Idk Who Needs to Hear This But Market to Millennials: Here’s How

Idk Who Needs to Hear This But Market to Millennials: Here’s How

millennials are buying homes

 

Millennials made up the largest group of home buyers (37%) in 2019. When a chunk of your market is that big, it’s crucial to get to know them and learn how to meet their needs. So let’s start with this: what constitutes a millennial? The answer differs depending on who you ask! But, millennials are typically ages 18 – 34. They grew up as technology grew alongside them, so they’re usually very active on social media. 72% of millennials say they want to buy a home, and it’s estimated that more than a third are already homeowners. I’M a millennial so take it from me. I would love to buy an Idaho home in the next couple of years, no cap.

Buying a Home be Like…

What Millennials Are Looking for in a Home

millennials are buying homes

1. Versatility. Minimalism has become a trend in the last couple of years, and we know that millennials are very trendy. Chances are, they’re not gonna go buy a huge 5 bedroom home right off the bat. They like to keep things pretty lowkey, so they’ll want a home where they can use the spaces for various needs—a  hangout corner, an office, a spare bedroom, you name it. They want the freedom to make the home their own!

2. Updated kitchen and bathroom. This is important in any home, but especially when it comes to millennials. They tend to love that modern style. They’re very aware of what’s in. They’ll be looking for brand new fixtures in the kitchen and bathrooms. Make sure everything is good quality. Because of their limited budgets, most millennials’ savings will go towards a down payment and furniture, and not updates. This is a whole mood.

3. Amenities. While space isn’t as big of a concern for most millennials, they want their homes to come with modern, high-functioning amenities. Having a dishwasher, washer, dryer, and a space to exercise would slap! In a study by the National Association of Home Builders, more than 80% of millennials want things like laundry rooms, hardwood floors, patios and garage storage.

3. Open floor concept. Although formal dining rooms used to be popular, today’s buyers prefer an open concept where the kitchen, dining and living areas all flow together. For millennials, all rooms are used as hangout spaces. Plus, since they’ll generally be buying a home with less square footage, it’s important that the whole home is open so it feels bigger.

4. Home office space. The number of Americans who work remotely continues to grow each year, making a home office an important factor for home buyers. Having a dedicated space will help them focus on the task at hand and keep their paperwork and gadgets tucked out of sight.

5. Proximity. It could be attributed to high gas prices and traffic, or to eco-consciousness, but young buyers tend to focus a lot on a property’s location. Proximity to work or public transportation, as well as walkability, are all important considerations. Millennials want to be close to their campus, job, and grocery store.

6. Home technology. Technology has taken center stage in real estate for millennials, as these digital natives have saturated the home buying landscape. Prepare to talk to potential buyers about wireless service providers, carrier signal strength, and smart home features. Home automation is another amenity that piques the interest of millennials. Many want the ability to interact with their homes in the same way they do with their smartphones. There are varying levels to the smart house setup, whether that’s automated security, heating and cooling, lights – the list goes on. But if you really want to appeal to millennials, start thinking about ways to make your home more tech-savvy.

7. Energy-efficient. Energy efficiency features such as solar panels help millennial buyers kill two birds with one stone. Increased efficiency allows them to protect their budgets while satisfying their environmental consciousness. Non-eco-friendly homes are CANCELLED.

8. Online photography. The vast majority of home buyers find their property online. Make sure your website has good SEO, lots of blog posts that interest millennials, and quality photographs of your listings. It’s also crucial that you stage your homes in a modern and edgy way to entice your target market. Think Pinterest.
Oh, and don’t judge their financial capabilities – many are getting a boost from Mom or Dad. 🙂

Spill the Tea Sis

Here’s How to Market to Millennials:

millennials use the internet to find a new home

So now that you know a little bit more about who millennials are and what they want in their home, let’s talk about how you can reach them. What will get their attention?
1. Social media. It’s time to adapt. If you want to reach these millennials, you gotta ditch traditional marketing and embrace the online world. I got the receipts: 90.4% of millennials are on social media, so this is where you need to be too. If you aren’t familiar with how to use social media, hire someone who is! This is the #1 way to interact with them directly, easily show your listings, and keep up with what’s trending. Engage with your followers and create connections with them.
2. Website. 93% of home buyers aged 37 and younger use the internet for their home buying process, so you want to make sure your website simple, clean, and easy to navigate. Gotta stay on fleek! Millennials are very familiar with the internet. They can easily point out a good website from a bad one. Update it often. Post lots of videos, photos, and blogs. Since they’re using phones, tablets, and laptops to view your listings, their first impression is coming from description and photos. And don’t forget how important reviews are. Everyone reads them!
3. Photos and videos. Adding more to the above, it’s crucial to have good quality photos and videos on your social media and website. Make sure your feed is “aesthetic.” And don’t underestimate the power of a simple video! Social media posts with video have 48% more views than plain text or images. And it doesn’t even have to be anything crazy. People just like seeing a personal side to you. They like seeing your face and hearing your voice. It creates a connection between you and the viewer.
4. Help them each step of the way. 90% of home buyers aged 37 and younger worked with a real estate agent, and many of them cited that they wanted help in understanding the home buying process. Understand that guidance is extremely important to this consumer segment, and take advantage by marketing your emphasis in assisting clients.
5. Price matters. A majority of millennials use their savings to pay their down payment, more so than other generations, signaling limitations in financial options. Help these buyers by suggesting how to save money or use their funds in the most impactful way during the home buying process.

Vibe Check

It’s Time to Take On the Idaho Real Estate Market

You might be shaken by everything you’ve learned about millennials, but now you know exactly what they’re looking for and the best ways to meet their needs. Now nothing can hold you back from being the G.O.A.T. Go be active on your social media, stage all your homes, and be relatable. We stan a Realtor who knows his stuff!
And to you millennials: here at Accel Realty Partners, we have lots of trendy agents and you’re bound to find someone who vibes with you. Contact us today to find an agent you trust to help you find your first home.

Accel Realty Partners

208.450.3000

Proud to Serve the Treasure Valley Accel Realty

Accel Realty Partners

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