With the millennial generation having a huge impact when it comes to the workforce, retail, technology and more, it’s no wonder that younger buyers are also currently making their presence felt in the real estate arena, too.
In fact, they’re one of the biggest markets now and realtors, property managers and homeowners and landlords alike all need to understand how they choose homes. To help you get up to date, read on for some of the main millennial real estate trends you need to know about.
Since millennials have grown up having access to a wide variety of information, they are big researchers. They look carefully into a wide variety of options before they make even a small purchase (e.g. looking for a good meal on Yelp or a book recommendation on Amazon), so when it comes to the expense of buying a property they also do their homework.
People in this younger generation are often moving out of their parents’ home or a long-term share house when they buy, which means they’re usually not in a rush to find a property. They therefore have the time to thoroughly research and learn about areas, homes and prices before they commit.
Millennials are informed house hunters who prepare thoroughly in advance. They’re not the types to just buy a house straight off the bat on a whim. They get clear on what they want before they start inspecting homes, and will have a long list of wishlist items.
As you’d imagine, putting good online information out there for millennial buyers to view is the key to attracting this demographic. They focus on the internet to find their dream home, and leverage technology to not just find out about potential properties, but also related information such as neighborhoods, school systems, amenities, zoning regulations and more.
Millennials have a tech-savvy approach to their home search. They’re keen to enjoy digital walkthroughs of properties, and require quality photos. They want good pictures of the interior and exterior of homes, with images needing to be well-lit, in focus, and able to give a sense of dimension.
Social media is important to millennials who are looking for a home to buy. They use networking sites to research and make purchasing decisions on properties, so real estate agents and other professionals must have a strong online reputation; upload house information on all the key sites; and quickly answer questions and otherwise chat with young buyers via social networking sites. Agents should also leverage blogs and even apps to help build an online presence and attract millennial buyers.
Having grown up surrounded by technology, millennials bring their tech focus to home buying. One of the first things many of them do when they enter a house is check their phone to see if they have decent cell service. They are also looking for quality, integrated smart home appliances and other devices, such as internet-connected locks, cameras, ovens, fridges, thermostats, lighting and the like.
If properties don’t have these products already installed, homes should at least be set up to integrate their favorite types of smart home devices and related tech features easily enough. Millennials are always keen to see numerous outlets throughout a home, plus the inclusion of Ethernet cables for reliable, secure connections at all times. They’ll want to be sure they can access high-speed internet services within the property, too.
Interestingly, while young buyers are looking for modern tech features, they’re also keen to purchase properties which boast some historic, period details. Millennials are often drawn to the style and charm of older architectural designs, particularly when it comes to things like pre-war details, mid-century modern features, and Mediterranean style.
If you own or are listing a property which already has some of these inclusions, make sure you mention them in online listings to help attract millennials. If your home doesn’t have anything historic currently, think about adding something like crown moldings. Alternatively, use tech such as virtual staging tools to show millennials the features they could add themselves to make the home their own.
Since millennials saw how the global financial crisis impacted their parents and older siblings, they’re keen to save money. They also place importance on being eco-friendly and helping the environment where they can. As such, millennials are keen to find homes which are energy efficient (through the use of solar panels, good insulation, more efficient lighting etc.) to help them keep their power usage lower and their utility bills more affordable.
This is just a sample of the trends being seen in the world of millennial property buyers. However, if you learn what you can about this important segment of the market, it will help you to work with such buyers more effectively now and into the future.