Want to know how to sell to the millennial generation?
Keeping these points in mind will help
With millennials—those born between the early 1980’s and early 2000’s—numbering somewhere in the 80-90 million range they are now the largest group since baby boomers and they are in the market for new homes. This is changing the market in unexpected ways, experts suggest that anything we thought we knew about the housing market and the buying process has been completely shaken up. In order to stay competitive in this new world of millennial home buying real estate professionals have to take the time to learn about what is desired and how to help them find the perfect home.
1. They Research and Decide Quickly
Where previous generations might call a pro to discuss where to find a house or what materials to use for building, this generation tends to have technology in their hand and look for everything online. They use various social media and DIY (do-it-yourself) sites to decide what they want and how to get it without ever leaving the comfort of their sweatpants and couch. This means that they generally know what they are looking for and make decisions very quickly based on information and feedback they find on the internet or from friends who are also on “the search”. As a real estate agent catering to the millennial generation, it’s important to include them in more of the actual process. They will be more satisfied with the choices that they are presented with and the agent will have a higher chance of being successful while working with them.
2. Think Smaller and More Urban
The millennial generation tends to spend more time out and about then at home, meaning they are typically more interested in homes that are close to an urban core or downtown in a city. They are usually looking for smaller spaces as well, typically because it means that they can spend less on a space that they are using more as a base. Plus this generation tends to be a bit more financially conservative due to student loan debt or from watching older family members deal with the recession and foreclosures.
Smaller spaces also mean lower maintenance which is great for this generation because they work long hours and have varied interests that keep them out of the home for long periods of time. Homes that have fake wood, tile and brick or ventless fireplaces are more appealing to them than the older generations that may prefer these materials be genuine. Along with this they may prefer a space that has a small balcony or a terrace rather than a yard that will need to be mowed and maintained. This doesn’t mean they don’t like the outdoors or sunlight though so keep properties with large windows, skylights and glass walls that can be opened as options for them to see.
3. Open Floor Plans are Appealing
Millennials tend to prefer homes that have fewer partitions and walls because they like to have gatherings with groups of friends and like the open space for socializing. Past generations have required formal dining rooms and living rooms, this generation likes the idea of rooms that can be used for a number of different functions.
Since they like multifunctional rooms most millennials tend to overlook the traditional details and “fancy” materials that typically drive home prices up. They prefer simplicity and minimalism when it comes to the homes overall features. However, they will get excited for a bold accent wall, where the rest of the walls are shaded gray. Experts suggest that the trend toward more industrial furniture and the use of metal has sparked this preference in many millennials.
4. Don’t Forget they Love Technology, being Green and Healthy
At the top of or near the top of most millennial wish lists is whether they can use their favorite devices in and with the home. Giving them the ability to connect with homes that include programmable LED lights, energy efficient HVAC units and appliances, with lots of outlets and charging ports built in will make the home more appealing to them. Since millennials are so energy and carbon footprint conscious homes with renewable and reclaimable materials like bamboo, glass, and low-VOC paints and adhesives will grab their attention above properties that are less green.
5. Speed of Sale and Value Matter
Millennials are more likely to spend or splurge on one item rather than an entire home. They may spend extra money on an expensive piece of furniture or an appliance but they won’t go out of their way for something that doesn’t serve a meaningful purpose in some way. They are more value minded than previous generations because they know that in this day and age things change and they change often.
Another important thing to remember is that they are ready to get through the sale quickly and efficiently. Connect them with properties that are completely ready to be purchased that require little work from the new buyer. Home’s are no longer a status symbol or even a long term investment, it’s an important purchase that they need to make in order to sustain and enjoy life, they know that their tastes will change so they want a home that’s ready for this stage of their life.