What You Need to Know About Millennials and Real Estate

By
Real Estate Agent with Solutions Real Estate CalBRE License #01490977

Millennials and Real Estate - What You Should Know!



CRS LogoI had just finished an excellent CRS (Council of Residential Specialists) webinar with Lisa Kittleman, a Millennial herself who does a large amount of real estate business with Millennials. The webinar was packed with useful information, and here are just a few key points.

 

 

1. The background and history of the Millennial generation (born 1982 – 2000) had a big role in shaping their values, beliefs, and attitudes. These experiences included the recession, 9/11, terrorism, Reality TC, Facebook, school shootings, our iWorld (iPhones, iPads, etc.), Helicopter parents, and more.

 

 

2. As far as values, Millennials want fulfillment in their lives and not just being part of the “rat race,” their quality of life, making a difference, and being involved in their community. They also value efficiency and having their lives made easier (who doesn’t, especially when buying a home?!).

 

 

interacting online with Millennials3. Millennials, according to Lisa, are looking for a number of things in Realtors they want to work with, including authenticity (they like knowing who you are, your personal stories, your successes and failures) and NOT being sold. Do NOT be a politician!! But who likes that anyway?!

 

Transparency and honesty are essential – tell them the truth, and what they NEED to hear - as is being an agent they can trust. It's critical to be of service to them, and know our market so we can be effective in helping them. Understanding what they want and why that’s important to them is key – they will appreciate lots of questions. Which of course shows that you care!

 

 

4. As far as their purchases of real estate, they tend to believe it’s a smart investment (but it helps to show them how and why), and some are interested in selling again quickly, renovating and flipping, or having a rental. Buying in urban areas is desired, again because of investment, but also proximity to the things they want; having a big home with more maintenance is not always desired; they appreciate  features that mean less maintenance, including smaller yards – point out these when you can.

 

 

shaking hands5. You should create a brand they trust, which includes “clients first” (valued by any client I think), and be sure to follow through on your promises. They are interested in your mission and values so communicate this, verbally and in your actions.

 

Oh, and be responsive – answer the phone, your texts, your emails, and comment back on Facebook. And I thought her point that Millennials are NOT just all about texting was interesting – Lisa says many like phone calls, especially for important things. Creating a relationship – ask questions, share experiences, and be yourself – is key. “Be relatable!”

 

 

6. Lastly Lisa recommended not being a robot on social media and to NOT auto-post everywhere. Photos are important (don’t just post 1 pic at a time, but multiple so there is a + sign showing more photos exist…Facebook likes this). Be authentic (heard THAT before, right?) and yourself, and not just about real estate.

 

Millennials (and no doubt others) will like seeing that you support a mission of some sort – write about it, use photos, let them know what you are doing. And use plenty of video, including for testimonials.

 
 

*       *       *       *       *

 

There was a ton more information but these were the highlights for me. What’s interesting is that while some things may be more characteristic of the Millennial generation, a number of these issues apply to most clients – being authentic and someone they can trust, for example. Certainly there are bound to be exceptions, and you should not make assumptions, just as your shouldn't for any client, but validate. Getting to know YOUR Millennial clients well, as you would anyone, will enable you to best understand and serve their particular needs.



Have you noticed these trends in Millennials clients you have worked with, or other trends? If you are Millennial, what are your thoughts?

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Lee Ford 08/31/2017 08:59 AM
  2. Ginger Harper 08/31/2017 09:47 AM
  3. Gabe Sanders 09/09/2017 11:53 PM
Topic:
Real Estate Best Practices
Groups:
Active Rain Newbies
Certified Residential Specialists
SAN DIEGO Real Estate Agents & Loan Officers
San Diego Realtors®
Tags:
jeff dowler crs
crs webinars
millennials and real estate
what you should know about millennials
the millennial generation

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Rainmaker
862,763
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Great and very informative blog. The more we know what the millennials want, the more we can serve their needs. However, honesty and transparency should be a service that we provide to ALL our clients.

Aug 31, 2017 01:19 PM #29
Rainer
80,680
Christine Kankowski North SD and Temecula
House Match Inc - Poway, CA
Excellent Sales and Property Management

Yep, from the Millenials I know, this is pretty darn accurate. 

Aug 31, 2017 05:00 PM #30
Rainmaker
2,155,703
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

This is a well put together post about the needs of millennials when it comes to real estate, Jeff!  I have a lot of faith in the younger generation.  I especially like that more of them are "looking for fulfillment" rather than the rat race.

Aug 31, 2017 05:33 PM #31
Rainmaker
554,947
Dena Stevens
Rocky Mountain Realty - Canon City, CO
Putting The Real Into Realtor Since 2004

 Great list Jeff! I work primariy with Boomers. And the difference between Boomers and Millennials is huge. It's like shifting from 5th into reverse. We have to stay on our toes. 

Aug 31, 2017 05:44 PM #32
Rainmaker
263,471
Dan Jasmer
Coldwell Banker Residential Real Estate - Sarasota, FL
Changing the way you look at real estate

Fantastic insight Jeff. They're also the largest percentage of home buyers out there right now. Who knew!

Aug 31, 2017 06:00 PM #33
Rainmaker
666,434
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Hi Jeff, I think your last paragraph says it all - many of the items apply to a general population. Also, the older millennials are maturing and becoming a little bit more like "us" in their values. The younger ones are still students.

Aug 31, 2017 07:15 PM #34
Rainer
404,689
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Jeff,

Be honest & treat them fair & square. I can handle that.

Aug 31, 2017 08:32 PM #35
Rainmaker
160,201
Foster Smith Summerville
Carolina One Real Estate - Summerville, SC
Summerville & Charleston Homes for Sale SC Realtor

Three of the four children my wife and I raised fit into the time frame dubbed "millenials." That has helpedme  tremendously as I work with their age group. Great group of people!

Sep 01, 2017 04:49 AM #36
Rainmaker
4,250,762
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thank you, Jeff.  This is very useful information on a group that I don't fully understand yet.

Sep 01, 2017 05:23 AM #37
Ambassador
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Interesting. Thanks for sharing. Being responsive is huge in my opinion.

Sep 01, 2017 06:58 AM #38
Rainmaker
525,965
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

Good article, though I don't spend much time thinking about how to treat a particular generation. Most of the advice provided here is what I do with everyone. 

Sep 01, 2017 07:02 AM #39
Rainer
248,666
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

It looks like we should apply the list to all people...

Sep 01, 2017 07:20 AM #40
Rainmaker
496,011
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

So many fantastic insights in this post. Millennials are definitely driving the regentrification of urban areas so they can be close to the action. 

Sep 01, 2017 07:08 PM #41
Rainmaker
1,036,543
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Jeff...I find these observations to be right on the mark, I have a 24 year old and many of the qualities he exhibits are clearly part of these insights.

Sep 03, 2017 06:58 AM #42
Rainmaker
264,399
Dan Derito
Success! Real Estate - Brockton, MA

Great information Jeff.  This group is far more focused than they are given credit for.  

Sep 03, 2017 09:19 PM #43
Rainmaker
1,353,608
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Thanks for the insight into millennial thinking.  Interesting that they want the low maintenance, small yard, kind of property, but now that I think about it, it makes sense.

Sep 04, 2017 06:24 PM #44
Rainmaker
1,042,920
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Millennials appear to have much in common with other age groups, including active empty nesters.

Sep 05, 2017 08:59 PM #45
Rainmaker
150,049
Corey Martin
Martin Presence Group - Ruston, LA
Real Estate and Management Solutions

Great post. Market research in key market segments is always welcome. Thank you. 

Sep 06, 2017 09:11 AM #46
Rainer
6,951
Samantha Dietz
Leaf, Realtors - Oldwick, NJ
NJ Real Estate Agent w/ NAR's Green Designation

Hi Jeff. Interesting post. I just posted something similar from the perspective of a Millennnial.

Without trying to drum anything up, honestly I find (both with clients and myself) that what's most important is to treat us like you would all your other clients. Most agents don't spend hours in webinars and CE courses trying to analyze and pick apart the psychology of their clients and they do just fine connecting with them.

If you approach Millennials (and all people) with respect, honesty and a human, personal connection- you will most likely get a positive response.

Sep 07, 2017 06:54 PM #47
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I don't have a clue how I missed this one but, I agree on each and every point you made, Jeff!  We have a HUGE millennial population here in Charlotte and, of course, I have two millennial children so, I'm quite fond of them as clients too!

Sep 10, 2017 12:50 PM #48
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