Key Highlights

  • Homie, a flat-fee brokerage, just released survey about Millennial knowledge of real estate
  • Survey results indicate that 87% of respondents overall feel “unclear” about buying/selling process
  • See specifics below

Homie, a flat fee real estate brokerage that offers consumers “one-stop-shopping” with agents, loan, title and insurance services under one roof, just released the findings of a survey on Millennial real estate knowledge.

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Why did Homie concentrate exclusively on Millennials for this survey? Because realtor.com projects that 51% of first-time home buyers in the US are and will be Millennials for some time into the future.

It turns out that Millennials are NOT steeped in real estate knowledge, according to Homie’s survey. Take a look:

  • Whopping 87% of Millennial respondents “feel unclear” about the home buying and selling process
  • Only 13% of respondents feel “completely confident” about the home buying/selling process
  • 50% of respondents do NOT know how much is needed for a down payment to avoid having to pay private mortgage insurance
  • 42% of respondents think there is no commission when using a buyer’s agent
  • 65% of respondents unaware of average 6% commission fee when selling a home

What can you as a professional real estate agent do about this apparent lack of knowledge among Millennial, and in fact ALL, home buyers and sellers? TEACH THEM!

Homie offers FREE resource guides for home sellers and homebuyers. YOU CAN TOO!  Here is a list of some of the resources Homie gives its homebuyers and sellers:

  • For Sellers:
    • Seller Kit includes 4 e-books that include topics such as how to get op dollar for your home, how to market your home to attract buyers, how to host a successful open house, and how to accept an offer and get through a closing
    • Definition of Seller’s agent
    • Real Estate Terms to Know such as types of agents, home value reports, escrow, staging, offers and counter offers, earnest money, due diligence periods, etc.
    • Tips about moving that include timing, weather patterns, school calendars, etc.
    • Ins and Outs of Closing Costs (our title) that includes who pays, how and when
  • For Buyers
    • First-Time Home Buyer Guide that includes all the basics
    • Definition of Buyer’s agent
    • The Players in the Home Buying/Selling Process that includes the terms (appraiser, for example) and definitions of their respective roles
    • Tech tools such as Smart Locks, Nextdoor App, Mesh Wi-Fi, etc.
    • Biggest Mistakes First-Time Buyers Make and How to Avoid Them

You as a professional real estate agent ought to consider creating your own resource guides for your buyers and sellers. Gifting your potential clients with such jewels of wisdom about the overall process of real estate may be just the thing that transitions your prospects into actual clients.

Thanks to Homie and InmanNews.

 

Also read: EXP Icon Agent, HGTV Star Collette McDonald Exclusive Interview, Best Social Media Marketing Tools for 2020 – Part I, Become a Luxury Real Estate Expert, Not Just a Luxury Real Estate Agent