Gen Y, The Digital Generation, whatever you want to call them, millennials are a viral trend of discussion. Why? Because they are rapidly becoming the biggest consumer market in the world! Millennials have already become the most educated generation, with 54% of its population having a bachelor’s degree or more, and with such knowledge comes upward mobility and, you guessed it, more money. When selling a home, it’s important to be mindful of who you’re selling to, and there’s a pretty high chance that a millennial will be looking to purchase your home. Let’s take a look at what millennials value and how that can be applied to the selling of your home.
Community Over Commodity
A largely shared value among millennials is community. This generation wants to be active in the areas they live and may not put as much work into looking for ‘the perfect house’. This can be a huge advantage to those who are looking to sell, as long as they are willing to put more emphasis on selling the area as opposed to just selling the home. Ask yourself some community-related questions: what’s the neighborhood like? Where are the local restaurants and shops in the area? What’s the community of the known for?
The Power in Your Pocket
Millennials are tech-savvy and that’s something that should affect the way you market for your house and keep in touch with potential buyers. Over 80% of millennials are on social media, so if this demographic is your target audience, I would highly recommend taking advantage of Facebook and Instagram to sell your home. Additionally, a good way to make yourself more accessible to potential buyers is to open up to conversations over text. Smart phones are incredibly powerful and grant users access to a wealth of knowledge with one press of the ‘search’ button. Keeping up the conversation with buyers over text allows them to ask you home-related questions when they want, and also makes the conversation between you and the buyer more personable (which ties in with the ‘community’ emphasis).
Short and Sweet
When giving a tour, make sure you keep it concise. Millennials are primarily visual consumers, and flooding their brains with a lot of verbal information may only push them away. Oftentimes it’s better to show the strengths of the home rather than tell buyers outright. When the consumer feels like they discovered the strengths of a product by themselves, it makes them feel more knowledgeable and also more secure in their potential purchase.
Learning how to better communicate between generations not only makes for a better real estate market, but also a better world. If you have any questions about all things real estate, don’t hesitate to reach out at 765-744-9951.