Will millennials buy a home

Will Millennials Rent Forever?

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I was having a conversation with a friend the other day who’s a real estate agent here in Los Angeles, when suddenly he looked at me and asked, “Will millennials rent forever? Will they ever buy a home?!”

I replied, “Millennials are now the largest population of home buyers in the country, you’re telling me you’ve never had one buy a home from you?”

Frustrated at his experience in trying to get millennials to make the biggest purchase of their young lives, my friend went on to explain that his biggest challenge with millennials is simply getting in front of them and having them to listen to all the reasons why buying a home makes sense.

“I can’t seem to attract an audience of millennials and grab their attention for long enough to explain all the benefits of buying a home instead of renting” he explained.

 

Will millennials ever buy a home?

Despite the doomsday predictions by some that millennials will never buy a home, the data suggests otherwise.

According to a survey conducted by Qualtrics and Accel Partners, 88% of millennials who do not own a home wish to buy one, which suggests that maybe millennials are more like their parents after all.

Many real estate agents believe that because of companies like Uber and Airbnb, millennials don’t want to buy anything, they just want to rent and lease. Again, the data contradicts this notion. One survey has 75% of millennials stating that buying a home makes more sense financially than renting.

Extrapolating the figures above, at an estimated population of 92 million, this means that nearly 81 million millennials want to buy a home, and 69 million view a home as a great financial move.

 

What’s holding you back from the millennial client?

As the conversation continued my friend asked, “If there are so many millennials who want to buy a home, why do I not have any as clients?”

I replied, “Well, it’s simple. They don’t know who you are or how you can help them. For millennials to spend their money, they want to feel that they’re being educated and given personal attention by the person they’re working with.”

He responded, “then how can I get my name out to these millennials and start working with them?”

 

How to get your name out and educate millennials

 

1. Have your own website

Millennials expect to go on the internet and learn about their real estate agent and the best homes available to them. Today, more than 90% of home buyers begin their search for a realtor and a new home online.

If the only web presence you have is your profile on the brokerage’s site, you’re going to lose the millennial because you don’t have the ability to show them who you are and how you can give them the personal attention they crave. In the millennial’s mind, your page on the brokerage site makes you just another real estate agent looking to make a quick buck off selling a home – an image you don’t want with the attention-seeking millennial.

Don’t have the foundation of a personal website yet? Learn more on how to get started today by clicking here.

 

2. Maintain an active blog on your website

Once you have a website the next step in marketing real estate to millennials is to start a blog.

Blogging is one of the best ways to drive visitors to your website and position yourself as an industry leader. Those who blog get 55% more website visitors and receive 67% more leads than their non-blogging competitors.

Remember that the millennial home buyer wants to be educated. When you give them the ability to learn more about their big decision with information on your website, they will in turn trust you to help them make the transaction.

Try to post at least once per month, and please, don’t post once or twice and then quit. Nothing screams “I may or may not still be in real estate” more than a realtor who blogged once and quit.

If you’re not a writer or simply don’t have the time, we can blog for you.

 

3. Be visible on social media

Staying in front of the short attention-spanned millennial is done on social media. Today’s best realtors are connecting with millennials on social media and promoting content (like their blog posts) so that the buyer can become more educated and in turn, view them as their trusted source to work with on their home purchase. With more than 90% of millennials on social media, a good place to start is by posting a minimum of three times per week on Facebook, Instagram and Twitter.

 

Close the Deal

Getting millennials as clients and selling them homes isn’t rocket science, it just requires using modern methods of marketing and properly communicating with them. If you want to work with millennials and cash in on the exploding millennial housing market, you may be interested in what our millennial marketing services can do for you. Get a free millennial marketing consultation today or call (626) 529-5946 to learn more.

 

Real Estate Resources

Real Estate Market Report

When Should I Get My Own Real Estate Website?

 

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