31 percent of all homebuyers are part of the millennial generation (between the ages of 18 and 34 years old). Out of the 31 percent of millennial homebuyers, 76 percent of them are buying a home for the first time. These first-time homebuyers have the potential to be a lifelong client. But what does this mean to you? Marketing to millennial homebuyers is an untapped opportunity for you to get ahead in the industry.
Millennials who are ready to buy their first home are most likely to take their time. They are cautious homebuyers, which means they need a trustworthy agent who will help guide them.
So how exactly do you market to these young homebuyers? Here are some tips:
Understand how they search.
Millennials are on the go; long gone are the days when homebuyers would drive through neighborhoods seeking out “For Sale” signs. They start their search online by visiting sites like Zillow, Realtor.com and Trulia. And these sites have user-friendly apps to find their first home faster and easier. Just like swiping left on a dating site, listings with bad real estate photography don’t stand a chance. This means professional real estate photography is more important than ever before.
Florida agent Heidi Cole — who knows high-quality real estate photography is crucial — states, “You just can’t do things the way things ‘were always done’,” she says. “To be successful, you have to stay on top of how consumers are accessing information — something that is forever changing — and make sure you’re perfectly poised to reach that audience.”
Be tech-savvy when communicating.
Millennials are known for being tech-savvy individuals. The amount of millennials searching real estate-related content online has increased 30% from May 2013 to July 2014. A smart agent knows that a good listing requires professional real estate photography and well-written property descriptions. But how you communicate to prospective homebuyers to close the deal has changed dramatically over the years. Leave a millennial homebuyer a voicemail, and you may lose an opportunity. But a text message could lead to a big win.
In order to be on the same page as millennials, you have to learn to be equally tech-savvy. Not only are they doing online research on homes, but they are also doing online research on YOU! Having a strong online presence is important. A simple web page with a headshot, a summary of your experience, and current contact information will increase trust between you and potential young homebuyers. Some agents even have their own Facebook page and make a strong effort to delight potential homebuyers with useful and entertaining content.
What’s trending?
What used to be an important feature of a home may not be on top of a young homebuyer’s priority list. For instance, have you heard of the tiny house movement? Tiny houses are small, but efficient spaces that are smaller than 1000-square-feet and can range from $15,000 to $100,000. With a majority of young homebuyers still paying off student debt, these small, affordable, yet comfortable (with a dash of luxurious) homes don’t come with a burdensome mortgage.
Millennials are also following the “green” trend and are interested in new or refurbished homes that closely follow sustainability standards. With energy costs on the rise and an ever-growing interest in protecting the environment, young homebuyers are more “green” conscious than prior generations.
Professional real estate photography has the magic to showcase these trendy features in every listing. If your listing has unique features that you know millennial homebuyers are looking for, communicate them with your real estate photographer to find ways to best highlight them.
Need help marketing to first-time homebuyers? Call VHT Studios’ at 1-800-790-8687 or visit VHTStudios.com to book a photography shoot today!