It seems for the past few years the buzzword within marketing has been Millennials. Born between 1982 and 2003, the Millennial generation is booming and now out number the Baby Boomer generation by 11 million people. By 2020, 1 in 3 adults will be part of the Millennial generation and that is affecting the housing market.
As a home seller, it is really important to consider this growing market, not only in terms of staging but also upgrades you may want to consider adding to your home as well as the agent you choose to list the property. Here are a few examples.
Millennials are shaped by technology
Millennials are the first full generation to grow up with advance technology. Think about all the changes that has happened in their lifetimes in terms of technology. We went from records, to cassette tapes, to CD, to ipods, and now streaming services – in less than 20 years. Millennials don’t have landlines, barely recall dial up internet, and have never had to rely on paper checks for banking.
How to take advantage: Make sure your home is tech ready.
If you’re putting your home on the market then you need to consider how Millennials live – with technology as a companion and not a tool. Millennials want homes to be wired and ready for high-speed internet. One simple thing a home seller could do is upgrade some of the outlets to ones with USB hookups – particularly in bedrooms and front entry ways.
Millennials want to Own their Home
75% of Millennials believe in owning their own home – and it is something that they want to achieve in their lifetimes. In fact according to a Google Survey, Millennials are twice as likely to buy a home this year than people aged 35-54. And Millennials make up 31% of recent buyers – which is the largest share of the housing market.
Millennials are using the internet as their primary method of searching a home – in fact the majority of Millennials will begin their home search six months before speaking with an agent. They are using website and apps that are mobile friendly. 36% of Millennials visited real estate apps and websites using mobile devices last year, which was an increase of 81% from 2013. And 26% of younger buyers will find the home they purchase using a mobile app.
How to Take Advantage: Make sure Your Home is Marketed by an Agent who understands this.
It is no longer enough to put an ad in the paper – in fact the National Association of REALTORS® reports that among all age groups the first place people go to seek houses is the internet. Your agent, and the company that they affiliate with, need to have technology that is ready to use on mobile devices. Sites need to be responsive and friendly for this group. Also the photos and staging of the photos matter so much. This is a generation that expects to have the information within seconds – and that includes making a judgement call on your home based on the photos you and your agent present.
Ask these questions to the real estate agents you’re interviewing:
1. How many people go to your company website site monthly?
2. What are the mobile options for advertising my home?
3. Are you featured on Zillow and Trulia?
4. What is the plan for taking photos of my home?
If the agent you’re interviewing can’t answer these questions they might not be ready to market your home for the Millennial generation.
For more information about Millennials check out this great article.