Millennials have been slow to enter the housing marketing compared to other generations. Some of this has to do with being disillusioned with the idea of the “American Dream.”
However, a lot of it is also financial. Millennials graduated from college with unprecedented debt and during a very difficult job market. To say that most young adults have dealt with a hand-to-mouth existence would not be an overstatement.
Times are starting to change, but there are still financial issues. How can you help your millennial clients get into a home?
What about showing them fixer-uppers?
Millennials Love a Project
Realtor® Mag recently reported that millennials are more likely to finish renovation projects on their property. They aren’t shy about making a home their own.
As a result, they can be a great candidate for a lower-priced fixer property. You can sell it to them as a project and as the ultimate chance for personalization.
Because millennials love to have things that are unique to themselves, their more likely to be interested in this type of project. In addition, it can help them get into an affordable property during a hot market.
A Hot Market Makes it Hard to Get Started
As you know, the current market has even normal homes moving like hotcakes. As a result, it is hard to find a starter home that isn’t priced like a luxury property. Those that are affordable often have concerns.
This makes it hard for anyone who can’t immediately jump into the luxury niche to even get started with a home. To give them a hand, you can focus on helping them find the right fixer-upper.
Matching a Client With the Right Project Home
How do you find the right home for someone who is open to a fixer? The first step is to ask a variety of questions.
These questions include:
- What types of projects are you comfortable doing?
- What projects are off limits (electrical, plumbing, etc.)?
- What would be your budget for a fixer, given that money would have to go into it?
From there, work to find a home that has “good bones” and is in an area that is appealing to the client. If they start with a home in the right area that has potential, they could be very happy with their purchase in only a few years.
Reach These Clients By Marketing to Renters
Many real estate agents have a target neighborhood and focus on helping those folks sell their homes, and then buy new homes in more expensive areas. However, if you want to reach millennials who are looking to enter the market, you’ll need a slightly different technique.
Don’t abandon your farm area, but try marketing to renters as well. Send them postcards letting them know that homeownership is attainable, and you can help them get there. From there, they can go online or call to make an appointment!
When you pique their interest by letting them know a home isn’t out of reach, be sure you have a variety of options to share when they contact you. Everything from fixer-uppers to alternative financing may be important to these clients.
Ready to reach out? Get started today!
How do you get clients into homes in this hot market? Share in the comments!
This post originally published on Printerbees' Real Estate Marketing Magazine.