With today’s homebuyers, Millennials remain the rising stars. In fact, according to Zillow’s Consumer Housing Report, Millennials (ages 24-38) account for 42% of all home buyers and 61% of all first-time home buyers.
Millennials (ages 24-38) account for 42% of all home buyers and 61% of all first-time home buyers
However, the most interesting thing about this demographic is how very different they are from previous generations in expectations and attitudes. They no longer want or trust “The Mildred’s”, or the agents their parent’s use(d). These are the “out of touch” agents using old ways and means of communicating, marketing and doing business.
What Makes Millennials Different
Agent Mandy Tanberg switched gears when COVID-19 sent us all into lockdown. She was forced to “Pivot” and reinvent the way she did business. It was during this time of no open houses that she realized how she could leverage technology and a very specific approach and language to appeal to Millennials who were rapidly ditching urban locations and seeking housing in her area.
“What I have found about Millennials is that they are the best clients there are out there. They’re ready for your advice and your help, they are very knowledgeable, willing to do the research, willing to do what it takes to get things done…and after that thing closes, they are THE BEST referral source you’ll ever have in your business”.
And she’s spot on, that same Zillow report revealed that this group is more likely to play an active role in the real estate process. They prefer to work with an agent who allows them to contribute but also want their agent to handle the more complex technical steps using the best technology to close the deal while keeping them informed along the way.
Communications & Preferences: The Outdated and Out of Touch Will NOT Play Their Game
Millennials are more cautious when it comes to finding the right agent to help them buy or sell. The Zillow report showed that Baby Boomers looking to buy will interview 1.6 agents before hiring one, while Millennials will interview an average of 2.7 agents.
Keep in mind that Millennials have never known a buyers market and are constantly looking for ways to self-educate and get the upper hand on the process. They look for agents with solid expertise and who will go to bat for them (and their money) throughout the process. According to the report, 84% of Generation Z buyers and 73% of Millennials working with an agent rank those as very or extremely important agent qualities.
They place great value on online tools and resources. In fact, Zillow reports that Millennials are most likely to use online resources (88% versus 79% of Generation Xers, 70% for Baby Boomers and 51% for Silent Generation buyers).
They Want An Active Roll (And You’ll Benefit From That)
While working with Millennials Mandy learned that they are more enjoyable and profitable than she realized.
“A lot of my success in the past few years has been Millennials. Millennials come to open houses and oftentimes think that they want to just work with the listing agent. They are very educated and do a lot of research and think that they don’t want help. Frankly, I don’t like the label Millennials because it brings up a negative connotation, honestly, they are just first-time homebuyers 24-35. I’ve just developed a way of connecting to them through a hybrid of innovative technology mixed with a personal connection.”
Millennials come from the YouTube and Google “Do It Yourself” generation. They are willing to do the research and put in the work to help promote and improve their chances of success. They also won’t settle for an agent whose tools and expertise are no better than what they can provide for themselves.
The Bottom Line
Millennials are making a significant positive impact on today’s housing market. Keeping your eye on the positive aspects of working with them is the key to your success and being part of this evolution of first-time homebuyers. Keeping up with new technology and approaches that attract this demographic is key, but understanding their mindset and needs is equally important.
Learn Mandy’s Proven Millennial Attraction Approach… for Free!
Coach Dan Paris will walk you step-by-step through the same system that Mandy uses to master attracting this profitable new buyer. For a limited-time watch the replay here.
