Millennials, sometimes called “Generation Y,” are the new generation of homebuyers, bringing with them an entirely new set of expectations for buying a home. More importantly, this demographic is creating new opportunities for real estate professionals to expand their business while gaining lifelong clients. There are an estimated 79 million adults that fall under the millennial group , many of which are already in the market for a home. In fact, 65% of “Generation Y” renters say that their interest to purchase a home has increased significantly in the past year.
Homes.com wants to explain why Millennials are becoming the new face of the housing market, and that it’s imperative for real estate professionals to re-evaluate their marketing strategies to connect with these clients.
Who are Millennials?
Born between the early 1980s and 2000s, they are the demographic following Generation X. This generation’s availability of resources and distinctive characteristics has shaped them into more opportunistic homebuyers than past generations. Millennials or Generation Y can be described as being optimistic, handy, technologically savvy (some may say technology dependent), and habitual multi-taskers. We could spend all day boring you with descriptions and nicknames like the “twenty-somethings,” but real estate professionals need to know how vital it is to connect and build relationships with these up-and-coming homeowners.
Millennials are brand advocates, plain and simple. Word-of-mouth is their primary way of finding new information. If their friends have recommended a product or service there is a pretty good chance they will purchase it as well. In fact, 95% of Millennials say that friends are the most credible source of product information and only 6% consider online advertising as credible. This can be supported by the fact that 98% of Millennials stated that they are more likely to engage with a friend’s post over a brand’s post1.
Coincidently this is the “in” for real estate professionals, in order to gain more clients that fall under Generation Y, you must first get them talking about you.
