Millennials have begun to enter the housing market in a big way, and now is the time to cater to them. Many agents still use outdated methods that may alienate their younger, tech-savvy customer base, so upping your tech game could result in more opportunities with millennials - who could turn into lifelong clientele. Many real estate agents know that reaching millennials can be challenging in many ways, yet rewarding.
Millennials make up the largest generational group in America, and they’re growing up fast. Many are moving on to buy houses, so putting yourself in the forefront of their mind can help you get their business. The younger generation is also more likely to recommend you to other young homebuyers, which may earn you extra business and connections.
If you’re looking to pursue business among the younger house-hunters, here are a few tips to help you get started. Chances are, you may find that they’re more agreeable than you previously thought!
- Get social. Social media, that is. Facebook pages, online profiles, and websites are a great way to snag the younger generation. Millennials do most of their shopping, chatting, and networking online, so getting into their airspace is a good start. Spend an afternoon to set up shop, update your professional Skype account, and try writing some SEO pieces or blog content focused on the younger generation. (Best places for first time homebuyers, best nightlife locations, best places to raise a child, etc.) Not too social savvy? Check out our blog "The best social media tools for real estate agents".
- Capture their attention. Whether you’re speaking with them over the phone, through an email, or in person, it’s best to grab their attention and hold it. The AICDC method, which consists of attention, interest, conviction, desire, and close, is a good method to apply when studying up on negotiation techniques for this younger demographic. Keep things short and concise, be witty, and get on their level.
- Market to their tastes. Getting to know your client is always a good step, but it’s especially important for younger people. Ask them questions, listen to their answers, and ask their opinions on different aspects of the home and area. Try to base your suggestions off what’s important to them - millennials tend to hold different things near and dear to their heart, and chances are they will appreciate the effort. They may even repay it by recommending you to their friends or coworkers, which can open up a whole new avenue and real estate niche for your business.
- Be as helpful as possible. Many of these people are young and inexperienced when it comes to navigating the housing market. 90% of Millennials use real estate agents when buying a home, and while they may seem like daunting clients, they usually just want wisdom and guidance. Be honest with them, give them some insight on how things work, and guide them towards the right decision for their taste. Honesty goes a long way with this crowd, earning their trust early on by not “selling” to them too hard, but approaching each conversation with a mentor attitude goes further in this age group.
Millennials can be a fountain of networking and business opportunity. Many of them are looking to start their lives off on the right foot, so helping them find their way can work well in your favor. Learn how to talk to them, keep their attention, and don’t hesitate to lend a helping hand. It’s important to stay patient with your young clients, they may ask a lot of questions or need to search through a few more properties, however patience and persistence will mean you get the deal.
Be ready to field a lot of internet searches and research from this age group, they like to spend their free time hunting online - showing the value of your access to the MLS and the experience you provide is a sure way to win their business. If you manage to get a foot in the door, you might just be able to sway other millennial buyers into contacting you.