Marketing to Millennials – How to Tap This Potential Growth Market
When marketing to millennials, it’s important to know who they are and what they want in real estate! In the real estate business, it’s critical to be able to quickly and efficiently respond to your clients’ wants and needs. Where do millennials and real estate meet? What do they want and how can you land them as clients?
Canada’s twenty-somethings are vocal about how they feel about the real estate market and their involvement, or if they’ll even bother. That’s not a stereotype of a lazy millennial, that’s borne out by a Huffington Post article showing that there are a record number of Canadian youth aged 20-34 still living at home with their parents. The main reason for this is that they don’t see an affordable housing market they can enter any time soon.
Then, a recent NBC News story stated that the largest group of homebuyers in the U.S., for the fourth year straight, is millennials. According to one of the largest real estate groups in the U.S., millennials are not just starting to buy homes, they are powering the U.S. housing market. (SOURCE: http://www.nbcnews.com/business/real-estate/who-s-powering-housing-market-surprise-it-s-millennials-n768196) Often where the U.S. market leads, the Canadian one will follow. Will that hold true for the Canadian millennial market? If it does, have you set your strategies for marketing to millennials?
It can be hard to adapt if you are used to selling to an older market. Millennials, like boomers and any other buyer, are looking for a professional they can trust. They value your experience and access to the tools and resources necessary to succeed in the real estate market. To effectively help your millennial clients, you need to know what they are looking for.
Here are seven tips for marketing to a millennial homebuyer:
- Master social media with a robust, active online presence, as millennials will go online first when looking for a real estate sales professional.
- Make your online personal brand more personal, don’t just post your listings. Post your day-to-day life. Millennials want to know more about who you are, not just what you do for a living.
- Get mobile and digitize as much paperwork as possible. Ultimately, millennials prefer the use technology to communicate, from email to text to Facebook messenger.
- Sell the neighbourhood – millennials are often looking for a good community and area to live in first, then the right home in that area.
- Guide, don’t push. They may be inexperienced, but they want to be heard just like any client.
- Millennials like variety and usually want to see different homes to help land on the right house.
- Transparency – keep them informed on everything that happens in the home selling process.
A happy millennial client is more likely to give you a good review online and boost your social media profiles. Remember, other millennials are checking out review sites and social media online when they’re looking for a real estate sales professional. Millennials are a very ‘connected’ generation with large social circles. When you do a good job, you can trust that they’ll share that with their network of influencers. Your efforts will come back in the form of future sales and referrals.
With GeoWarehouse on your side, you can leverage the tools and resources available to increase your marketing to millennials.
Find out more by visiting www.geowarehouse.ca today.