Millennials, individuals born from the early 1980s to the early 2000s, have gotten a bad rap in the housing industry for supposedly not wanting to buy homes and wanting to rent forever. This is simply not true. A recent survey concluded that young renters want to own a home as much as previous generations did, and this is evidenced by the slight lift from this group thus far in 2015’s selling season.
Millennials and the housing market is a hot topic right now. These young homebuyers are gaining significant clout and are reshaping the housing market. A recent Cartus Broker Network Survey showed that 71% of real estate brokers expect to see younger job transferees in their markets.
As the Millennial Generation enters the housing market, how does a mortgage professional meet their needs and provide a positive home buying experience? Here are the 5 things that Millennials want as part of their home search:
1. A website to answer their questions
Millennials want to have all of the information and feel fully educated about a process before they make a decision. So how does a busy mortgage professional meet that need?
The easiest way is to let your website do the work for you. Create pages on your website that has information for first-time homebuyers, a list of frequently asked questions, and blog articles that will feed their need for information.
2. Connect on social media
The Millennial Generation is all about connecting on social media and doing business with people, not big corporations. When you first meet a new client, invite them to connect with you on your social media pages and share information with them there. The goal here is to put a face to a name, stay top of mind, and to provide the information that will help them make a decision.
3. Email campaigns
When Millennials gives you an email address, use it to connect with them and provide the information they need to make an educated decision. Millennials don’t compartmentalize areas of their lives when they are searching for a home. They are going to want to know whether the area will fit their overall lifestyle, so show them that it will by providing them with useful information about the area.
4. Provide a list of helpful apps
House hunting can be stressful, confusing, and time-consuming – but it doesn’t have to be! A Millennial’s smartphone can help them find the home of their dreams by putting innovative house hunting apps in the palm of their hand. This is the generation that usesapps for nearly everything. When you meet with them, provide a list of apps they can use during the home buying process, and they will feel like you really understand their needs.
5. Establish communication expectations and follow-up
Millennials are incredibly connected to technology, and it seems they always have a phone or tablet in their hands. It is important to set communication expectations upfront when you first meet with millennials. Ask them how they like to communicate and whether they prefer a phone call, email, or text. Let them know your hours and turn time for responding. By setting these expectations upfront, they won’t feel disappointed by your communication, and you won’t feel irritated by those late-night texts or emails!
Millennials compose the majority of the first-time homebuyer demographic that is needed to drive the real estate market and keep it moving forward. It’s important to understand this generation, what they like and don’t like, their purchasing behavior, and how they operate. Doing this will earn their trust, and create a smooth home buying experience for all parties involved!