August 17, 2018
Millennials are the largest generation since the Baby Boomer era, and many are shopping for their first homes. Millennials are known for their trendy, tech-savvy, and sustainability loving ways, but what does that mean for the real estate market? Millennials are disrupting shopping trends, and finding ways to shop smarter– even if it means creating non-traditional routes. Here are six ways to connect with millennial homebuyers, and sell your property:
Whether it’s direct sales messages in their inbox or someone pushing for the up-sell in a retail store, millennial buyers are tired of being sold to. Traditional sales models of repeat asks, comparison traps with their neighbors, and a bigger is better attitude are a turn off for potential buyers. Traditional sales tactics may have worked for the Baby Boomer generation, but millennial homebuyers are over the pushy sales approach.
Honesty is the key to any good relationship, and it’s a non-negotiable for millenials entering the real estate market. If a property is in need of repair, it’s much better to be transparent with potential buyers than try to disguise the problem. A broken HVAC system can be repaired. The trust between a buyer and seller– not so much.
Master Social Media
The majority of millennial shoppers are looking at listings via social media and multiple listing sites. If you aren’t social media savvy, it’s okay. Door agents have an entire marketing team behind them to promote your home to potential buyers across multiple platforms.
Once buyers find your property online, the photos and condition of the home determine whether they schedule a showing. The best way to secure a showing from new homebuyers is to focus on presentation. Your home needs to appear move-in ready, have excellent photos, and be properly staged. Millenials want properties that are finished. They aren’t interested in purchasing properties that require significant upgrades or repairs, so if your home only needs a coat of paint you’re more likely to secure a showing than someone else who needs a breaker box moved. Your Door agent will schedule your free staging appointment, professional photos for listing sites, and 3D drone imaging for a virtual walk-through of your home.
Know your Neighborhood
Location is a key factor for all shoppers, but millennials are more interested in the surrounding social scene and access to public transportation than in desirable zip codes. Let your Door agent know what type of social setting your neighborhood offers, walkability to nearby hot-spots, and access to public transportation. If your neighborhood or HOA has a recycling program, offers food drives, or practices sustainability efforts, share that as well.
In an age focused on optimizing instant gratification, fast response times are important to new homebuyers. When they decide they want to tour a property, most want to do so within two days. Millennials thrive on quick responses, and expect fast turn-around for scheduling showings, offer acceptance, and option-period negotiations. Using stall tactics to increase offers or alter negotiations may have worked with the previous generation of homebuyers, but in most cases millennials will move on to a different property rather than wait.
There are plenty of ways to save money when buying or selling a home. Did you know we saved our clients an average of $12,000 in 2017? Click the link below and find out more.