Millennials are people who were born between the years of 1980-1997 and they are one of the biggest generation groups that now make up the largest demographic of home buyers.
Millennial home buyers entering the housing markets creates new challenges for a realtor. While some of the things that Millennials look for in their dream house are same as their parents, they also want added elements that previous generations never did. They are doing away with many traditional elements that a generation before them desired and look for multifunctional and community spaces that are modern and sustainable. They shop for houses differently and there is a lot more for them to consider other than just the features of the house.
So, what do millennials look for before buying a home and how can realtors keep up?
- Is their realtor trustworthy?
Most millennials who want to buy a house are in their mid-to-late 20s and having a knowledgeable, trustworthy realtor is extremely important to them. Over 60% of millennials are first time house buyers and need to be hand held through the entire process. - Social Media reigns supreme:
Most millennials conduct their primary property search on their phones which means having a great website, a social media presence is of immense importance. Best believe that the first thing a millennial will do is Google a real estate company’s name and have their research down to the T before hiring anyone. So, it is imperative for a real estate company to have online reviews, social media pages, web content and an online presence that gives an accurate reflection of the company. - Floor plans:
Millennials want everything to be planned before they make any decisions therefore, having a digitally enhanced, beautiful and simple floor plan is a must. This alone play an important role in home buying process and let a new-in-the-housing-market-millennial know everything he/she needs to know. - Millennials are tech savvy:
Millennials grew up in the world of technology, where every problem can be solved at the tip of their fingers. They want quick, easy to use programs that can help them navigate through difficult tasks quickly. Along with this, millennials also want to be able to dive into the world of virtual reality with digital walk-throughs that enables them to make decisions without even actually seeing their future dream house. - Simple and affordable:
Millennials are looking for long-term homeownership and often times don’t even look for a “perfect” home. They want to spend less and invest more money into redecorating and recreating the space to match their vision. Over 67% of millennials put an offer on a home that needs a partial or even full renovation.
Millennials are a demanding generation compared to their parent’s generation and they are taking the housing market by storm. A real estate company should keep the above things in mind for a successful fulfillment that works in the favor of both, the realtor and the millennial homebuyer.
