Millennials and Real Estate: How to Reach Them?

Watched a interesting webinar by Katie Lance! She shared insight on how to reach one of the largest generations about to hit the real estate market.  Here are some of our notes…

Age of Millennials: under the age of 35, generally 24-35

3 Ways Agents can Leverage Mobile Technology for Millennials

1. Generation Mobile

• More than 50% of millennials search for homes on their phones and 26% of those end up buying a home they found on mobile device (NAR, 2015).
• Phone and Tablets are their first screen, not computers.
• They live on smartphones.  You need apps to reach them.  Currently the top real estate searching apps are: Zillow, Trulia and Realtor.com

2. Set the Right Expectations

• Make sure to under promise and over deliver with Millennials
• Millennials don’t like surprises so outline clear expectations in the beginning
• Give them timelines, checklists, & charts
• Tell them your preferred methods of communication, your preferred times for communication, etc. at the beginning so they know what to expect

3. Generation Google

• They google anything they are unsure about.  If they can’t find it there, they go on social media.  Take advantage of this.
• Google’s new algorithm is giving priority to sites that are mobile-optimized.  Make sure to make that a priority for your web site.
• If your mobile web site is difficult to see or involves a lot of work, millennials are going to go somewhere else.

5 Critical Ways You Should be using Social Media to connect with Buyers and Sellers

1. If video isn’t part of your plan, you are missing out

• Methods you can use: Video email (bomb bomb), video in Facebook, Facebook video ads, #2 search engine YouTube, video embedded into your web site and blog
• 1-2 minute videos answering simple questions are easy videos to create

2. The power of one-to-one in social media

• Before posting on your social media, send a private message to five people first sharing it before it comes out
• Millennials want to feel special so give them specialized attention through social media
• One-to-one produces more feedback and is more effective than mass email

3. Facebook is not dead with Millennials

• Don’t spam them with advertising
• Make your posts more about them than you
• Put all your clients into a private list to intentionally engage

4. Instagram is the place for the next generation
   • 80/20 rule for content: 80% personal content, 20% promoting your business
   • Not as many advertisements on Instagram now so people are moving there
   • Take time to interact in the community such as liking community business pages and posts
   • Set your notifications for specific people (your clients)
   • Post 3-4 times a week

4. Create content that is helpful and not canned

• Focus on answering these questions with your posts:
  • What does it feel like to work with you?
  • What are your neighborhoods and community all about?
  • Context is key – are you providing value?

Biggest Mistake You are Making When Working with Millennial Clients

1. They don’t want to talk, they want to text (ask them what is their preferred method)
2. Underestimating them (they do their homework and are prepared; you need to interpret the information for them – be the voice of wisdom/trusted advisor)

Case Studies for people who work with millennials well

• Marguerite Giguere
  • She creates content specific to her
  • 4 out of 5 clients in 2014 were millennials
  • Infused with her personality and uses verbiage specific to millennials
• Nick Baldwin
  • 75% of buyers are millennials
  • Great blog (city to suburb)
  • Active Facebook
• Sharon McCarthy Steele
  • 40% of clients are millennials
  • Great, relevant, friendly blog – gets a lot of business from it
  • She stays consistent with her blogging
  • Great Facebook presence- page focused on niche market
  • Considered great local resource

How to Make it Easier for Millennials to Get a Mortgage

• Nearly half of American think they can’t qualify for a loan. (2014 Loan Depot Study)
• Fear of rejection is preventing them from getting into the market.
• Educate them to talk to lenders and see if they qualify and think about this earlier so they save. (need to start preparing 18 months out to improve credit and save)
• Talk to them about affordability; some try to max out what they are preapproved for.
• Advise them to shop around for mortgages.
• Need to do debt to income ratio to determine what they can afford.

Q & A

• Millennials are looking for a brokerage that has a lot of tech tools and quick to respond.
• Millennials do seek validation for decisions on social media
• Lead generation and follow-up: highest response is usually through texting, next emails

Other articles you may enjoy:

• Social Media 101: How to Advertise Your Business
• The Renter Next Door