Millenials Love Realtors Who....
Millenials Love Realtors Who.....
Millennials are all about buying homes right now, they realize the financial asset that Real Estate can be and are starting, or growing, their own families. They make up nearly half of the buyers in today's crazy market, and they have a great desire to have the "American Dream", but they want it THEIR WAY! So what do they look for in an agent? Great question, I'd love to tell you. *Elyse Meyers voice*
What We’ll Cover
Agents who are available
Millennials like to know that their real estate agent is available. You may be able to relate: you are busy, so you want to know that your resources will be flexible enough to work with your schedule.
While a previous generation would have been more comfortable with the idea of an agent “managing” them and not the other way around, millennials prefer the opposite approach. Millennials want an agent who is willing to check in on them regularly and who they can reach easily when they need it.
If you are looking for clients in this age range, make sure you take time to show them that you are responsive. In fact, making yourself available as much as possible is a great way to win over home buyers of any age!
Have a realistic view of their homes
You should be honest with your clients. Given their age, they are probably making their first move into the housing market, so they need an agent who can give them accurate price estimates and offer advice on how to get the most money for their home. If you set a listing at a price that is too high, it will sit on the market and sap your time and energy. You also don't want to underprice a house; that's what leads to bidding wars between buyers and selling for less than the house is worth. As a realtor, you need to know what your client's home will realistically sell for in today's market and you need to be prepared to negotiate if someone wants to lowball an offer.
Make sure the home is ready for sale. Millennials might not have as much experience with remodeling as older people because they haven't been around long enough to own multiple homes like some baby boomers do. The seller needs help with getting contractors or handymen over quickly so minor issues can be addressed before prospective buyers see them and decide not to make an offer because of something small, like some cracks in the front step or loose shingles on the roof. Ask plenty of questions, and create a supportive relationship so your clients know you have resources for them if they want/need them, but you're also there to answer their questions and calm their concerns.
Educate them about the market
Millennials are more likely to use a real estate agent than any other generation. But how do you make sure they choose you? Well, they want an agent that will:
educate them about the current market, and how it the process works.
help them understand the value of their home in relation to the current market, and give them a realistic idea of their spending limits, supporting them in choosing the best lender for their needs.
educate them on what makes your experience better than others' in selling their home, or buying a new home. How are you different, but more importantly how/why does that benefit them?
explain what you, specifically, can bring to the table when it comes time to sell their home and how exactly you will sell it. On the flip side, explain thoroughly what you bring to the table when representing them as buyers, and how you will advocate and negotiate for their needs in the house hunting & buying processes.
Take the time to explain these things. Millennials don't want to be told what's best for them; they're looking for someone who will teach and guide them. Like mama always said - show them the respect and support you want from them.
Millennials are your first-time buyers, and they value social interactions. They want to spend their evenings or weekends with an agent that they like. This can be a real challenge for you if you’re not all that sociable, but it’s important to remember that millennials aren’t going to buy the house from you—they’re going to buy it from one of the houses you show them. Their buying motivation will trump their desire to avoid spending time with anyone who doesn’t fit in with their social group, so don’t take it personally if your personality isn’t winning them over. Just focus on getting them into the right houses and let the properties themselves do the selling.
Also, remember that many first-time buyers are nervous about purchasing a home! A friendly and personable real estate agent will put millennial clients at ease as they go through this potentially anxiety-inducing process. Answer their questions, share your resources and wealth of knowledge with them, and allow them to explain their concerns before you make assumptions. Buying and selling are major milestones for anyone, and especially if it's their first time doing so. Show them your true self and get to know them, you're much more likely to win the referrals if they enjoyed their time with you, even in the worst parts of the process.
Use videography to sell the house
Using video to sell your home is a great way to show off your property's best features. The video can be shown on listing sites like Realtor.com, but it can also be shared with an agent's followers on social media and via email to potential buyers in the market.
Video is more engaging than photos, showing off the flow of the home while illustrating each room's best features in an accessible way. As nearly everyone owns a smartphone today, it's easier than ever to record footage that can make your home look its very best online. Millennials know what they want and they want a Realtor who can make that happen, or find ways to accommodate them so everyone wins. Using video is an eye-catching way to set yourself, and their property, apart from the rest. It's a serious opportunity.
Make house hunting fun
In a world where it's easier than ever to do things for oneself, you might be wondering why I'm encouraging you to make house hunting fun. It's because your clients don't need a listing agent; they need a real estate agent. There's a difference, and the distinction is key when it comes to winning millennial business. Listing agents are necessary in order to offer more homes available for sale through MLS search, but what millennials crave—and what will engage them on an emotional level—is an expert who will help them find their dream home.
So how does one make house hunting fun? Here are some ideas:
Bring along snacks and drinks.
Point out features of the home that they've expressed interest in, highlighting them in a way your client relates to: showing them the oversized backyard and enthusiastically painting a picture of summer hang outs with friends and family, lots of space for the patio furniture they've had their eye on AND the blow up projector screen they're excited to try out for movie nights.
Point out local attractions and amenities that would enhance daily life if the client were living there—restaurants, parks, green-spaces, schools, etc.* Clearly explain any potential dealbreakers (lack of air conditioning or heat-pump) as soon as possible so that you're not wasting your time or theirs looking at properties that won't work.
Be comfortable answering LOTS of questions, rapid fire, or have the resources available who CAN answer them if it's not you. Don't leave them hanging, or make them wait. Be prepared, be friendly and listen to understand, not to respond.
Are authentic and genuine
These days, the more you know about this particular generation—the one that currently makes up the majority of first-time homebuyers—the better equipped you are to do your job as a real estate agent and help them turn into lifelong clients. We're talking everything from their preferred communication channels (spoiler alert: text messaging is tops) to what they're looking for in an agent.
So what are millennials looking for in a real estate agent? To start with, authenticity and genuine concern for helping them make their dreams come true—which is something we all want in an agent-client relationship, regardless of our age or generation! Millennials want someone who isn't fake, over the top, or underwhelming. Sure, finding that middle area is tricky, but your clients will appreciate your real personality over a fake one, and it will lead to them wanting to share you with their world - which means REFERRALS!
Offer incentives for referrals
Millennials love realtors who offer perks for referrals. Millennials make up a large chunk of the real estate market, and if you want to win them over, you need to give them an incentive. They’re loyal people who like to share the wealth, so when they find something that works for them, they’ll pass it along. Think: influencers sharing their fave products. Your client could be bragging about you, or smack-talking their crappy experience with you. You have a say in which they choose to do by setting yourself apart and being real. Rewarding their desire to share their excitement in working with you can be as little as a hand written note, a Starbies (Starbucks) gift card for a couple of lattes, or as big as a voucher to take their S.O. on a date night to the movies & dinner. Whatever you feel most comfortable offering, showing your gratitude will entice them to continue sharing your name to everyone they know, and that is a win-win-win situation!
Don't get so focused on trying to earn referrals that you forget to provide a quality experience, because at the end of the day, reward or not, if they were pleased with your service they'll want to spread the word.
What Millennials look for in a Realtor
Millennials are the largest generation in America today. Millennials make up nearly half of the current buyers in today's market. They are purchasing homes more than any other generation right now. So what exactly are they looking for?
They want a REAL person, who knows the industry and the market, and will be honest and genuine with them.
They want to work with someone they feel comfortable with, and someone they enjoy being around. Don't be fake or over the top, they'll know it's not real and will be less interested in using you as their agent.
They want someone who cares about what they want, and will work hard to ensure they get a winning result. Even if that means making some compromises, they'll be glad to do it if they know you're there to help them win in other ways.
They want to enjoy the process, they want to see results, they want to feel supported.
They want an agent who is relatable, sociable, knowledgable and supportive.
Go out and win those clients over with your authentic personality and apparent passion for the market. You've got this! ;)
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