In their 20s millennials might have been slower than other generations to buy their own homes but many of them are now in their 30s.
Despite the talk that they are reluctant to make big purchases, a millennial study in 2018 found that about four in ten millennials (aged 21 to 34) already owned their own homes. So, what can you do to encourage them to make a big purchase, such as a home?
Understand what motivates them
Big motivators for millennials include feeling a sense of stability, realizing that owning a home makes more financial sense than renting one and being able to modify a home and make it their own.
When picking a home, they cite the cost of living, proximity to family and career opportunities as key considerations. Bigger homes, safer neighborhoods, and better school systems are factors that can motivate current homeowners to move.
Give them information
If you understand their motivations, you can provide millennials with information that addresses their desires and concerns. They love to do their own research and are more comfortable finding out what they want to know on the internet.
They want access to resources that they can study before making any decision. You need to be able to point them towards these resources and help them to sift through all the information in order to make the right decisions.
Using your current customers to generate reviews and testimonials will help millennials to choose your services. They are more likely to listen to advice from their peers than to respond to traditional forms of advertising.
Use social media
If you’re going to market to millennials, it’s essential to make use of social media. Videos are one of the most effective marketing tools on social media.
Real estate agents are using Facebook Live to host open houses. Viewers can take a real-time tour of a house and ask questions in the comment section.
Instagram is a very popular platform for millennials. Use a short video to highlight a major selling point of a home, such as a lovely entertainment area or make multiple short videos of all the different features. Millennials will respond if you tell the story of a home in an engaging way.
Use innovative technology
Millennials are tech-savvy and expect you to offer them the technology and tools to help them make their decisions.
Millennials are different from their parents. They have grown up with technology and use it to make their lives easier and healthier. They are vaping rather than cigarette smoking and using apps to help them manage their finances, their health and much more.
Offering them apps that help them to make more informed decisions can help to persuade them to use your services.
Intelligent personal assistants are currently being developed for the real estate market that will give users the opportunity to ask questions about a property and get answers 24/7.
Virtual Reality Tours
Millennials love taking virtual reality tours. They want to get an idea of the layout and condition of a home and even see how their current furniture will look in it. Many of them go with agents who make real estate VR or 3D tours available.
The bottom line
Millennials expect technology to drive every aspect of their lives, including purchasing a home. Estate agents who respond to this and communicate with them in honest, authentic ways they can relate to will be able to persuade them to make those big purchases without having to resort to any hard selling.