Millennials are buying their first homes – and buying them in record numbers. The 2019 National Association of Realtors (NAR) Buyer and Seller Generational Trends Report found that the number of young, first-time homebuyers is on the rise. Millennials, identified as those born between 1980-1999, comprise about 37% of the overall home buying market.
Millennials have been slow to purchase homes in the past. Today’s first-time buyer is older on average than in previous generations. However, a CNBC study finds that young buyers finally feel financially prepared to jump into a home mortgage. Many have paid off debt and saved for a down payment, making it easier to qualify for lower interest rates.
The bottom line? Millennials are prepared to buy homes and are looking for real estate agents to help them do so.
If you’re a real estate agent, the time is ripe to connect with the younger generations and ensure your business success.
Millennial Home Buying Statistics
- Nearly a third of millennial buyers purchased homes costing $300,000 or more in 2018. This trend is likely due in part to maturing professional careers, which allows them greater purchasing power.
- Realtor magazine finds that social media plays a significant role in the purchasing habits of millennials. Many first-time buyers find real estate agents and available properties via social media sites and reviews.
- In 2018, the average first-time homebuyer was 32 years old with a household income of $75,000.
- 99% of millennial homebuyers search online websites during the home buying process according to a 2018 NAR report, and most used a mobile device to search.
If you’re not using social media, website design, and other technology to reach today’s first-time homebuyer, you’re going to miss out on a booming real estate demographic.
Marketing to Millennial First-Time Homebuyers
Using the statistics above, Realtors can fine-tune their marketing strategies to actively engage with younger homebuyers.
Create a User-Friendly Website
First-time homebuyers begin their home searches almost exclusively online. If your real estate business’s website is lackluster, you’re not likely to appeal to millennial buyers.
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Engage on Social Media
Millennials (and, therefore, many first-time homebuyers) live their lives online. From finding new restaurants to connecting with college pals to purchasing their first homes, millennials do it all through the internet.
Many millennials rely on social media to find information, including finding real estate agents and homes for sale. First and foremost, you should establish social media accounts on all the major platforms, then update them regularly. For more tips about social media marketing, check out this article.
Be Mobile Friendly
Millennials – like many of us – are attached to their phones. In fact, most millennials report performing online searches on their mobile devices, rather than a desktop or laptop computer. Keep that in mind as you create your website and marketing materials: you’ll want to ensure everything looks just as dazzling on a mobile device or tablet as it does on your computer screen.
Your website and social media accounts should do more than simply advertise available properties. Today’s homebuyers want to get to know you: to understand how you operate your business and help your clients find the perfect home. Every post is an audition.
To that end, you should make content creation a priority during your business day. Website and social media content help you reach new clients and help existing followers learn more about your business and your expertise. Content can be anything from blog posts, informative articles, Facebook live posts, or short social media posts that increase your visibility with your followers. The more content you create, the more clients you’ll reach, and the more credibility you’ll have.
Take Great Photos
Millennials reported being more likely to tour a home if a listing featured professional photos and detailed information. Every time you’re the listing agent on a property, take the extra time to ensure all images are crisp and attractive, and that the details provide plenty of in-depth information. Who knows? You might attract a first-time millennial buyer with your attention to detail.
Have you represented first-time homebuyers? Tell us your tips for marketing to millennials in the comments below!