With its cohort of 66 M people, the Millennial demographic is expected to form 25M new households by 2025.
Millennial Real Estate Market Hotter than Ever
A recent survey by the National Association of REALTORS®(NAR) indicates that the Millennial demographic (born between 1981-1996) is now the largest share of homebuyers in the housing marketplace. With 66M people, industry experts estimate Millennials will form 25M new households by 2025.
These native tech speakers/doers have grown up on social media and naturally, Millennials are changing the game of real estate and how it’s played pursuant to social media.
Is your real estate business ready to serve and communicate the interests of Millennials in the housing market?
Here are some tips from HousingWire’s “The Millennial Guide: How to Win Over This Critical Audience:”
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Balance Traditional and Online Strategies to Focus Efforts
No need to “throw out the baby with the bath water.” Keep using traditional marketing strategies that have worked for you in the past AND combine those strategies with authentic branding strategies across social media platforms and your website.
Make sure your website is dynamic – outfit your website with professionally taken indoor/exterior/drone photos and videos, automation tools that enable quick, “the sooner the better” responses to online inquiries, and great, engaging content that offers your viewers useful, valuable information.
Remember that Millennials are native tech/social media speakers so use social media channels consistently and regularly. “Meet” Millennials where they are…on their mobile phones, on social media platforms, at live/virtual networking events and workshops. Enable Millennials to trust you and your brand by offering them consistent, authentic, engaging and valuable content they can use.
Build Pipeline to Win Millennial Clients
Balance your traditional (direct ads, signage, etc.) campaigns with digital campaigns…even personal referrals (usually 30% of agents’ businesses) and open houses have to be dialed up with social media.
Focus on unique content that is simultaneously valuable to potential and move-up homeowners, interesting and entertaining in order to create and retain Millennial involvement with your brand.
Best Practices for Social Media
Since 88% of Millennials use online channels/resources to search for and “view” houses in their home search efforts, expand your social media outreach and constantly leverage/enhance your website. Use social media best practices such as:
- Hashtagging and geotagging to highlight specific locations, home types/styles, trends, etc.
- Know the “rules of the road” for each social media channel
- Engage with you viewers/subscribers as quickly as possible when they ask questions or submit comments about your posts and/or listings – responsive engagement boosts brand connectivity and loyalty
- Expand your educational outreach programs to serve first-time homebuyers (often Millennials). Think information about grants for payment assistance, homebuyer seminars/workshops, staging tips, buying and selling simultaneously, etc.
- Cross-promote your “events” and content information on social media channels and your website
- Develop and consistently update your blogs and infographics.
- Make open houses events, be those events virtual and/or in real time life (IRL). Use photos/videos to promote open houses/events since 80% of Millennials “find” houses, agents, and events via visual images.
By the way, any and all of these tips are effective with all potential buyers and sellers, not just Millennials.
Thanks to the National Association of REALTORS® and HousingWire.