Millennials in the Market Part 3

Millennials  part 3

At this point we know what millennials want, lots of amenities, smaller, flexible spaces, historic structures and socially engaging neighborhoods all in the right price range.  We also know they are in direct competition with baby boomers for these properties at some what of a disadvantage because of there lack of savings and slower economic growth and their lack of experience in negotiating for what they want. Millennials are now the biggest group of home buyers in the market and they are changing things including how agents do business. 

According to NAR survey only 3 percent of agents are under 30 and 81 percent are over 45.  That means many old dogs have to learn some new tricks. To say millenials are technology savvy would be an understatement.  More than 50 percent of millennials search for homes on their phones and among those, 26 percent end up buying a home they found that way, according to National Association of Realtors. Millennials rarely need agents to find homes for them, they usually have their own list, and they’ve already researched comparable sales and chosen a neighborhood.  “With millennials, we do not control information,” Says Player Murray, managing broker at Berkshire Hathaway HomeServices.  “what they need is for us to interpret the information.”   But that isn’t always easy for agents either.  Millennials don’t want to talk.  They would rather email or text.  Murray says “they don’t want to be bothered with conversation of it can be texted.”  Which can be a real challenge for agents who have spent most of there careers on the phone with their clients.  Agents also have to learn to use social media in new and creative ways in order to keep millennials engaged.  “They need to feel like they’re a part of your business.” Murray says.  “Just re-posting an article that’s been posted 1,000 times across the country isnt enough.”

With all that said millennials are still the most likely group to use agents to buy a home.  They are more likely to buy a fixer and value the advice, resources and referrals an experienced agent can provide.  They are also all very new to the home buying game and although there may be a huge disconnect they still need the help.  So agents are changing the way they do business and trying very hard to understand the Tweets, short cryptic emails and acronym laced texts.  Agents are getting apps for their businesses and hiring social media marketing experts.  It just goes to show you can teach an old Dog new tricks.  

Cynthia Schmier, Broker/Owner
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX Country
Cynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com