Millennials are now taking their turn as the adult generation; they are the present. And as they come of age, they are beginning to move forward with their lives and make one of the biggest decisions of their lives: purchasing a home. Millennials are one of the most unique generations in quite some time. They have been raised in a truly changing world, where digital is king, communication is instant and constant and technology is being applied to just about everything. This makes their perspectives on everyday aspects of life a bit different. Real estate is no exception.
Marketing a house or apartment to a Millennial is quite different than marketing to a Gen Xer or a Baby Boomer. Here are a few ways to reach out to Millennials and how they view the real estate industry.
Millennials Are In Debt
You may have heard the stereotype that Millennials all live with their parents well into their 20s. And to a degree this is true, but it usually isn’t due to laziness. It usually has to do with the fact that they are in massive debt. 1 in 4 Millennials has a Bachelor’s Degree. This is great to see that so many youngsters are educated, but that education comes at a price. According to a study by the Economic Innovation Group (EIG), 59% of Millennials are concerned about paying back their student loans. In short, money is an issue with Millennials, and one has to keep that in mind when speaking about purchasing or renting a home.
They Understand Technology
This should come as no surprise, but Millennials are incredibly tech savvy. They were raised in a world where technology continued to accelerate to the point where we now carry supercomputers in our pockets. They are quick to adapt to new technologies and they rely heavily on digital and social media. This can be beneficial when trying to reach out to potential buyers. Facebook, Twitter, LinkedIn, Instagram; these are all social media profiles that can be used to advertise listings and establish connections within the Millennial space.
Millennials are an incredibly fascinating generation. They view the world in a different way; these are only a few of the ways that we can reach out and connect with them. There are many other features and methods of reaching out to Millennials that can come in handy for any real estate professional. Make sure to read part two for more information!