I’m a Millennial so I feel that this article helps identify some of the issues involved with the perception of my generation!
You’ve probably heard a thing or two about millennials. Some of it may be true, some of it may be completely false. For REALTORS®, however, it’s important to understand the facts on millennials, not the myths, because those facts could potentially impact the way you market yourself to them.
Let’s dive right in. What are some of the misconceptions about millennial home buyers that every Realtor should know?
Misconception #1: Millennials are disloyal.
Truth: Millennials are used to having so many options all around them – careers, automobiles, homes, schools and more – it’s easy for them to bounce from one item, one brand or one Realtor to the next. However, that doesn’t mean they’re disloyal. They just know how to take advantage of their myriad of choices. Think of how committed people are to their brand of phone (the great Apple vs. Android debate), and strive to be the Realtor they are as loyal to as their iPhone.
What you can do with this: The best way you can make sure a millennial (who has the ability to research multiple Realtors) chooses and sticks with you is to provide them with the best information in the most convenient place. Make it so they can’t get the value that they get from youfrom anyone else, and they’ll stick with you for the long run.
Misconception #2: Millennials aren’t buying property right now.
Truth: Actually, the opposite is true. People aged 34 and younger make up 32 percent of all home buyers right now. That’s up from 31 percent in 2013.
What you can do with this: Millennials literally make up a third of all people purchasing property, so don’t discredit them. You should be spending a good portion of time targeting this huge audience with your marketing efforts – direct mail, email marketing, digital content and other communications should speak to and provide value to this audience regularly.
Misconception #3: Millennials would rather not talk in person.
Truth: Yes, millennials love their technology. But that doesn’t mean this group would rather text than have a face-to-face conversation. One study found that millennials ranked texting as their third more preferred method of communication behind face-to-face communication and email.
What you can do with this: Don’t shy away from communicating with millennials in more traditional methods, such as over the phone or through in-person events. They may actually appreciate the face-to-face contact and connect with you deeper than they would through other methods. Just like with any client or prospect, ask them what method of communication they prefer. Or simply follow their lead. If your contact texts you, feel free to text them. If they tend to call you, follow their example and call them on the phone.
Misconception #4: Millennials are lazy.
Truth: Because millennials prefer nontraditional work styles and hours, they’re more “always on” than other age groups. Because of that, they may actually work harder and log more hours than someone with traditional work hours. Of course, this is in part due to their dependence on technology and the rising popularity of social media and constant connectivity.
What you can do with this: As a Realtor, you probably have irregular and sporadic work hours. You probably work more hours than the typical employee and rely heavily on technology like the Internet, email and your real estate CRM. Luckily, millennials are the audience that will be most understanding of this. They likely won’t mind dealing with your irregular work hours compared to older, more traditional audiences.
Misconception #5: Millennials are impulsive and not ready to commit.
Truth: Far from it. Millennials have access to so many resources to help them make more informed decisions, and they’re going to use them, especially for such momentous purchases like home buying. Also, millennials value online reviews and customer testimonials – the opinions of others are an important research tactic for this age group before making a big decision.