Top 7 Strategies for Real Estate Agents Targeting Generation-Y Homebuyers
Who is Generation-Y?
Generation Y generally refers to people born between born between the years of 1977 and 1995. This hub discusses Internet marketing strategies that real estate agents can use to target this group.
Why Target Generation-Y Homebuyers
Many real estate agents haven’t worked much with Gen-Y homebuyers. Yet a select few have found ways to tap into this market and really profit from it. Even in a tough economic climate, we can’t ignore the purchasing power of this up & coming generation.
Plus, let’s not forget the support many receive from their “boomer” parents -- many of whom are so eager to see their children succeed, they spend more money on their children than themselves.
So what strategies can real estate agents take to reach this lucrative demographic? Below, I share the seven best real estate Internet marketing and “positioning” strategies I’ve found for selling to Generation-Y homebuyers.
Strategy #1: Understand the needs of young buyers so you can address their concerns.
Two obvious facts about Generation Y that you should know.
- Gen-Y’ers are worried about college loans and how they will affect their ability to secure a mortgage.
- Younger buyers are wary of buying because of the fluctuations in the current housing market
Give yourself a head start by being ready to address these concerns both in person and on your Web site. For example, include articles or calculators on buying versus renting, discuss the advantages and disadvantages of purchasing real estate with a parent, and throughout: always give practical, real world advice.
Stragegy #2: Use "Fill-In" Forms
Make sure your Web site has "fill-in" forms that make it easy to contact you. Gen-Y’ers are so accustomed to this convenience, some won’t hassle with picking up a phone or even sending an email to make that first contact.
Strategy #3: Provide Downloadable Content
Provide downloadable content on your real estate website, e.g. save tours as MP4 content, which allows for viewing on iPods and iPhones.
Strategy #4: Promote Listings on Real Estate Websites
Promote your listings on the Internet using specialty sites. See Real Estate Web Marketing 101 for a list of specialty sites.
Strategy #5: Send out information via text messaging services.
One key to reaching any target market, is to communication with them the way in which they want to reached, and in a medium where they feel comfortable.
Generation Y views communication differently than past generations. Many find telephone calls with anyone outside their inner circles intrusive and uncomfortable. Yet, they'll spend hours texting and sending messages on Facebook.
Text messages are quick, easy and generally well received by this younger group, and the technology is as simple as can be. So even if you're new to texting and it's not your #1 choice for communicating, you may want to start using text messages more when working with your younger clients.
Strategy #6: Create Video Tours and Post them on YouTube
Again, you want to be where your target market is spending lots of their time, so YouTube makes perfect sense for targeting Generation Y homebuyers.
There are two ways to think about YouTube. On the one hand, you may consider video and video technology intimidating. On the other hand, YouTube is designed precisely to make it easier for the average person to distribute video.
Plus, with services like Obeo Style Designer, it's easy than ever to create professional quality real estate video presentations.
Stragegy #7: Post your listings and services on Facebook.
Facebook is a great way to stay connected with Generation-Y clients. It's a forum where this group spends a lot of time, and feels comfortable communicating.
So when you have a Generation-Y client, add him or her immediately to your Facebook network. If your request is denied, don't sweat it. Just assume that the person maintains connections with their closet friends. An ignored request shouldn't be taken personally.
And for those that do connect with you, excellent! They're inviting you to stay in touch with them in this medium, so take the opportunity. When you have a hot new listing, update your Facebook "status" and mention it.
More Strategies for Generating Real Estate Leads Online
If you're looking for additional strategies for generating real estate leads online (for any generation of homebuyer), you'll find five amazingly simple real estate Internet marketing tips at AgentWebAudit.com.
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