It’s safe to say the real estate buying experience isn’t what it used to be. There are more ways to research a house, more industry professionals to use as resources and more people looking to buy than ever before. In fact, in the first months of the pandemic, homeowners amassed a collective $1 trillion in additional home equity. A big chunk of that sum came from millennials looking for their first home after years of renting.
In fact, millennials now make up 43% of home buyers—the most of any generation—an increase from 37% last year. Of those buyers, about 90% used a licensed REALTOR® to help them find their home sweet home. With those data points in mind, it’s never been more important to review your marketing and tech efforts to meet the needs and expectations of an increasingly market-dominating generation of homebuyers.
Rule one: Be visible
When marketing to millennial buyers, it’s important to understand where their attention is focused. Social media is a huge deal to this generation of digital natives who championed the use of sites like Facebook, Instagram and Snapchat. Millennials tend to gravitate toward content that’s more visual, such as short videos that agents can take advantage of to highlight current listings.
In fact, Snapchat was the most popular social media platform among millennials and Gen Z buyers in 2020, with sites like YouTube and TikTok following behind. Not sure about diving into or accelerating all social media platforms at once? Start small and focus on a couple, then build out from there. By making simple moves, like adding more videos or creating picture posts that show off your listings, you can make a bigger impact on your online reputation.
Take them on a tour
Yes, we’re finally at a spot where we can comfortably meet clients in person again. But over the past two years, the market has adjusted to allow technology to take the reigns and provide would-be buyers the chance to see their potential homes via virtual tour.
Virtual tours are still important and can help to give buyers who aren’t able to be physically present to at least be virtually present. Also, supplementing listings with short videos can boost your marketing efforts while entertaining and informing clients. By hitting the visuals from all angles, you are providing plenty of opportunities to get a feel for the property without having to drive across town to see it.
Promoting your brand
Having an easy-to-navigate and easy-to-find website that promotes your business is essential to accessibility to your potential clients. With nine out of 10 people searching online for a new home, it pays to create platforms that boost your brand.
At PalmerHouse Properties, we give our agents access to our parent company HomeSmart’s SmartGallery tool, a resource that lets agents create a personalized, custom website for their listings. This tool helps your clients, your brand and your potential to attract more clients all at the same time. Each site contains property details, a custom image gallery, an open house schedule, neighborhood information and a contact page to reach you directly for more information.
Marketing to millennials is worth the effort. To successfully expand your business as a real estate agent, remember to focus at least some of your real estate marketing on this robust target market.
Robert Duncan is the vice president and chief operating officer of PalmerHouse Properties, a brokerage firm under the HomeSmart brand. Robert is responsible for actively managing and participating in franchise relationships to drive the brand objectives forward and managing the franchise sales and support teams.
