Not every Millennial is flaky and self-entitled; so don't forget to include them in your marketing plan.
Millennials get a bad rap. Often stereotyped as narcissistic and lazy, deemed by some to be the “Me” generation, they are widely and sometimes unintentionally overlooked by real estate practitioners and home sellers. Just like any other generation, there are some that are highly motivated and very well qualified. Not every Millennial is flaky and self-entitled; so don’t forget to include them in your marketing plan. In fact, you’ll find that if you simply speak their language and treat them with respect, they can be some of the best buyers out there.
Let’s take a look at who they are.
While the “Me” generation tag is in fact very true in some cases, this can also mean self-motivated. I’ve seen more and more self-employed and entrepreneurial buyers who are considered “Millennial” in age range. The good news is these buyers work hard to build their own empires and don’t need to be babied in the home-buying process. They come to the lending appointment with their tax returns, bank statements and all required documentation. They already know what they want and will often times find you first. The key to being “found” is being social and available online. Whomever is helming the sale and marketing of your home, be sure they incorporate social platforms such as Twitter, Facebook, Google+ and Instagram, alongside a quality virtual tour and website. The more photos and detailed info the better.
Service is vital here. Millennials are smart. They’ve already scanned Trulia and Zillow as well as the property appraisers site before picking up the phone to call you. So how do you stand out? Millennials hold themselves to a certain standard and expect the same from the agents and home sellers they deal with. You can very easily convert a phone call into a sale by providing them speedy and accurate responses. What upgrades have you made to your home? Why not create a detailed list with applicable warranty info available upon request? Is there anything unique about the area or surrounding businesses? Be prepared to share freely and have all pertinent disclosures readily available for their perusal. Don’t string them along when deciding on a counter either. While they know what they want, they aren’t likely to wait around for no good reason. Contrary to what you may have heard, Millennials are decisive and ready to act quickly if the home is right.
Don’t discriminate. This tip may sound obvious, however, I’ve seen sellers making the mistake of leaving singles out of their marketing plans. Many millennials are staying single longer, at least for the time being. As long as they come prepared with a pre-approval letter or proof of funds statement from their lender, they are qualified. When staging your home and writing descriptions keep this in mind. Another facet in marketing to the single buyer, male or female, is making the home as move in ready and problem free as possible. Single-income buyers are likely to be busy earning a living so even if they can do the fixing up, unless it’s a tremendous value they will almost certainly prefer a move-in-ready home, as well as appreciate a home warranty to protect the future of their investment.
I’ve read so many articles bemoaning the woes of the Millennial, however my personal experience is quite the opposite. Be open honest and responsive with this buyer and you can increase your chance of selling your home. Cheers to the new Millennium!