According to a recent Realtor.com report, Generational Propensity Report: 2018 in Review, millennials officially overtook Generation X as the holders of the largest share of loan originations, by dollar volume, in November 2018. This occurrence, the report notes, comes after millennials already overtook Gen X as the group with the greatest number of new mortgages, effective January 2017.
Clearly, millennial interest in homeownership is no mere trend. While uncertain financial conditions have unquestionably altered the timeline of when their first purchase of a home takes place compared to that of previous generations, millennials share the same desire to own a home as their parents—and their parents’ parents.
As this next generation of home buyers enters the fold, how can you best serve them? Put away notions of plying would-be millennial buyers with avocado toast and soy lattes, we have a few tips that you can follow that leverage the same technology you may already be using to attract clients from all generations.
Embrace Electronic Communication
Most of us who have been around millennials know they are less inclined to talk on the phone. A recent survey confirmed this notion: millennials prefer non-verbal communication vs. using a phone for its original function. Thankfully, agents can leverage technology* like ShowingCart® to create buyer’s tours, which provides a convenient list of a day’s showings (in addition to points of interest in the area, if desired) and which can be emailed to buyer clients. It’s perfect for limiting the number of back-and-forth calls between you and your buyer.
Almost everyone uses social media, but more than any generation before it, millennials are not only comfortable with it to inform their buying choices, they expect to do so. In fact, a USA Today report from 2018 showed that social media is already proving to be an important way to influence millennial home buying behavior. As we noted previously, social media like Instagram and Snapchat—both particularly popular with millennials—can be leveraged to highlight properties.
Data for the Digital Natives
Perhaps more than any generation previous, millennials want to know as much about the area their would-be home is in as possible. As digital natives, millennials are used to having access to a wealth of information. As their agent, you can help by taking advantage of the stats provided by InfoSparks*, for example, to highlight market conditions for an area to give them all the information they need to make an informed choice.
In the end, millennials have many of the same needs and desires that inform their home buying choices as any other home buyer. Keep that in mind as you embrace these technologies and you’ll be well on your way to reaching a motivated, eager new generation of home buyers.
For 20 years, ShowingTime has helped agents serve buyers and sellers. Reach out to us today to learn how ShowingTime products and services can help you work smarter and grow your business.
*If you belong to an MLS that subscribes to ShowingTime for the MLS and/or MarketStats, you have access to online scheduling tools – like ShowingCart – plus reports and charts for every situation. Talk to your MLS if you don’t have these tools.