There are around 80 million millennials in the United States, and they’re having a significant impact on the economy and the housing market. With an estimated spending power of $4 trillion, millennials are a powerful force in the economy. And they’re using that power to reshape the real estate market. Here are some things they want from modern real estate.
A focus on experience over things
One thing that sets millennials apart from other generations is their focus on experiences over things. They would rather spend money on a fantastic vacation or a fun night out than on material possessions. And that philosophy extends to their approach to real estate.
For millennials, owning a home is more about having a place to create memories than it is about acquiring a valuable asset. Of course, they want their homes to be comfortable and stylish, but they’re also looking for homes that offer amenities and experiences that make life more enjoyable.
Amenities like pools, gyms, and game rooms are becoming more popular with millennials, as are features like open floor plans and large windows that let in natural light.
As more millennials enter the housing market, we’re likely to see even more of a focus on experiences over things. So be careful when having a swimming pool in your home. Millennials know their swimming pools, and they are likely to ask for a carbon dioxide-based ph controller for your pool. So make sure to install one to appeal to them.
Transparency and honesty
Millennials have grown up in the age of the internet, and they’re used to having access to information at their fingertips. As a result, they don’t like being kept in the dark, and they expect transparency and honesty from the companies they do business with.
When it comes to real estate, millennials want agents who are upfront about the houses they’re selling. They don’t want agents to try to hide the flaws in a property or gloss over potential problems. Instead, they want their agent to be honest about their getting into.
They also want transparency when it comes to pricing. Thanks to the internet, millennials know how much houses are worth and how expensive they are right now. However, don’t think that will discourage them. On the contrary, they will commend your transparency and will most likely buy from you despite the price.
Easy and accessible communication
Millennials are used to being able to communicate with their friends and family members at any time of day or night, and they expect the same level of accessibility from the companies they do business with.
When it comes to real estate, millennials want agents who are easy to get in touch with and respond quickly to their questions and concerns. They don’t want to wait days or even hours for a response, and they certainly don’t want to play phone tag.
The best way to meet the expectations of millennial clients is to make sure you’re available by email, text, and even social media. And when you do communicate with them, be sure to be clear, concise, and helpful.
A personalized approach
Millennials are used to being marketed to, and they’re very good at ignoring advertising that doesn’t speak to them. They want companies to take a personalized approach when marketing to them, and that’s true when it comes to real estate as well.
When you’re marketing a property to millennials, it’s important to focus on the unique features that will appeal to them. Is the property close to good schools or public transportation? Does it have energy-efficient appliances or green features? Is it in a trendy neighborhood?
Whatever the selling points may be, make sure you highlight them in your marketing materials. And if you’re working with millennial buyers, take the time to get to know them and their needs so you can find properties that match their lifestyle.
A sense of community
Millennials are often looking for more than just a house when they’re buying a home. They’re also looking for a sense of community.
They want to live in neighborhoods where they feel like they belong, and they’re often willing to pay a premium for properties that are located in desirable areas.
Selling a home in a good community is one of the most appealing things for any millennial.
A focus on sustainability
Millennials are very conscious about the environment, and they’re looking for homes that are sustainable and energy-efficient.
If you’re selling a property that has green features or is located in a community with good recycling programs, be sure to highlight those things in your marketing. Millennials will appreciate your efforts to be eco-friendly, and they’ll be more likely to buy from you as a result.
Keep these six things in mind when selling to millennials, and you’ll be sure to appeal to this important demographic. They’re a key group of buyers in today’s market, and understanding their needs is essential to success in real estate.