In 2018, millennials made slightly over a third of all property purchases, making them the most active generation of buyers for the fifth year in a row, according to the National Association of REALTORS® 2018 Home Buyer and Seller General Trends study. Here, 2019 Orlando Regional REALTOR® Association President Jeffrey Fagan shares tips with the agent population on how to best reach millennials, the biggest segment of buyers in today's competitive real estate marketplace.
The biggest takeaways?
- Be well-versed across multiple social media platforms, including Facebook, Instagram and Twitter.
- Be cognizant of the best times to call or text, and respond to communications quickly.
- Don't be afraid to be sociable and confident.
- Provide information online that is comprehensive but also interactive and easy to digest.
Q: How does the millennial generation differ in the way they consume information in comparison to baby boomers?
According to the NAR 2018 Home Buyers and Sellers Generational Trends report, millennials are actually less likely than baby boomers to start the home search process by looking online at properties for sale.
Only 42 percent of millennials, compared to 48 percent of both older and younger baby boomers, make looking online at homes available for purchase their first step in the home-buying process.
This statistic indicates that millennials—contrary to popular belief—are open to learning about the process by a variety of methods, including the face-to-face interactions and trust-building personal conversations that have traditionally formed the cornerstone of real estate agent success. So, while technology is a key component of addressing today's first-time homebuyers, real estate is still a relationship business.
Q: How can real estate information be presented in a way that will capture millennials' attention?
Millennials are heavy users of social media, particularly video. They are also savvy connoisseurs of content but are turned off by promotional content. If you want to earn a millennial's trust, offer small amounts of valuable and factual information in a fast-moving format.
Q: What are some of the ways REALTORS® can more easily communicate with millennial consumers?
Millennials also use social media as their front-line communication platform, with messaging apps and texting as their platforms of choice. This preference is important to remember when responding to initial inquiries from millennials. Don't be put off by their rapid-fire and casual communication style; and whatever you do, respond without delay!