Even though everyone likes to bash the Millennials and Gen Z as being lazy and unfocused, they are currently the ones overturning the housing market. Turns out that young adults in their late 20s and 30s are now established in their careers, managed to shake off their student loans, and would like to take roots.
Still, they are doing it their way (like everything else Millennials do), which is why the real estate market needs to change its approach. As the number of young adults approaching the housing market increases, the traditional way of doing business will get more disrupted allowing for new and fresh agencies to take hold of large shares of the market.
So, if you are interested in maintaining your current position and growing it, you should consider the following changes.
The time for banners and ads on benches and buses has gone. The time for online ads and social media strategies is now in full effect.
Young people nowadays open Google (or their favorite search engine) first and only afterward decide on a business partner. In addition, they will search for reviews from real customers and do their own research before they settle on a real estate broker.
In addition, young customers are more attracted by agencies that use modern solutions in their business activity. For instance, an agency can become more attractive in the eyes of millennials by implementing a software based transaction management system (this type of software allows you to reduce paper usage as well).
Furthermore, as you move your online marketing and transactions online, the entire system will get smoother and easier to control.
Millennials and Gen Z are attached to their devices and use them as much as possible. They are also busier and it’s more difficult to find a window of free time for face-to-face conversations. As such, when it comes to communication, young adults would rather do it via text message or email.
They also would rather make an appointment online and send their questions in writing than using verbal communication. So, it is helpful for them to work with agents that adopt the same habits.
As we already mentioned, online marketing is the new way of doing business in the real estate niche. However, it’s not just the environment that’s changed - the type of listing is changed as well.
Millennials and Gen Z buyers are more attracted by listings that use more than just traditional pictures. They love 360 images, live streams, and drone footage. This puts a bit of extra pressure on real estate agents to get more familiar with modern tech ways, but it is worth it if you want to attract younger customers.
While it’s true that some Millennials struggle to buy homes, they are the future customers for this niche. So, the agencies that want to stay in business need to learn their ways and understand their view of the world. Otherwise, you will just fall out of sync with your audience, which is never a good business approach.