How to Attract Millennial Homebuyers
Millennials are completely changing the way homes should be listed and sold. As this generation reaches the home-buying age, sellers and real estate agents have to reevaluate what truly sells a home. Millennials have different desires, motivations, and financial situations than other generations. To efficiently get their attention and sell them a home, real estate agents and sellers must understand what they are looking for and how to capture their attention. Below are the best tips for how to attract millennial homebuyers.
Who Qualifies as a Millennial
Millennials are the people born approximately between 1980-2000. Like all other generations, millennials have many defining characteristics and traits. They tend to prefer sustainability and buy based on modern trends and technology. Since millennials make up about 35% of homebuyers currently, it’s important for anyone selling a home to understand what millennials look for when buying a home.
Marketing for Millennials
The biggest priority for attracting millennial homebuyers is making sure it’s somewhere they are looking. Engaging with them properly and using the right channels is essential for getting interest in your home. Start by utilizing technology, including digital real estate marketplaces like Zillow and social media, using relevant hashtags and location targeting. Millennials are extremely proficient at online research and will look at a lot of different options and neighborhoods before moving forward with a decision. In fact, 99% of millennials will search online for their potential home, compared to 89% of boomers. Being prepared with high-quality photos, video tours, and virtual tours are a great way to grab their attention. High-quality photo and video mean nothing, though, if you are not in the places where they are looking. Do your research and make sure you are everywhere millennials search for homes.
Importance of a Good Website
Millennials are not just going to pick up the phone and call you if they see a house they like. They expect you to have a fully functional website that will make it easy for them to get into contact with you. Prioritize a simple layout with high load speeds. Make sure to have updated, useful content, high-quality photography and videography, a robust FAQ page, and a contact form on your site. If you do not have a good, up-to-date website, you will lose leads. If you want to attract millennial homebuyers, it is essential to make sure all online aspects of your real estate site are up-to-date and fully functional.
New Homes vs. Old Homes
Due to student loan debt and limited budgets, millennials tend to buy homes that are move-in ready and require little maintenance. Houses that won’t cost much to upkeep now if perfect for those who don’t have the funds to frontend the cost of home renovations. That being said, don’t think that older houses will not still appeal to millennials. Because older houses can often be more affordable than buying new, they still have some allure. If selling an older home, try to do a few small renovations to make the home look more modern. This will reassure millennial buyers that the house will not require too much work.
Millennial Home Preferences
While everyone differs in terms of their preferences, there are a few trends that most millennials seem to prefer. Separate dining rooms are not important to millennial homebuyers. Instead, they prefer an open concept where the dining area, kitchen, and living room all flow together. In fact, 76% of millennials interviewed said they wanted an open or partially open living-dining area. Eat-in kitchens or breakfast bars do well with millennial homebuyers. To fully attract millennial homebuyers, make sure to stage your kitchen so that it has plenty of natural light and clear counter space.
Due to the shift towards remote work and working from home, stage any small rooms or extra bedrooms as home offices. While not true for everyone, many millennials choose to wait to start a family until later than previous generations. Because of this, offices may appeal to more buyers than a second or third bedroom.
Technology as a Selling Point
Millennials are also very tech-savvy. Installing smart technology like smart bulbs, built-in speaker systems, or smart thermostats will go a long way in attracting potential buyers. Remember when we said they care about sustainability? Incorporate that into energy-efficient appliances and products.
Location over Size
Millennials may also settle for a smaller home if it means they are closer to a city, to work, or in a vibrant neighborhood. Emphasize the things to do and places to go in the area to make the location of your home more appealing to millennial homebuyers. Distance from public transportation may also be a big selling point to millennials.
Make sure to do your research when trying to attract millennial homebuyers! While this list hits all of the major points, there are so many small changes you can make to draw their attention. For more tips, sign up for our blog newsletter!
