Interested in working with millennials? Be sure to know the ins and outs of this younger group of individuals before helping them to buy, sell or rent. Conducting this due diligence could save you substantial time and energy.
Know their preferences
For starters, be sure to know the preferences of people in this demographic. Data indicates that they are more likely to want a bicycle and an urban loft than a house and a car in a suburban neighborhood, Angela Colley wrote on Realtor.com. However, don't let this generalization fool you.
While some millennials are looking for a lease and not a home, there are plenty who are interested in buying their first property, Colley, a freelance journalist, said in an article. That being said, if you are more interested in helping your clients find an apartment, millennials present substantial opportunity.
To cater to this particular group, be sure to harness technology, she says. Colley emphasized that to reach a young audience, you must place advertisements in the right place. When it comes to millennials, online is usually the best place. Using mobile technology is also very important, Will Caldwell wrote in a recent Inman Magazine article.
Caldwell, CEO and co-founder of mobile reach estate technology company Dizzle, emphasized that if real estate professionals want to succeed when catering to this younger crowd, developing a mobile strategy is of the utmost importance. Realtors who leverage this offering will certainly enjoy the benefits, while those that refuse will quickly lag the competition.
Know your market
Before you use technology to develop a mobile strategy, or even create a marketing plan, be familiar with your market. Knowing the ins and outs of the local real estate scene can make you a far more resourceful professional, and can generate great benefits by helping you win the trust of prospects and clients alike.
One way to easily access the important information you need - including mortgage records and warranty deeds - is to work with CRS Data. To learn more about CRS Data, click here.
Promote by neighborhood
Once you have obtained all pertinent information about your local real estate market, use it to match millennials up with the best places to live. For people in this age group, the house or apartment they live in may end up being less important than the neighborhood, wrote Colley.
The author noted the input of Darbi McGlone, a realtor and millennial, who emphasized that people in this age group are certainly interested in convenience. If you can show a young person that the place they are looking at is close to important resources such as schools, highways, hospitals and shopping centers, you can help fulfill this need.
"Millennials live in a technology-driven era: the faster we can get from point A to point B with the least amount of distractions and obstacles is our preferred route," stated McGlone. "Keep that in mind when trying to target our generation."