Real estate agents have their work cut out for them, with the wide range of buyer preferences, types of homes and changing market conditions. In fact, one of the hardest demographics to sell to over the past several years has been millennials. These younger buyers are constricted by low income and high debt, but several unique features and tricks could help any professional complete a sale to Generation Y.
Above all else, millennials are interested in real estate technology, from interesting gadgets to home automation and energy efficiency. So, it may be wise for any real estate professional to figure out which pieces of technology are most attractive to this group of buyers, and try to market their properties in that way. Focusing on this aspect could help one of the toughest demographics find new homes.
An understanding of technology can help
Due to the wide range of gadgets and technological trends out there, it may seem like a daunting task to learn what millennials really want in their homes. Thankfully, Chris Drayer, a contributor to Inman News, wrote that real estate agents who become experts on these features will have a leg up on their competition. So, in order to get started, he compiled a list of several pieces of technology that may be exactly what millennials are looking for.
For example, one of the most interesting gadgets on the market today is the Nest Protect, Drayer explained. This is a combined carbon dioxide detector and smoke alarm, and this smart device is more integrated into the home than just any old device. For instance, if burnt toast sets off the alarm, all it takes to shut it off is a wave of the hand. It can also alert the homeowner when batteries are low via text, instead of chirping. It even comes equipped with a night light.
This smart gadget, as well as others like Bluetooth shower speakers and WiFi-enabled garage doors, can appeal to millennials. In addition to a knowledge of technology, real estate agents will also have to understand the housing market. Courthouse Retrieval System can help, with a comprehensive database of mortgage records, warranty deeds and much more.
Don't believe the myths
While marketing homes to appeal to millennials' desires is a good first step, real estate agents also have to better understand their potential buyers' motivations. In fact, a number of myths and misconceptions exist regarding Generation Y, and believing them could prevent any professional from selling a lot of houses.
According to Fast Company, many people believe that millennials have an entirely different value system than their predecessors. However, this isn't exactly true. When asked about what is important to them now, followed by what will be important in 20 years, this demographic had very similar answers compared to non-millennials. Most of all, they cared about family, friends and relationships. Looking beyond the stereotypes about these younger adults can help any real estate agent market homes.