Tapping into the Millennial Real Estate Market
Millennials have officially reached prime property buying age. If you aren’t effectively targeting this fast-paced, knowledge-hungry generation right now, then you are missing out on a huge chunk of the home buying market. The median age of first time entrants to the market is 31, as it has been for the past 40 years. Pull out your calculator app on your smartphone; when you do the math you’ll see that those born in the early 80s through the late 90s have come of age.
Millennials account for a third of recent new home purchases. Their impact and influence is only going to go up from here; it is predicted that millennials will start 20 million new households by 2025, which translates to a lot of millennial real estate activity over the next decade.
How Realtors Can Connect with Millennials
Reaching out to this age group is a little different than marketing to other target groups. Like never before, this generation is changing the business-customer relationship. The expectations have evolved, marketing platforms have shifted, and the bar has been raised on realtors. Here are the tips and techniques to help you truly engage this market and put that first set of keys into the hands of the millennial generation.
Create Value for Millennials with Your Social Media Usage
It’s no secret that millennials spend a lot of their online time on social media and that to reach out to this demographic, you need to be Tweeting and Pinning yourself. In order to actually connect, however, you have to approach your social media marketing as a service, not a promotion. If you simply list your properties and updates, you’ll likely be overlooked by millennials and will miss out on the huge marketing potential that social media offers realtors today. If you provide useful tips on making purchases, real estate insights, and current trends on related topics, like interior design and neighborhood information, then you are going to draw in your millennial audience, hook, line, and sinker.
Take a personable approach to your profession to build trust and interest from millennials. Gone are the days of releasing an ad and getting a response. Marketing to millennials is about connecting, and finding out from them what is important. Techniques like delivering custom listings to your clients and taking the time to provide them with information that is relevant to them – not every 20-something in the universe, will help you build a loyal customer base. This approach may also elicit quite a few raving online reviews to help attract new clients.
Be the Expert that They Want to Learn From
Millennials are information hounds. This, after all, is the digital information era. They know their stuff and want to be impressed with in-depth insights and expert knowledge. Through marketing tools such as a professional blog, social media campaigns, and an optimized website, you can establish yourself as a real estate guru – the go-to source for relevant, current information that they cannot live without.
Tailoring your strategies and your approach, you can enjoy a very fruitful and engaging client relationship with younger home buyers. For guidance on crafting the most effective millennial marketing campaigns and for help in reaching out to this important age group, send us an email at firstname.lastname@example.org. At Redman Tech, we can equip your real estate business with the tools you need to succeed!