Five Ways to Engage Millennial Homebuyers – The Largest Generation of Buyers
Millennials now make up 43% of homebuyers, this is more than any other generation. Here is the study from NAR.
With more and more millennials coming into buying power, it is time to take them seriously and to understand how to engage them with your marketing.
1. Their needs are different and they will notice if you don’t understand them.
To make the best impression, you need to understand their needs. Millennials today are more likely to conduct research online, from price comparison tools to online reviews, prior to making a purchase decision. They prefer having access to transparent and reliable information, so focus on highlighting clear communication and convenience. Additionally, millennials tend to be more cost-conscious when it comes to purchasing—so make sure you’re offering competitive prices that fit their budget! Show them that you understand their needs by tailoring your approach to their preferences. One of the biggest mistakes I see made when trying to work with Millennials: When they tell you they are shopping for a $500,000 house, STOP SENDING THEM $700,000 houses. This would slide with other/older generations. With Millennials, this is the fastest way to show them you are not listening to their needs.
2. Calling is by no means dead, but texting is by far the best way to engage your Millennial clients.
Calling is still a necessary means to connect with clients and get a detailed understanding of their needs and wants. That being said, for long term follow up, you are much more likely to get positive responses from Millennials through text. This study shows that almost 75% of a surveyed group of Millennials prefer text communication to voice communication. Most CRM’s will allow you to text directly from them, allowing you to keep track of the messaging you have been sending, so you can make sure you do not duplicate templated texts. Being personal and intentional with your marketing is most important with Millennials.
3. Email matters… If you use it the right way.
Millennials still read and reply to emails. But, they are picky about what they consume. If you have a buyer lead and you send them a sellers guide marketing email, Millennials will be the first to bash the unsubscribe button. To be successful with email marketing to Millennials you need to:
- Create highly segmented marketing lists.
- Build beautiful emails. Visuals draw Millennials in, they don’t want a plain text marketing email.
- Provide value! If you are only sending emails that say “Work with me, work with me!!!” Millennials will be quick to unsubscribe. Give them valuable information that will make their buying/selling process easier!
4. Educate, educate, educate!
A lot of Millennials grew up with phones in their hands and most with iPads, Laptops etc. that all had internet access. They grew up in the age of limitless information. This has led to them doing a lot of research before making a purchase. A surefire way to engage Millennials is to constantly be putting out educational blogs, emails, videos and social media posts. Millennials do not care about how many houses you sell, especially as they are in the early stages of research. You need to be providing them with tips that not only make their process easier, but that also build confidence in you as a trusted source of information. THIS HAS NEVER BEEN MORE IMPORTANT.
5. Social media is your resume.
I am going to say this again, because everyone needs to stop this. STOP posting “Just Sold” photos on your timeline, no one cares, especially potential clients that are searching you up on social media to see what you are all about. If you are SOOOO inclined to post a just sold, do it on a story that disappears after 24 hours. Millennials will research you on socials to understand first, if you are a good fit for them personality and lifestyle wise. Millennials want to work with people they like. Second, social media is another place potential clients will search for information. If your social feeds are a healthy combination of showcasing your life and educational content, this will resonate with Millennial buyers and sellers.