The millennial generation is becoming an increasingly important part of the real estate market. According to a 2013 generational housing study conducted by the National Association of Realtors, Millennials, or those born between 1980 and 2000, are the second biggest segment of the buyer market. Marketing real estate to Millennials can be a difficult task because they often have a number of “must-have” features on their lists. Real estate professionals should make sure their properties appeal to this demographic. Read on for key strategies and trends to keep in mind when selling to Millennial homebuyers.
1. Find the Home’s Best Angle
While Baby Boomers may want a two-car garage, large kitchen and extra storage space, millennials have their own wish lists. This generation is looking for something different than their parents, particularly in terms of aesthetics. They look for:
- Open floor plans: Rather than having the kitchen, living room and dining room segregated, young buyers prefer open floor plans where these three rooms flow together.
- Hardwood floors: Carpeting appears to be a dying trend for young people. Focus on homes that feature hardwood floors. Always remind your clients that hardwood is easy enough to install if this feature is lacking.
- Walkability: Young buyers are continuing to forgo their cars for bike-riding or walking. They’ll appreciate homes that have a corner store a block or two away and public transportation nearby.
2. Sell the Neighborhood
For Millennial homebuyers, the surrounding area or neighborhood is just as important—or more—than the house they buy. A characteristic of this demographic to keep in mind is they want to get from point A to point B as quickly as possible. In other words, the least amount of obstacles and distractions, the better. To demonstrate this characteristic in a home, point out the proximity of the property to highways, hospitals, shopping centers and schools. Knowing the house is conveniently located will have major appeal to Millennial homebuyers.
3. Emphasize Environmentally Friendly Features
Millennials are incredibly environmentally-conscious, so these clients will be looking for a home that has one or more “green-friendly” features. Eco-friendly materials and products are generally present in newly-built homes, however, if the home is older it may need environmental updates in order for you to reach a younger demographic. If a home is lacking in environmentally-friendly features, you can also make certain eco-friendly suggestions to your clients, such as replacing old single-pane windows with new, double-pane ones for better energy conservation and insulation.
4. Think Clean and Modern
Though modern homes are popular with this demographic, that doesn’t necessarily mean that the home has to be brand new. There are a number of staging tricks you can utilize before your showing or open house in order to capture a minimalistic feel. Keep in mind that the primary characteristic of Millennial homebuyers is that less is always more.
5. Target Online Advertising
Young buyers can often be the most difficult demographic to reach when it comes to advertising, therefore, you need to place your ads where they are most likely to see them. Millennials generally do the bulk of their research on the internet, which means you should invest in online advertising. Social media is also an effective way to advertise your business to this demographic. Platforms such as Twitter and Facebook are great places to showcase your listings and accumulate the maximum amount of exposure.
To get all of the juicy statistics on Millennial homebuyers, check out our Millennial Homebuyer Infographic.