A decade ago, millennials were widely known as the generation of renters in the real estate industry. However, this has changed dramatically, and today, they make up a third of all homebuyers in the market.
Millennials have changed the real estate market, and you can read all about it in our detailed post on the subject here.
Their share of the homebuyer market will likely grow in the coming years, which is real estate professionals need to be prepared and adapt to this new generation of homebuyers.
Today, we will discuss a few key things that will help you sell homes to millennial buyers.
How to Sell Homes to Millennial Buyers
Millennial buyers have different demands than the previous generation-x or even baby boomers. Here are few things real estate professionals must consider if they want to sell homes to millennial buyers.
Move-In Ready Properties
Unlike the traditions of baby boomers, millennial buyers have little desire to give personal touches and make homes their own. They are more interested in the value of a home as it stands. Hence, you need to put in the effort, time, and money needed for preparing a home in which prospective buyers can move.
Millennial buyers are looking for turnkey homes, and if you do not offer them a complete, finished product, they will likely move on to another fully ready home.
Suburbs vs. Urban Areas
More and more millennials are moving away from urban areas and large cities to buy homes in the suburbs. There are many reasons for this, including the fact that they prefer the extra space their budget affords them in the suburbs.
Of course, this isn’t true for all millennial buyers, and you will always find those who want places in the city. However, such clients prefer areas that have nearby amenities like public transportation, good schooling, and shopping areas.
Older generations up to the generation-x would keep an eye out for sale signs in neighborhoods they liked and scanned real estate sections in newspapers and magazines. However, this is no longer the case for millennial buyers.
They prefer everything to be online, and that is where they start their search for prospective homes. Hence, if you are not listing your properties on real estate websites like Trulia or Zillow, you are missing out on the largest chunk of the new generation of homebuyers.
Open Floor Plans
Millennial buyers have different tastes than the previous generations, and they are more attracted to homes with an open floor plan and plenty of sunlight. They prefer this setup because it looks and feels more contemporary and makes it easy for them to host friends.
If you are listing closed-off homes, you may want to consider convincing the sellers to take down a wall or two or add a deck and a few windows. Naturally, this isn’t always within budget, and it does not guarantee a sale.
However, if you have listings of homes with open floor plans, those are the ones your millennial clients will prefer most.
Millennials are a generation that has been exposed heavily to real estate reality shows. They are attracted to scenic images and professional photography of homes. They want a lot of pictures and other ways to survey the property because they want to learn about the property fully.
Spending a bit of money and opting for professional photography instead of using your phone will take you far with millennial buyers. It will increase the chances of you getting through to millennials and move your listing faster than before.
Millennials are the generation that grew up with the internet. Technology and connectivity are a big part of their lives, and if your listings don’t offer sufficient bandwidth and Wi-Fi, you may want to consider convincing your sellers to invest in such a setup.
If millennial buyers think that they will have connectivity issues in the homes you are trying to sell them, it can be an instant deal-breaker for them. Not only is connectivity important for their lifestyle but it is also a major factor that may influence their work and livelihood.
The work-from-home trend already had an uptick among millennials before the global pandemic accelerated it. Home offices are starting to become the norm, and it will likely remain this way because most corporations and industries are realizing how work from home can be cost-effective and productive for them.
The need for a home office is so strong that it is a major reason why many millennials are considering moving in the first place. You shouldn’t be surprised if a millennial client outright asks you to look for homes with a home office.
This demand does not necessarily mean that your listings need an extra room built as an office. Many real estate professionals are pointing out existing rooms that can be used as a home office.
Some even convince sellers to add facilities, like high-speed Ethernet cabling, in rooms that can be potential home offices. Real estate professionals may even stage such a room as a home office when they host an open house.
You need to stage homes if you want to capture the attention of millennial buyers. As mentioned, millennials like turnkey homes, and their expectations are influenced by popular real estate-based reality shows.
Hence, they want to experience living spaces rather than imagining what they could be once they move in. Millennial buyers will often point out and comment on why and how a home is or isn’t staged. While staging is costly, it is a crucial part of selling homes to millennial buyers.
Proper staging often meets and exceeds their expectations, and it can be the difference between them pursuing a home or moving on to another.
Be Patient and Honest
While you should always practice patience and honesty, trust is the number one thing millennial buyers look for in real estate professionals. Moreover, this is a generation that is more educated and research-oriented than previous generations.
They have plenty of warranted and unwarranted questions that they will not hesitate to throw your way. Your best approach is to handle these questions with patience and answer them honestly to subside their fears.
However, if you do not know your stuff or answer dishonestly, they will Google their concerns and get to the bottom of things. They will also not hesitate to use their social media influence and give you bad online reviews if you mess things up for them.
They aren’t all out to get you, and as long as you are sincere and honest, they will understand if you make mistakes. It will make them like and trust you more if you are honest about your mistakes and shortcomings.
Whether real estate professionals like it or not, millennial buyers are here to stay for a long time, and their numbers will likely grow in the coming years. This generation is vastly different from the previous ones and they want different things from their homes, lives, and real estate professionals.
It is your job to adapt to their needs and get with the times if you want a successful real estate career. It always helps to remember that while millennials are more demanding, they are also more forgiving and accepting than previous generations.
You need to figure out their needs, and by considering the mentioned things, you can excel at selling homes to millennial buyers easily.
What We Do
We, at OktoHub, empower real estate professionals with the network and real estate assistance they need to satisfy the growing demands of their clients, including millennial buyers.
OktoHub is the first-ever on-demand real estate assistance program that allows you to easily create a network of trusted real estate professionals around you. Once you have a network going, OktoHub allows you to hire these professionals for task-based jobs like open houses, client meetings, inspections, and much more.
You do not have to make an expensive, permanent hire or commit to any professional. Only pay for what you want; this allows you to get the help you need without breaking the bank. You will never have to compromise on personal or family time ever again.
Instead, you can get trusted professionals to handle real estate matters for you on the fly. OktoHub is an incredible opportunity to meet modern demands and propel your real estate career without compromising on your lifestyle.
If you want to learn more about selling homes to millennial buyers, or about OktoHub, please visit our website today.