The Millennial Real Estate Client
It’s time for our obligatory post about everyone’s favorite generation to rag on: the millennial real estate client.
Many articles are overwrought with generalizations about the largest generation in history and these characteristics are rarely positive: they want more success without working for it; they are selfish; they are lazy; they always stare at their phones; they never want to own a home and only want to rent. Poor millennials. They need to be cut some slack.
After all, the older segment of this generation has faced some of the greatest economic struggles. While they are the most educated generation, millennials are saddled with copious amounts of debt from student loans and the jobs they’re qualified for are scarce.
The good news: none of that is stopping Gen Y’s desire to own a home. According to Bank of America’s 2023 Homebuyer Insights Report, About 56% of both Gen Z-ers and millennials who hope to own a home plan to purchase one in the next two years. And, for the first time last year, millennial homeowners outnumbered renters per U.S. Census data.
They’re just being smarter about it. In fact, many are delaying marriage in favor of a mortgage. In study done by Redfin, 38 percent of Gen Y-ers would or have put off wedding plans in order to purchase a home. This is good news for real estate investors who are looking to tap into this large segment of the population. The problem is actually attracting them as clients in the first place.
Providing a customer experience that is personalized and genuine is going to impress anyone from the 18-34 age range. Here are some tips for snagging those sought after unicorns: the millennial real estate clients.
This generation has grown up with technology. You cannot expect them to only use the telephone for communication when there are so many other options for reaching out. Utilize texting to communicate general information, like appointment reminders or simple questions. Incorporate live chat into your site as a way of connecting with potential clients.
Have a client who is in another state? You can use a video conferencing software, like GoTo Meeting, or Zoom to discuss contracts.
Don’t want to give up the phone? Good! It’s still a key component of multi-channel communication, but you don’t have to be the one to answer. Use a call center to manage your calls for you. They can help you provide property information and qualify your callers for you.
Just Being on Social Media Isn’t Enough
If you have social media accounts, that’s a good first step, but it’s more important you are using the channels actively to communicate and relay interesting information. Millennials vet businesses before they even contact them. The first place they stop? Social media.
Take the time to engage with your followers. Even 10 minutes a day can give you a return. And if you want to land clients from the millennial segment, it’s imperative.
Be Genuine and Informative
Gen Y-ers have grown up with all the information in the world right at their fingertips. Why would they want to work with you if you don’t answer their questions? It’s important you provide them the information they need without blowing a bunch of smoke up their you-know-whats. If they even get a whiff of deceit, they will be out of the proverbial door faster than you can say home loan.
One more tip: don’t use slang to make yourself look like you’re down. Avoid phrases like, “This ensuite bath is on fleek,” or, “This wet bar is going to help you get turnt.” Being professional is always preferred.
Your millennial clients are out there waiting for you. You just need to take some steps in order to work with them. Ensure you are open to other methods of communication, you’re engaging on social media, and that you’re as genuine as possible. Keep the slang in your back pocket to embarrass your kids.