Numbering 105 million, Millennials are larger than the Baby Boomer generation, and 20 percent bigger than the Gen X population. And Millennials are aging into home buying. According to the National Association of REALTORS® (NAR), among buyers under 32 years of age, 79 percent are first-timers. While all generations use the Internet as the first step in the home-buying process, younger generations typically purchase through the Internet, making it imperative that your marketing strategies include the Millennial generation.
In fact, the way in which the Millennial generation approaches milestones in their lives can often seem foreign and unintuitive to older generations. Not only do Millennials rely on their peers when making decisions, they leverage their social networks for help with that decision-making. So when choosing an agent, young buyers rely on referrals from their personal networks, while emphasizing honesty and trustworthiness as qualities they want in their agent, according to NAR’s 2013 Home Buyer and Seller Generational Trends Report.
How are you going to capture that business? Do your agents know how to leverage social media to attract this up-and-coming generation?
You and your agents can do both by committing to a comprehensive social media strategy. Your social strategy should be focused on providing personalized service, insight and guidance to these first-time buyers.
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