the process of digitally furnishing and decorating vacant properties using software, allowing potential buyers to visualize the space's potential without the need for physical staging.
What are the benefits of drone photography in real estate?
The benefits of drone photography in real estate are significant, as it provides stunning aerial views that showcase properties and their surroundings, highlight unique features, and create a more engaging visual experience for potential buyers.
How do I stage a home for photography?
Staging a home for photography involves decluttering spaces, enhancing natural light, and arranging furniture to create inviting, open areas. Use neutral colors and tasteful decor to highlight the property's features effectively.
What is the role of composition in real estate photography?
The role of composition in real estate photography is crucial as it enhances the visual appeal of properties. Effective composition guides the viewer's eye, showcases the space, and highlights key features, ultimately making listings more attractive to potential buyers.
What are tips for photographing small rooms?
Tips for photographing small rooms include using a wide-angle lens, maximizing natural light, and decluttering the space to create an open feel. Position the camera at eye level and shoot from corners to capture more of the room.
How do I create virtual tours for listings?
Creating virtual tours for listings involves capturing high-quality images or videos of the property, then using specialized software to stitch them together into an interactive format. Consider hiring professionals for optimal results.
What is the impact of drone photography on sales?
The impact of drone photography on sales is significant, as it provides stunning aerial views that highlight property features and surroundings, attracting more potential buyers and ultimately leading to quicker sales at higher prices.
How do I ensure high-quality images for listings?
To ensure high-quality images for listings, focus on hiring professional photographers who specialize in real estate. Utilize proper lighting, staging, and high-resolution equipment to capture properties at their best, enhancing their appeal to potential buyers.
How do I prepare a property for a photoshoot?
Preparing a property for a photoshoot involves decluttering spaces, ensuring proper lighting, and enhancing curb appeal. Clean surfaces, arrange furniture aesthetically, and consider fresh flowers or greenery to create an inviting atmosphere for stunning photographs.
How can I showcase unique property features?
Showcasing unique property features involves highlighting distinctive elements through high-quality photography, detailed descriptions, and engaging virtual tours. Utilize professional marketing tools to present these features effectively and attract potential buyers.
What is a single property site?
A single property site is a dedicated webpage that showcases a specific real estate listing, featuring high-quality images, detailed property descriptions, and essential information to attract potential buyers and enhance marketing efforts.
