Millennials are the biggest generation in U.S. history and are disrupting tradition in every industry with their tech-savvy and unique habits. From the way they consume media to buying clothes to even managing money, they are doing it completely different than their parents. As millennials enter adulthood, home buying is next on their list of accomplishments. Not only do millennials look for a unique style of home, but are turning the whole buying process on its head. If real estate agents want to keep up they need to learn and make adjustments in order to retain them as clients.
1. Millennials prefer texting
Today, 90 percent of millennials use a real estate agent when either selling or buying a home. When it comes to conversing via cell phone, millennials feel most comfortable through text. Even with important issues, such as buying a home, they prefer to text or email. In order for the agent to adapt to the changing times, he or she must learn to text the next time a new home goes on the market. These new communication methods may be difficult to master at first for some agents, but as the biggest generation begins to buy homes, it’s quite important to learn.
2. Millennials use their phones for research
Millennials are not only using their phones to text, but for research. Last year, 51 percent of homes bought were found using the internet. This young generation is using their phones to do some extensive real estate research. It was found that 50 percent of homebuyers used a mobile device during their search while 31 percent actually found their home they bought with their phone. This means millennials are showing up to agent’s desks well informed and well educated about the topic, compared to generations past. This also means that millennials don’t need much information about the home itself, but more about the buying process in general. They are spending more time watching virtual tours online rather than private showings. With this new popular method of home shopping, the online photos associated with the listing must be impeccable.
3. Millennials want their parent’s advice
Millennials are smart in that they still look to their parents for advice about the home buying process. Agents should be prepared to answer any questions about home loans and other products that can further educate millennials.
4. Millennials want to be in the know
In order to provide the best customer service possible, agents should keep their millennial clients in the know. This can be as simple as sending a quick text message to an email with what is going on. Millennials love transparency.
5. Millennials are not searching for their forever home
As the average age of marriage increases the number of single homeowners is also increasing. Millennials today are buying their first homes before marriage as an investment.
Millennials make up the largest home buying generation at 32 percent. It’s crucial for agents to learn and adapt to millennial preferences if he or she wants to survive and thrive in this industry.