Why should we care about marketing to the largest demographic of home buyers our world has ever seen? Because they are first generation digital natives and their affinity for technology helps shape how they shop. As a Realtor® and real estate marketing expert, it’s my job to understand this unique market segment and how to appeal to them when it comes to home buying behaviors.
Millennials were born between 1981 & 1996 — also known as Gen Y and Echo Boomers — and are one of the largest generations in history totaling about 92 million. Millennials are now between the ages of 25-40 years old, which means they are in their prime earning and spending years. But, because Millennials have grown up in a time of rapid change, they have developed a different set of priorities and behaviors compared to previous generations.
“When choosing a restaurant on a typical day, I consider reviews.”
Millennials are used to instant access to product information, price comparisons, and reviews. Studies have shown, Millennials have put off major purchases like homes, cars, and luxury goods because they have been able to access these products without the burdens of ownership, giving rise to what’s being called a “sharing economy.” One area they are willing to spend time and money on is a healthy lifestyle. They are dedicated to wellness, and devote a large chunk of their resources to exercising and eating right. And compared to previous generations, Millennials have been slower to marry and move out on their own, but more recently, have been able to save money and pay off debt.
“Goals I have for myself that my parents didn’t have are traveling, working first and then trying to get married.”
According to the National Association of Realtors, millennials now make up 37% of the buyers in today’s real estate market, and are the largest home buying demographic. So if you are getting ready to sell your home, it would be foolish not to use this information to your advantage. Millennials, all 92 million of them, are poised to reshape our economy; their unique experiences and behaviors are changing the ways real estate is bought and sold. To recap:
Millennials will research location, quality of neighborhood, and already know a lot about the area they are considering for purchase.
Most will be telecommuting or will want a short commute to their office from home.
Millennials will look for a home that accommodates their active lifestyle – that has space for fitness, entertaining, and eating healthy.
And they’ll attracted to a home that doesn’t need a lot of improvements or repairs so they can continue to pursue their current lifestyle.
And make no mistake about it: THEY WILL Shop online first!
“The cool thing about working with old people is they’re bowled over by even the slightest of technological feats.”
So what can you do to appeal to the Millennial home buyer? First, choose an agent who has an extensive digital marketing strategy. Stage your rooms so they are camera-ready and translate exceptionally well with online buyers, communicating a lifestyle. Be sure to put your home in the best possible repair and update it with current paint colors and new appliances and fixtures wherever possible. And market extensively through the Internet, not only through still photographs, but also with immersive digital media like 3D Matterport and Visual Storytelling.