Millennials are coming into their own as homebuyers, finally. Unfortunately, real estate agents everywhere still seem befuddled by millennial habits and preferences.
The millennial generation is just as diverse as any other. Of course, there are some overarching trends in the habits of these eager homebuyers.
Convenience is a huge deal to millennials, meaning many of them are looking homes close to their favorite spots. Many of these young professionals are looking to move up from the apartment life, showing preferences toward formal dining rooms, yard space, and local parks.
- Millennials prioritize convenience and want to live in proximity to their favorite spots
- Millennials are upgrading from apartments and want dynamic living areas with spaces like formal dining rooms
- This young generation is educated and self-sufficient, so work with them as their research partner
- Don’t forego face-to-face communication altogether or assume communication preferences
Where They Want to Live
Vincent Reyna, a KW Young Professionals (KWYP) member, three-time BOLD graduate and KW MAPS Coaching Mastery client in Fresno, California, says millennials prioritize convenience when selecting a location to purchase a home. Proximity to entertainment, work and downtown are all important.
“Many find homes by driving the neighborhoods where they want to live based on proximity to places important to them.”
Will Stallé, a KWYP member, three-time BOLD graduate and KW MAPS Coaching Mastery client in Milwaukee, and Kristin Schlesinger, a fellow KWYP member, two-time BOLD graduate and KW MAPS Coaching Mastery client in Indianapolis, are also seeing a lot of activity with millennial home buyers in their markets.
What They Want in a Home
Both millennials themselves, Stallé and Schlesinger agree that there is great opportunity in working with millennials and that in order to be successful with this generation, you need to first break the stereotypes. “This generation is not lazy,” Schlesinger says. “They are hardworking and extremely loyal to brands they trust.”
Millennials are bringing back the formal dining room! “Having lived in apartments, which were one living space areas, they want to have multiple living spaces,” Schlesinger says.
A yard, or one within walking distance! “For the millennials who don’t have children, many have cats or dogs and having lived in apartments for so long, they are excited about having their own yard or at least a community with a dog park nearby,” Reyna notes.
They Want You to Know Your Data
This is a very educated generation and they grew up with instant access to information. “They move fast and they want to be informed,” Reyna says. “Although they will do a lot on their own, they want you to help them as a research partner. Millennials fact-check, are data-driven and expect the same from their agent.”
Ask Them Their Communication Preference – Don’t Assume
Reyna, Schlesinger and Stallé all agree that to work with millennials means to communicate primarily through text, email and social media with one condition – you still meet in-person first to kick-start the relationship.
View the original article at Keller Williams’ Blog