The Millennials are a Savvy Generation of Buyers

By
Real Estate Agent with RE/MAX Professionals, CT 203-206-0754 REB.0759001
https://activerain.com/droplet/4DDK

The Millennials are Savvy Buyers

The generation of potential buyers born between 1980 and 2000 are referred to as the Millennials as they were born within the span of Millennial change.  Another term for them would be Generation X.  I believe both to be wrong as they are best known as the Tech Generation. 

 

Millennials are a Savvy Generation of BuyersI have had 4 of such clients within the past 6 months and each have been uniquely different, yet common for their use of technology to work their way through the process and as a primary method of communication.

This range of buyers use the Internet for all their needs, and their Smart Phones are the conduit preferred.  In dealing with them, it is inevitable that text is the preferred method of communication, and although they are using a phone, there is a hesitancy to actually talk.  I am not sure if it's the fact that they get to see their communication before they send which makes them hold back, or just a reluctance for their voices to be heard, literally.

 

As we all know, with a real estate transaction, there are always issues that need complete and detailed communication to resolve and not always is this done best with a few key strokes, as questions generate additional questions and a tone of voice would demonstrate a need for more clarification.

 

My Millennial experiences were with educated people that had done a lot of homework online and also used search sites as a way of eliminating potential properties.  They were prepared to consult with a mortgage professional and also had done some of this homework in advance.  A couple of them were even familiar with the Buyer Representative agreement as they had done their reading as well.

 

Millennials are Savvy Buyers

 The Millennials are motivated once they make the decision to purchase and aside from the idiosyncrasy of texting are most responsive when called upon to act.  For me they are a challenge as I tend to be very descriptive when discussing real estate and find it difficult to do on a qwerty board.

 

I have enjoyed my experiences with this most challenging Generation of savvy buyers, yet look forward to my next transaction with them.

 

  The Millennials are a Savvy Generation of Buyers

 

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Ed Silva  RE/MAX Professionals,   203-206-0754

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

They may be tech smart but once we begin to speak "real estate", they're all ears.

May 29, 2015 07:08 AM #1
Rainmaker
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Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Ed - Different generations certainly have different ways of communicating, and I think that has a lot to do with technological advancements. I also feel like the internet has provided people more opportunities to 'research' or better understand anything they are interested in doing, whether that is buying or selling a home, buying a car, or finding out more about the new local restaurant.

May 29, 2015 07:19 AM #2
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Ed, it is interesting what they know,  I have 8 buyers in 6 months of them, it is intersting.

May 29, 2015 07:19 AM #3
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
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Ed- each generation offers something new for us. And, I'm sure we were a challenge to those before us!  LOL

May 29, 2015 07:40 AM #4
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
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Ed I don't like to text, but I have come around to use it when it is appropriate.  I let the millennials I work with know right away, that I will respond to their text messages, but as soon as the question or issue goes beyond a simple response or explanation, it is the phone we will use to communicate with each other.  I find by setting that expectation right away they are open to it, and it avoids issues later on.

May 29, 2015 07:55 AM #5
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
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Thanks for this post, Ed.  My experience has shown that they are indeed tech savy, and anxious to buy, but clearly don't know real estate markets very well.

May 29, 2015 08:16 AM #6
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Debbie Reynolds
Platinum Properties - Clarksville, TN
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I agree with your summation on the Millenial buyer. My experiences have been very pleasant and many of them are very respectful and call me Ms. Debbie.

May 29, 2015 12:15 PM #7
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Ed. Nice job with the topic and your post. Sure, we have had to make a few adjustments in the way of communication, but overall a pretty savvy group to work with.

Make it a great weekend!

May 29, 2015 06:37 PM #8
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Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Ed.  Being able to serve all generations is the key to success.

May 29, 2015 08:21 PM #9
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Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
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Ed, great analysis. It's interesting spanning the generations and seeing how each is defined, by phraseology as well as "personality" characteristics. The study of humans and their behaviors is always fascinating to me and as you do that it just gives your further insights into how to be adaptable to each of them. 

May 30, 2015 01:48 AM #10
Rainer
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Glenn and Rebecca Hauer
Right Trac Financial Group, Inc. - Vernon, CT

We try to meet our cients and business partners in the middle - sometimes texting is convenient and appropriate, sometimes a phone call or face to face is needed. Flexibility on all sides makes the process easier.

May 30, 2015 01:56 AM #11
Rainmaker
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ReadySetLoan Condo Approval Team
ReadySetLoan Condo Team LLC - South Windsor, CT
The FHA/VA Condo Project Approval Specialists

Great article Ed.  We need to know who we are dealing with and what they like so that they like us!  Before exiting mortgages in 2009, one of my last clients was in this group.  She would not answer her cell phone.  Early on, I would try to call her.  As it was ringing, I would get a text from her asking "what's up?"  The majority - I mean VAST majority - of our communication took place via Facebook messaging.  Had I not been savvy with text and FB, I may have been dropped by the client.

Jun 03, 2015 12:48 AM #12
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Millennials make up one-third of buyers nationwide, and represent the largest segment of all home buyers, according to research from the National Association of Realtors®.

May 09, 2016 07:06 AM #13
Rainmaker
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Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Millennials will soon be a major force in driving the market. The more we can learn about this enigmatic home buyer, the better.

Aug 08, 2017 04:25 AM #14
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