In short, yes.
It’s a common thinking these days that millennials aren’t buying. They’re much more free spirited than past generations- so we assume they aren’t trying to settle down and buy homes. While I’m sure this can be true of some young people, generalizations like this can be dangerous. It can be the difference between having future clients and not. The facts behind whether or not millennials are buying doesn’t support the trope that “millennials don’t want to buy homes”.
Zillow published a survey they conducted on the confidence young millennials have on whether or not they think they will own a home one day. A staggering “80% of young adult renters aged 18 to 34 are ‘confident’ or ‘somewhat confident’ that they will be able to eventually afford a home”. That’s high percentage of confidence in a real estate agents favor when it comes to the next wave of home buying clientele. If we look at the graph they published accompanying the survey, it’s interesting and somewhat ironic to note that as the age group they surveyed became older, there was much less confidence in owning a home. Although millennials aren’t seen as the settling down type of generation, that doesn’t mean that no one is wanting to settle down.
Millennials timelines don’t match up with their parents timelines for getting married, buying a home, and starting a family though. It is true to assume that on average millennials are marrying later on in life, which is pushing decisions that are typically associated with settling down, like buying homes, later as well. To assume that this implies millennials aren’t willing to buy at all…well, another survey down by Zillow compares home ownership rates between married and single young adults over a few decades. According to the data, millennials are right on the historical norms for their demographic- even single millennials are a little more likely to own homes compared to their earlier counterparts. With statistics like these, why is the selling game changing even though it’s apparent millennials are willing to buy?
Millennials grew up in the wake of the technology boom. Therefore, they’re much more familiar with all of the digital platforms available to them versus their parents. When once it was common for people to drive around neighborhoods looking for “For Sale” signs- now young people searching for homes simply go onto the internet turning to real estate giants like Zillow, Apartments.com, and Trulia. They don’t need to leave their rentals to find a place to buy- they can upload photos of potential places for sale all from the comfort of their couch. So how do we reach a demographic that is so accustomed to turning to the internet for help?
As brokerages, you join the internet.
Don’t just check the box by saying, “Oh our brokerage has a website, we’re done!” The digital platform created by your brokerage firm has to create something that Zillow and Apartments.com can’t do- a personalized one on one approach. Buying a home is a big deal, whether it’s your first or fourth time. Entrusting this decision to a faceless company can be nerve wracking compared to receiving help from a client based approach business in which one on one service is the norm, not the exception. Keeping a personalized touch on your digital platforms will encourage people to want to use your services instead of succumbing to the ease of finding homes through big list sites.
These large companies aren’t impossible to compete with if you invest in your digital marketing. Understanding that technology is the primary means of communication is important- especially when dealing with the generation that grew up communicating with technology. Every day we all are saturated with a daunting amount of advertising and digital media- standing out by bringing a creative and unique approach is one way to attract new clients. Especially, if these new clients are millennials which are quickly becoming the new “It” clientele. The ways to reach them are literally limitless thanks to the innovation and constant growth of all things internet.
Now technology can be utilized to enhance your brokerage brand and to attract clients to chose to want to use your services to find their dream home. There are incredbile amounts of opportunities to advertise to millennials spreading the awareness of who you are, what you do, and why that makes you the right choice. Places that utilize online web and mobile applications in order to reach their target client audience are the places that will succeed. Technology is continuing on an upwards path as everything begins the shift online. Without staying on the forefront of this innovation, places risk losing business and ultimately being forced to close their doors. Online digital platforms can be used to reach the changing client base, as well as distinguishing yourself from the competition.
As the saying goes, “If you can’t beat ’em, join ’em.”
If you would like a free consultation on how Aumnia can help you develop a winning digital platform, fill out our contact form here.