Working With Millennials

Social Media is to them what TV was to us. Information is what they have for breakfast.

According to the National Association of REALTORS® 2016 Home Buyer and Seller Generational Trends report, 89% of Millennials are chose to use a real estate professional in their home search last year.

1. Information is a commodity. Agents will need to brand themselves beyond the gatekeeper function.

In order to establish a relationship with Millennials, you will need to be able to help them navigate the marketplace in areas such as credit scores, neighborhoods, ways to help them identify the down payment they will need, and so on. They will need to know the various processes and professionals they will need to interface with: attorneys, mortgage officers, title officers, builders, developers, appraisers, inspectors, and others.

2. Authentic connections beat age.
Today information has really leveled the playing field. Whereas age might have offered an advantage in terms of experience, information and assets, today’s Millennial makes on average over $70,000 a year. And though they may have some student loan debt, they also have access to capital in the form of gifts or loans from parents or grandparents.

Agents should consider their role as one of a collaborator, looking to identify the right fit with the right finances.

3. Experience and trust become a one-two punch.
Buying a home is a big emotional hurdle.

Making an offer is quite intimidating, especially within markets that are very thin on inventory. Providing a ‘checklist’ of do’s and don’ts is critical to their peace of mind and a successful transaction.

Agents need to consider the unfamiliarity with the sales process and uncertainty attached to the part of real estate that makes it somewhat of a card game.

Probably the biggest hurdle is the 20% down requirement.

Here is where your backstory can really help them to see the finish line: you can relate to them a number of situations in which you have helped buyers achieve their objective by exploring the options not typically discussed.

4. Match their preferred form of communication.
It is common knowledge that most Millennials prefer to text; and if that is not the case with your buyers, find out. Ask them.

Some like email. A phone call is usually not the norm.

A Millennial also communicates well in person.

5. Another communication tip: don’t assume they don’t understand.
After you have taken the time to ‘educate them,’ give them the benefit of the doubt when explaining the details. Listen for their response. Then recap what you told them by fleshing out the next steps.