Yes this blog is focused on Real Estate but it can be applied to all businesses.
Millennials are buying real estate!
Really? It’s about time! If you actually think about it. Millennials…at least some of them are now in the mid to late 30’s. So hopefully they are thinking about their future already.
The real estate industry cannot stop talking about millennials. But what I hear mostly is that they can’t afford homes or they will never be able to buy. I hate the generalization that all millennials get grouped into.
Young buyers entering the market is a great thing for the real estate industry, particularly because the average age of first-time homebuyers has been increasing for years.
There is a small problem, though. The Real Estate community thinks it doesn’t know how to connect with millennials. They feel they are unaware of how to reach them and grab their attention. Well it’s truly through the smartphone and technology. Every single person these days is head down and focused on their phone. So find a way to connect with them and grab their attention.
You should get all the Social Media apps you can and start learning them. They are not going away anytime soon. Twitter, Instagram, Facebook, SnapChat, LinkedIN, Pinterest. Get on them now…like click these links and download them now if you are missing any….NOW!!
But technology can only get you so far. So now you have their attention what’s next. Well this is where your personality will take over. You the Realtor are the expert and you thrive at this point. Get in front of the millennials you’ve connected with, have a beer with them. Meet them at the coffee shop and beach. Hit the golf course or whiskey event and start learning their likes and dislikes but still have some of these in mind.
1. Be the expert that you say you are
Millennials value experts, the end. They don’t know what the process of buying a home is like and will look to you to guide them with in-depth local market knowledge.
After you’ve finally connected with them online. Then go and have an in-person buyer interview to set expectations about the process and learn about the buyer.
Not only is this a great way to give your millennial buyers comfort and help build trust, but it will help you understand how you can best deliver value.
2. Be the coach and teacher
Young buyers expect you to know everything, and they want to learn from you. You should be ready to answer almost any question your clients ask. The key is that as you grow as a realtor you will learn what the questions are before they even ask.
This does not mean you need to have the answer right on the spot, but you should have access to resources that can help you get the answers to even the toughest homebuying questions.
3. Be a networker
Just like you are expected to have all the knowledge, millennials expect you to be a one-stop shop for resources.
You should have a network of lenders, inspectors, contractors, landscapers and so on that you are ready to recommend. Don’t assume that your buyers will search online for everything.
But also be the resource for all the neighbourhood things too. Best schools, stores, restaurants and more.
4. Be fast, answer back fast and stay ahead of the game.
Millennials want answers now and really right now. So be sure to get back to them fast and stay involved on a daily basis. This is a huge opportunity for you to exceed expectations.
Provide recaps of home tours and answers to questions in less than 4 hours, and you will be ahead of the game. You do not have to be a 24/7 real estate agent to do this; you just need to execute a proven process every time.
In conclusion, if you want to be an expert real estate agent for millennials, just be good at what you do. Do not be afraid of technology and think that only the millennials know how to use this stuff.
Most of the technology that we love and use today was founded by baby boomers.
Stay focused. Over-deliver on value. Be transparent. Most importantly — care, care for your clients.
You don’t have to crush it on Snapchat to be a great agent and help move millennials. You just have to prepare to learn these platforms and eventually you will be good at them.
Any thoughts on this topic? be sure to contact me and let’s chat.