It’s no secret that millennials are on the move in terms of real estate purchasing power. Last year marks the second consecutive year that millennials were the largest segment of homebuyers across the country, and their influence in the real estate market shows no signs of slowing (NAR). While real estate has not been touted as the most likely of careers for this tech smart, entrepreneurial group, opportunities are on the horizon for millennials who want to make money in real estate. Why? Because millennials unlike generations before them, increasingly weigh purchasing decisions on thoughts shared by their peers. In an industry dominated by geo-targeting and hyper-localized search, what better opportunity than for millennials, who know what millennials want, to sell real estate to each other.
Millennials Trust Peers for Purchases
Generation Y-ers are much more inclined to trust the opinions and suggestions of peers in their own age group. Consequently, this sentiment holds true for real estate agents that millennials may seek out when considering a purchase. While this group is likely to use an agent, unlike their grandparents and parents, they’re not looking for a broker to show them the top 3 properties in Brooklyn. They’re looking for a savvy agent who can show them the top 3 properties in Park Slope that fit their budget, are close to public transport and that offer grocery stores and coffee shops within walking distance. This smart-phone generation is busy, and expects services and convenience from a knowledgeable agent who is comfortable texting them alerts on new listings and available properties. A millennial who knows the community they sell in well, has a comparative advantage over more traditional, older agents who may opt for more conventional ways of communicating with clients like phone calls. Younger real estate agents can deliver the service their millennial clients demand while offering their trusted, like-minded opinions; increasing the likelihood of sales.
Millennials Know What Matters to Them
Location, location, sustainability. For the new generation of homebuyers, how it’s made is as important as where it’s located. For millennials coming of age in a time that saw the unprecedented popularity of the green movement, a shared sense of personal responsibility for the environment and its limited resources is a foundation for them when making decisions on most purchases, especially large ones, like homes. In addition to understanding what young home buyers desire in a home- sustainable materials, energy efficiency and open floor plans, a younger real estate agent also understands and likely desires similar things close to their own home. This common inclination towards urban dwelling, recognizing the importance of proximity to activities or knowing the stresses of having a young family creates a deeper connection between the millennial agent and his clients and further develops a relationship of trust.
Millennials Understand Technology
A trademark of millennials is the propensity to be early adopters of new technology. As the real estate industry sees increased innovation in digital services and apps for buyers and sellers, agents, teams and brokers; millennials have the unique opportunity to join the market and familiarize themselves with only the ‘new way’ of marketing towards clients. The ability to offer recommendations of appropriate and relevant technology that will help speed along the process is priceless to millennial homebuyers and makes them feel more comfortable with the home buying experience. Offering generation Y buyers the convenience of connecting to their millennial agents anytime through Facebook, Twitter or even Instagram, allows them to feel supported every step of the way throughout the home buying process. As digital natives, millennial agents have an easier time working with and incorporating new technology into their sales strategy. They likely understand and have social media presence, know what SEO is and how to use it to their advantage and are up to date on trends and issues that matter to other millennials like them. This rare position as a member of the demographic that will continue to represent the largest percentage of home buyers, gives millennial real estate agents invaluable insights, competitive edge and an added skill set that makes real estate a top career choice for them.