It’s 2015. Those clients of “tomorrow” are officially the business of today. Yes, I’m talking about the Millennial. Those 80s and 90s babies who’ve grown up with the Internet, the laptop take over, and new value set that’s driving every market, including real estate.
To sell and convert to the largest prospect pool to appear in more than 50 years—note at 76.6 million, there are more millennial than boomers—here are a few marketing and conversation strategies data says will work:
1. Inspiration – the New Brass Ring
One of the biggest differences between millennials and other generations is their definition of success or “making it”. Buyers and sellers born between 1977 and the mid-90s aren’t after the same brass rings of past generations. The economic rollercoasters, aging workforce, and increased education of the crowd have changed their leading purchase motivations.
In past generations, factors like jobs, homes, marriage, and kids lead to purchases. While this generation does want all of the above,
Experian’s Consumer Speak Series and
CEB’s Marketing Blog research shows that millennials’ leading values and purchase motivators are skewed toward more abstract concepts and outputs.
For example, Experian research showed the top decision motivator of millennials was money, not jobs. Among a few groups, like Hispanic respondents a record number of those surveyed (44 percent) said that entrepreneurship is a major life goal.
CEB reported that the critical motivators for this audience are “happiness, passion, diversity, sharing and discovery.”
That means that if you’re going to entice and motivate this generation into action, you need to sell the same things differently. Yes, you’re still selling property, but you may want to de-emphasize and shift your targeting from home features and specifications to the neighborhood and financial benefits attached to ownership. What are the lifestyle features your local millennials are looking for? Easy commutes? Walkability? Dog parks?
Find these things and you will unlock anew generation of success in your marketing and growing engaging your generation of clients.
2. Autonomy – What Dreams Are Made Of?
The fact is, according to NAR research, the number of multi-generational households have doubled since 1980. In addition, more than 35 percent of homebuyers in 2013 were single and unmarried. These are two of a few indicators that signal that independence has become a critical part of ownership.
If you’re hoping to snag this millennial market’s attention, try changing the “dream home” you use in your marketing. The eight-bedroom McMansion isn’t what’s going to move this audience. Instead, starter homes, condos, and fixer-uppers may generate a ton more interest among this audience.
3. Mortgage “Magic”
To convert this client pool, NAR’s 2014 reports show that a mortgage that is within reach is crucial. Data presented in late 2014 showed that while 59 percent of renters between 18-39 want to buy, most—75 percent—feeling like lending options are out of reach.
When you market the feasibility of getting financed, you’ll be working magic in the mind of millennial. Connecting with your local lenders and pushing key local programs that help buyers and sellers can be crucial in generating millennial interest and ultimately closing them during counseling.
Localize and Mobilize—Get out and about before you speak up!
These trends are national. While they do apply, make sure you add your own local insights to your strategy while gearing up for this year’s hot season. If you have the cash to commission a study, great. If not, you can visit local coffee shop or eatery (where this post was written from) and exchange coffee for information you can turn into marketing success.
C/O TruliaWRITTEN BYJovan Hackley
