Are you looking to sell a home in the current market? You can give yourself an advantage by paying attention to what millennial homebuyers want. Millennials 36 years old and under account for 34% of all homebuyers, the most significant percentage from any one generation.
However, it takes a little more than trendy granite countertops to reel in millennial clients. Most millennials are currently first-time homebuyers, and their vision of the ideal home is very different from that of Gen X or baby boomers. Appealing to millennials requires a solid social media presence, the newest technology, and sustainable home design. Real estate agents that can meet these demands will be a step ahead of their competition in the fight over millennial homebuyers. So how can you ensure that you tick each box on the list?
Have A Social Media Presence
It seems like everyone in the world is engaging with social media in one way or another. So if you have little to no online footprint, it can make your real estate agency fade into the wallpaper.
Social media has changed the way we shop, as well. As written in Forbes, 62% of millennials were more likely to buy from a brand that engaged with them on social media. This applies across industries, and real estate is no exception. In fact, 88% of millennial buyers search for their homes online.
That’s why complementing your cold-calling efforts with a strong social media presence is such an effective strategy. That first call puts your name in the mind of consumers, then your social media presence follows up with persuasive visual reinforcement.
However, different social media platforms require different approaches.
As of 2021, Facebook might be losing popularity to other platforms, but that doesn’t mean that it’s not useful.
The first step in growing your real estate business using Facebook is to create your business page and populate it with quality information and photos. The “About” section of your business profile should be detailed and professional, including hours and contact information. If you don’t have a camera for photos, you can shoot the on a decent smartphone in good lighting. Note: the good lighting is a must! In real estate, sunny, airy photos sell better.
You may also want to explore using Facebook Marketplace, which allows Facebook users to post sales listings. This section of the website is a prime spot for millennials seeking out real estate and provides you with another opportunity to connect with that demographic. Be sure to include photos, details about the property, and your contact information in the listing.
Millennials made Instagram cool, and Instagram is where they draw inspiration for the type of lifestyle they want to lead. It’s only natural that they’ll search for their first homes on Instagram, too. To capitalize on this, you can create an Instagram account highlighting your business.
Because Instagram is a more visual medium than Facebook, the bio doesn’t need to be lengthy. The most important thing here is including high-quality images for your feed.
In addition, you can boost engagement by frequently posting to your Instagram Story. Your Story is perfectly suited to display photos and videos of your current properties, along with testimonials. You can even include occasional personal updates to help make your business more relatable. We won’t promise that millennials will buy from you if you post that you ate avocado toast for breakfast…but it can’t hurt.
Contrary to what you may think, TikTok is not just a cute lip-syncing app for teenagers. The potential for growth as a real estate agent on this app is huge. While 62% of TikTok users are between the ages of 10 and 29 and not necessarily in the market for luxury real estate, their views can help push your property videos to reach the right people.
Many viral clips feature luxury mansions with infinity pools and Lamborghinis in the driveway, garnering millions of views. These aspirational videos present the type of properties that people wish they lived in — millennials included. But even if you’re not selling luxury real estate, TikTok is a cheap and convenient tool to help sell properties to people in your area.
Running a successful real estate business with TikTok only requires well-edited property videos. Or, for a personal touch, you can mix in videos with humorous or heartwarming content that plays off of viral trends. Millennials will be more likely to buy from you if they feel like they know you on a personal level.
If you’re new to the potential of TikTok, we recommend starting with conversational, first-person POV apartment tours. These videos let your viewers live vicariously through your properties and start envisioning themselves in the space.
Upgrade the Home with the Latest Technology
The vast majority of millennials are tech-savvy, so naturally, they want their home to include the best technology available to them. Studies by Wakefield Research have revealed that 86% of Millennials are willing to pay more for a home if it has smart technology.
Millennials are interested in purchasing smart homes to help make everything in their lives run more smoothly. For example, owners of smart homes can now turn on lights remotely if they’re out late or change the house’s temperature from anywhere they have phone service.
For a home to be considered a smart home, there are a few key characteristics that real estate agents should recognize. To begin with, it will need Wi-Fi or Bluetooth-connected systems to sync features like lighting, temperature, security, and entertainment with an electronic device. On top of that, buyers prefer a house with features like smart appliances, smart security locks, alarm systems, and cameras.
If you have a home that’s been endlessly sitting in your catalog, consider whether it would be a good candidate for smart technology upgrade. Upgrading will raise the home value and make the property more attractive to millennials and other potential buyers.
Emphasize Any Environment-friendly Features
As a whole, millennials and Gen-Z are more environmentally conscious than any generation that’s come before, and this has affected their preferences in everything from food choices to sustainable fashion.
As for real estate, this means that houses incorporating modern elements like eco-friendly design and energy-saving technology are in high demand with younger buyers. If you’re showing a property to a millennial client, try emphasizing the benefits of purchasing an environmentally friendly home. Point out any sustainable amenities that may be included, such as solar panels or Energy Star appliances that will both help the environment and save them money in the long term. These features create a persuasive pitch, and with more and more millennials (and eventually, Gen-Z) buyers entering the market, touting the benefits of sustainable housing can help grow your business for years to come.
Call Motivated Sellers
It’s time for traditional industries like real estate to evolve and meet the needs of new generations like millennials. Millenials’ buying power in the housing market is gaining speed, and successful real estate agents must respond accordingly. By keeping the buyers’ preferences in mind and combining your cold-calling efforts with a vibrant social media presence, you’re sure to get their attention.
Even though the real estate industry is changing, tried-and-true techniques like cold-calling are guaranteed to increase your number of qualified leads. If you’re interested in growing your business, Call Motivated Sellers is here to help. Our cold-calling services are the perfect complement to your online strategies and provide you with another lucrative source of customers that are ready to buy.
Interested in learning more about our services? Contact us today!
Marketing by Joseph Studios