We’ve all heard the term Millennials by now. But what should real estate agents know about Millenials to get the job done faster and easier? Let’s study some of the facts about Millennials and their main preferences.
The Millennials or the Generation Y, as it’s also called, have become slowly but surely an important piece of the puzzle on the real estate market. Therefore, it should be no surprise when seeing an increasing number of studies made. But who are the so-called the Millennials? If you still cannot figure them out – they are the generation born between 1980 and 2000. But, let’s study their main real estate options!
What real estate preferences do Millennials have?
Millennials like to spend a lot of their time on their phones, they are Facebook enthusiasts and they invented the selfie phenomenon. But what else should we know about them? Here are some facts every real estate agent should know.
Millennials want experienced Real Estate Agents
Even though Millennials are tech savvy, they still need an experienced real estate agent to show them the way and consequently, get the most out of the deal. The studies made last year by the NAR clearly showed that more than half of the Millennials that took part in the study chose a competent and knowledgeable Real Estate Agent. So, rest assure: they are not stingy when they don’t need to…
Millennials use the Internet when searching for a home
Millennials search for a home to represent their character
They will never buy a home just to have a shelter above their heads. Absolutely not! They need a house to suit their personality and lifestyle. They are patient and only buy if they run into a great opportunity. Studies show they are not eager to become homeowners, but they see it as a future goal.
All in all, the Millennials are strong characters that know exactly what type of property they’re looking for and where it should be located. They want to be close to work, they hate to commute and they’re not into real estate investments. They just want to feel the security that home ownership provides. Moreover, the Millennials are mostly interested in the quality of the online photos and are influenced by what they find online. Contrary to common belief, they prefer the suburbs and they highly value the reputation of a real estate agent.
Why knowing the characteristics of this generation is so important for every real estate agent? It can get you a closed transaction and a happy client. Try to find exactly what they’re looking for so that you know what to offer!
Are you a Millennial? Did we forget something?