We talk a lot about Millenials
In real estate, we really need to be. Did you know that the largest generational group of home buyers last year was millennials? (See the NAR Home Buyer & Seller Generational Report 2018)
But this post isn’t about that…we all know the stats or at least some variation of them. My question to you is how have you changed or added to your real estate business to make sure you are attracting today’s home buyers and eventual sellers? You know…Millennials?
All of us, including millennials, carry this computer around with us all the time, it’s called a cell phone. At any moment we can find any information we need with a quick google search or simply asking Siri. Except for me…Siri hates me and never understands what I’m asking her…like ever!
Anyway, the point is that what we want is information, immediately. And if we can’t get it we move on to the next link, post or app to get it. If you become a resource to your potential and current clients…the kind of resource they can count on and not have to look elsewhere, how could that help you grow your business and bring referral business too? Remember, a resource isn’t reminding them to turn their clocks back or sending them generic tips on winterizing their homes. It’s being consistent and giving them the information they want and need and sometimes doing it before they even realize they need it.
In addition,
Here are a few ideas:
- Communication is like “Love Languages”. I’m sure you’ve read the book The 5 Love Languages, but if you haven’t you need too! Not just for real estate but for life. The premise of the book is understanding how the people in your life feel and show love. If your significant other
feels loved by acts of service (like doing the dishes for them or my thing with coffee? read it here), and you shower them with gifts, it’s not that they won’t appreciate the gift, they just feel more loved when you take the trash out. Now think about how potential millennial clients like to communicate and receive information. If you aren’t showing up and communicating to them where they are, not only will they not see you, they probably won’t come looking for you either. If you aren’t comfortable with social media and prefer to market in other ways what percentage of potential home buyers are you not attracting because YOU don’t feel comfortable? A December 2018 article in Entrepreneur Magazine states that 33% of Millennials purchase products directly from Facebook. That equals 25 million people in the U.S! Now do I think they are going to buy a house that you post as a new listing on Facebook? No, but do I think they will see you as a service provider and someone they want to help them make the purchase? Yes! 100%! - Third party validation is huge with the millennial demographic! If you aren’t comfortable asking for recommendations and reviews you need to get comfortable with it right away! And have a system in place to make sure your targeted audience can see them. The same Entrepreneur Magazine article states that Sixty-one percent of Millennials trust a friend’s endorsement the most, followed by their own experience with a brand (51 percent) and website reviews (48 percent). At my brokerage, NextHome Premier Choice in Dallas, TX, we make it easy for agents by automating this process for them. We send the recommendation requests to their clients for them and once the endorsement is given and accepted by the agent, it is automatically posted to their website, online profile, and they are given social media links for posting as well. Having a system in place to capture these reviews and publicly posting them builds an immediate sense of trust in your brand when viewed by the public.
- Emotion is key, millennial consumers want to connect with a product or service, they want to feel good about the decisions they are making and this is usually done by building an emotional connection to the brand or service. When you think about a marketing strategy for this demographic consider using video of real clients telling their home purchase experience, tap into the emotional side of purchasing a home. Remember, money is emotional too… help them understand how the financial investment in real estate not only builds personal wealth but can help them fund future endeavors and their retirement. Speaking of emotion and retirement, remember that the millennial generation was between 4 and 26 in 2008 when the economic downturn affected our nation. A large group of them witnessed their parents losing or at least struggling to keep their homes. It was an emotional and tense time in a lot of households and millennials witnessed this first hand. If you sense some hesitation, when it comes to making the leap into homeownership having a conversation with them about this potential fear and their personal experience during this time could be a really good place to start.
Remember sticking with what’s always worked isn’t a bad strategy unless that’s the only one you have. Adding things to your proven marketing systems to capture new clients and appeal to new generations is what will keep you in business!
Your’s in Success!
A.