millennial real estate

Real Estate Agents: Why You Need to Pay Attention to Millennials

Posted on Posted in Insights

Attention all real estate agents… your biggest money-making opportunity has arrived, and it comes in the form of someone who you may not have considered: Millennials.

Contrary to what you may hear in the news, if you’re a real estate agent today then millennials are the best clients you can be working with. Why?

 

The Numbers Don’t Lie
1. There are 92 million millennials, which makes it the largest generation in U.S. history

Even bigger than the Baby Boomers, Millennials top the charts at an estimated population of 92 million. This generation wields serious power and influence, as evidenced by their creation of the “sharing economy” which was formed by mass adoption of services such as Uber and Airbnb. If home sales are a numbers game, the millennial numbers are certainly on your side.

 

2. Millennials now make up more than half of the workforce and will account for an estimated 75% of it by 2025

Everyone in real estate should be aware of this statistic. Millennials are now a dominant force in the workplace, with many reaching managerial and director positions. What this means is that they have rising incomes and increased job stability, a recipe for influencing millennials to start families, have children, and buy a home.

 

3. It’s projected that by 2020, millennial’s spending will grow to $1.4 trillion annually

Every real estate professional should be paying attention to the massive spending power of millennials. Already at a projected $600 billion in 2017, millennials will have money to spend on real estate in the coming years. But before you put off targeting millennials for another 3-5 years, look at this next statistic…

 

4. Millennials now account for 35% of all home buyers, making it the most active generation in the real estate market.

Those who say millennials are not participating in the housing market are being proven wrong by the data. Many millennials are already making the biggest purchases of their lives. NOW is the time to target potential millennial home buyers and get them involved in the booming housing market.

 

What Millennials Want in a Home
1. A Big Home

Millennials want big homes. Despite all the talk of minimalistic buyers, the data clearly shows that the millennial is seeking a home with room to grow into. On average, the millennial wants a home that’s 2,375-sq. ft. Compare that to the average buyer who’s looking for a home around 2,202 sq. ft., and Baby Boomers who only want an 1,879-sq. ft. home. According to one survey, almost half of the millennials wanted at least four bedrooms or more. By comparison, only 20 percent of boomers and seniors want that many bedrooms. When showing homes to millennials, bigger is better.

 

2. A Home with Great Design

The millennial home buyer wants a home that has great design and aesthetics while also catering to their digital lifestyles. Many of these buyers are looking for modern homes with sleek lines and smart-home technology, a trend that has exploded in recent years since millennials are digital natives.

Another preferred style for millennials is a rustic look. Homes with reclaimed wood and stone are popular, along with hardwood flooring and master bathrooms featuring both a shower and a tub.

Be sure to show millennials a home with outdoor spaces, such as a deck, patio, or front porch. Indoor/outdoor living is attractive to the millennial buyer, and many are willing to pay extra for a home with great outdoor features. Again, remember that millennials are in search of experience and memories, and outdoor amenities are viewed as great tools for creating them.

The millennial home buyer wants:

  • Modern and rustic integration
  • Smart home technology
  • Hardwood flooring
  • Indoor/outdoor living experiences

 

Not sure where to begin?
Selling Real Estate to Millennials
The Secrets of Selling Real Estate to Millennials

That’s why we created The Secrets of Selling Real Estate to Millennials, a complete guide that tells you everything you need to know about creating wealth from working with millennials.

In this book you will:

  • Learn how to use social media and the internet to get 10X more millennial clients
  • Get a complete millennial marketing plan
  • Learn simple, proven selling tips so you can close the deal

 

Get started on becoming the top producing agent in your office by reading the book HERE

2 thoughts on “Real Estate Agents: Why You Need to Pay Attention to Millennials

  1. great information but would you make it relevant to an area of real estate like Palm Springs = naturally occurring retirement center (NORC).I don’t think they are ready to retire and there is not much industry here. maybe we need to change Palm Springs to “silicon desert”

    1. Always open to providing new helpful information, thank you for the request! What type of information from Palm Springs would you or your clients want to learn about?

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