Heads up Realtors While Working With the Boomerang Generation
We all are familiar with slang, for instance, boomers or millennials to Gen Z that describe different generations. This is one quirky way to identify them. And we know Investing in Real Estate is a hot topic nowadays - and the Millennials are all into it. Just for a heads up let me tell you the absolute definition of the term 'Millennials'
"People who are born between 1980 or the months before to the mid-1990s or early 2000s, so many young adults nowadays would define themselves as millennials."
As a matter of fact, Millennials are now the largest generation in history, bragging closely 90 million members and they have been flabbergasting real estate experts. There is no doubt that they are well equipped with the knowledge, socially connected, and know their way out from every problem. So, if you are a Realtor and want to dig deep into these young minds, you’ve come to the right spot. This article will enlighten major things a Realtor should know about Millennials to understand them better and get your facts to check to make a great deal.
What a Realtor Should Know About Millennials?
- What’s on their ”wish list”?
Millennials are one overthinking breed. Before making such a huge decision they would consider going through every detail. They are surprisingly economical and clever when it comes to swapping their first home. According to researches, they are more likely to make sacrifices and save some dollars for the future. As a result, they end up buying a small compact, old, second-hand homes as compared to Generation X or Baby Boomers. They strive to opt for the ’affordable’ option.
- Necessity over Luxury
Millennials are one smarty pants unlike Gen Z or Baby Boomers who yearn for luxury and look at this investment to enhance their status symbol. Millennials are very straight with their idea, they see homeownership with more fluidity and flexibility. For them, it is more of a necessity as they know the importance of roof over their heads. Also, they only expect to live in a home for 10 years before moving, so if any job opportunities come in their way which demands reallocation and shifting they are probably gonna take it.
- ”Let me check online first”
This one is quite obvious and expected. Cross-checking everything online first is kind of a reflex nowadays. Millennials have been known as the first generation really introduced to the high-tech world before adulthood. That’s why they are pro at it.
According to the NAR, 94% of Millennial home buyers start by looking at online listings.
But that doesn’t mean they won’t be contacting an agent before making the ultimate decision - though first, they would like to do their own little study. So, Agents working with Millennial buyers can anticipate their clients to know what they want and arrive with basic knowledge.
- They need a 'Helping Hand'
Most of the Millennials deciding to invest in Real Estate are majorly newbies to this genre. Irrespective of their own research they would need more help understanding the process thoroughly from someone experienced. In 2011-2012, 65 percent of millennials buying homes had rented a place before, though a whopping 22 percent came directly from living with parents, relatives, or friends. This is one big step they are about to make in order to live the actual independent life and in no form they want to screw it up. Therefore, when dealing with millennials, it is crucial that real estate agents not only act as salespersons but also educators, assisting to guide their customers through the entire home-buying process so ultimately they are content and proud of their decision.
- They are the largest group of buyers
As stated earlier Millennials consist of the majority of Real Estate buyers so they are one influential force that the Realtors need to handle with care. According to NAR’s analysis, Millennials made up the largest group of recent buyers at 32%. So basically more than half of the population which comes between the age group of 18-34 years which we so call it Millennials have expressed a desire to buy their own house in their next five-year plan.
A modern report by Harvard foresaw that the number of Millennial households is expected to increase by 2.7 million in the next 10 years which will result in a massive boost for the demand of new housing and fill up every Realtor’s pockets.
So, that’s a wrap. This article basically sums up every important information one Realtor needs to keep in mind while dealing with a Millennial. After all, this generation is inclined to buy and sell more real estate in the future, and you’ll want to be the first one they call.