Millennials, also known as Generation Y are people who are considered to be born between the 1980s and 1990s. They want instant gratification and to see results quickly without having to wait. When it comes to making a purchase, they really don’t consider the cost of things when compared to the convenience it will give them. For instance, they can spend weeks on end looking for a shoe that costs Kshs 20,000 and actually buys it. Price is not a factor they consider when they want to buy something. The same applies when they are looking to for property.
Millennials are owning homes more than you think. They have a different attitude when it comes to homeownership compared to the other people. While the older generation is looking for a home that will provide stability where they can stay for a long period, millennials want to live in a place that is close to their jobs, an area which has things they can do and places to visit.
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Millennials Want Things to Be Right from Scratch
Owning a house is an important step in a person’s life. With the high cost of living, unemployment rates and trying to survive in this economy, saving money to buy a home isn’t an easy thing to do. That is why, when millennials decide to buy a house, they want it to be close to perfect, in that they will not make any changes to it because there won’t be cash left. The house needs to be ready for them to move in once they make a downpayment.
As an agent or developer, you need to understand how millennials buy then you can market to them appropriately.
Below are tips you should follow that will help you sell more homes to millennials.
1. Make Your Home Ready to Move In
Some homeowners buy a house depending on their budget then they will save money to make any changes to the home they feel are necessary. Millennials on the hand want a house that is ready. They are constantly on the go, changing jobs and moving locations more than the older generation. Therefore, they don’t have time to start making home improvements.
If any improvements need to be made, consider making them very minimal. Because millennials want things the way they want them, give them the room to undertake DIY projects to customize the house as much as they want to if your house doesn’t meet their expectations.
2. Use Social Media
Young people live on the internet researching, communicating with their family and friends, engaging with businesses and doing so much more. They will also look for different property when it comes to time to buying property.
As a real estate agent, you can leverage social media to be in front of millennial home buyers. You want to make it easier for them to find your listings online, a place where they are comfortable and spend a lot of their free time.
3. Open Plan Spaces
Young people love socializing and hosting friends. With this in mind, having open spaces that can accommodate a group of people where they can mingle and have fun will increase your chances of making a sale. You might consider knocking down walls in the house to have an open kitchen and living area.
4. Market the Neighbourhood
On top of the house you will be selling, young people will also consider the neighbourhood they will be moving to. They want a place where they can engage in different activities and where there is a variety of attractions, such as gyms, restaurants, creative hubs and hospitals. They would rather take public transportation than own their own car. How easy is it to get public transportation in that area? Is the house located far from the bus stop? Are their restaurants in that area? They would rather eat a meal in a restaurant than to cook in their homes. Having this information at your fingertips and the activities they can participate in once they buy your house will help you close the deal faster.
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5. Optimise Mobile
Millennials use their phones to search for anything – to communicate with their friends and family, shop online, listen to music, and research on products and companies. Therefore, you need to make sure your listings are seen well on phone. If they have the web version of your site on their phone, chances of leaving the site immediately are high because it will be hard to navigate.
6. Help First, Sell Later
Buying a house can be frustrating especially if someone doesn’t know where to start. It’s rare to close a deal in the first stages of making contact with a potential client. Because we know that millennials like doing a lot of research before they settle on buying, provide them with all the necessary information you think they will need to help them along the sales journey. Build a relationship with them first, write engaging articles on your website when advertising your listings and become their go-to person when they feel they are stuck and need questions answered.
7. Respond Fast
Millennials want things immediately and fast. Customer service is high on their priority list. If they communicate with you, they want you to respond to them fast so that they can make decisions fast. When you delay your responses, this could make you lose a potential client.
The bottom line is, how you would handle millennials is not the same way you would deal with the older generation. You have to speak their language and engage with them the way they want to in order to sell to them. Use these tricks and watch your sales grow.