Millennials may not have been homebuyers in the past, but it seems they’re quickly coming around to the idea – especially if you look at recent stats.
In fact, according to comScore data, 65 percent of Millennials looked at real estate sites or apps in August alone. The reason? For some, it was income increases, for others it was rising rents, great interest rates, and just general unhappiness in their current living situation.
Whatever the cause, it seems Millennials are ready to buy – if only they can find the time to look, the right property and the money for a down payment.
But while they deal with those hurdles, it’s time for the industry – real estate agents in particular – to start preparing for their arrival. Millennials aren’t like the buyers of the past, and they won’t be happy with the traditional hassles of the homebuying process. If you want to please this generation, it’s time to make some changes.
Have a Millennial buyer? Want to make sure you please them? Here are four ways to get it done:
- Sign up with DocuSign or another digital signature service. Millennials have been told time and time again how time-consuming the homebuying and mortgage application processes are. Take some of the hassle and headache away by offering quick, easy, and fully digital document signing. Remember, Millennials are extremely tech savvy; they’ll appreciate an agent who is, too.
- Brush up on your texting, and hook your email up to your phone. The Millennials are a high-energy, fast-paced bunch, and they don’t have time for long, drawn-out phone calls or in-person meetings. Instead, they want fast, immediate communication, and when they have questions, they expect an answer in under an hour (ideally 10 minutes or less). Make sure you’re prepared for this level of communication and get ready to work with your Millennial buyers via text, through email, and on the go.
- Practice your video skills. Want Millennials to be interested in the homes you put on the market? Forget taking static photos and placing them on your website. Instead, use your phone to create a walk-through video tour of the property, and show off all the home’s best features and elements. Millennials are hoarders of information, and they want to know as much as they can before diving into a new task or making a decision. A video tour helps them do this.
- Revamp your website. For home research, Millennials head to the web. Before they even shake your hand, they’ve looked at dozens of homes, researched tons of real estate agents, and learned everything about you. Do your best to impress them from the get-go with a polished, up-to-date website. Get rid of old, stale photos, irrelevant flash intros and outdated designs, and make sure your site reflects who you are today – a technologically savvy, connected agent who can make their homeownership dreams come true.
Millennials aren’t hard to please. They’re just a different breed of homebuyer. They’re faster-paced and more digitally savvy, and they like to have all the information they can at their fingertips. Want more advice on reaching Millennial buyers? Visit the Guardian Mortgage Company blog throughout November.