Millennials are the most influential force in today’s housing market. Although they may be waiting longer to buy, the largest generational group in U.S. history represents the biggest segment of the homebuyer market at 35%. With their limited budgets, flexible work schedules, tech-heavy lifestyles and very different outlook on home ownership, compared to previous generations, they require a novel marketing approach. If you’re a real estate professional interested in tapping this dominant market force, keeping up with millennial housing trends can drive a significant portion of your business.
Since millennials were born in an era saturated with technology, they’re more likely to respond to online marketing and communication efforts. Impress this tech-savvy generation with online listings that contain high-quality photos or video walk-throughs of interior and exterior spaces. Consider using a drone for impressive, sweeping views and avoid using filters or image-distorting lenses.
Young buyers prefer a smaller turn-key home with stainless steel appliances and high-tech add-ons, such as solar panels and smart-home systems. If you want to attract the millennial market, highlight updated kitchens and bathrooms, flexible spaces, eco-friendly features and home automation — improvements that will show them how the property can work for their lifestyle.
The suburbs are more appealing to millennial homebuyers than urban areas, although they still want to live near cities or in towns with walkable neighborhoods and energetic downtowns. Point millennial homebuyers toward quaint communities with public transportation, focusing on the convenience of the location.
Since millennials are new to the housing market, they need your help navigating it. For more information on targeting millennial homebuyers, see the accompanying guide.
Author bio: Eric Krattenstein’s extensive marketing experience began at a boutique marketing agency where he developed dozens of successful innovative marketing strategies for brands ranging from startups to Fortune 500s. Prior to joining Asset Based Lending in 2016, Krattenstein served as U.S. Chief Marketing Officer for a European enterprise software company where he spearheaded the company’s expansion into the United States and Canadian markets. In his current role as Chief Marketing Officer, Krattenstein leads Asset Based Lending’s Sales and Marketing team that helps upward of 40 to 50 real estate investors close hard money loans each month.