The young adults born between the early 1980s and early 2000s, millennials are now a force to be reckoned with in the real estate arena, making up a large portion of the market and expected to be a significant factor in the market’s success. So a large portion of your marketing efforts needs to be aimed at trying to sell your home to millennial buyers in Los Angeles. Your first step, though, is gaining an understanding of millennial home buyers because they differ from other and older target markets in several ways.
Understanding Millennial Buyers
Millennials make up the largest generation in American history, numbering around 90 million. They also exhibit some defining characteristics as home buyers, such as:
VIEW HOME OWNERSHIP DIFFERENTLY
Millennials perceive homeownership differently than their parents and grandparents. Instead of viewing ownership as an investment and a status symbol, millennials see it as a necessary rite of passage that marks their entry into independent adulthood. They also, in most cases, don’t expect to live in one home for more than 10 years.
HAVE A RECESSION MINDSET
In general, millennial buyers have a “recession mindset” because they have been formed by the state of the economy while growing up. The Great Recession molded them, so they are thrifty and cautious when making financial decisions.
LOOK FOR DIFFERENT THINGS IN A HOME
Millennial buyers look for different and very specific things in a home. Because they are basically frugal, millennials are more likely to be looking for and willing to buy smaller and older homes, valuing affordability first and convenience second.
USUALLY SHOP ONLINE
Millennials also shop and research extensively online before making any major purchase. The National Association of Realtors has found that 94% of millennials begin their home search online – which makes social media, quality listing photos, and video presentations key elements in listings aimed at millennials.
Key Ingredients to Sell Your Home to Millennial Buyers in Los Angeles
If you want to attract millennial home buyers, your marketing campaign must include these key ingredients . . .
STRONG SOCIAL MEDIA PRESENCE
Millennials could accurately be called the smartphone and social media generation. You’ll never see them without their smartphone, and they are constantly checking their social media accounts throughout the day – keeping in touch with friends, shopping, and even conducting business. The PEW Research Center has found that 82% of adults between 18 and 29 use Facebook regularly. And you will have to do the same to sell to your home to millennial buyers. Building a strong social media presence will allow you to connect with this audience and engage potential buyers through their preferred avenues. Your agent can help you with social media accounts for selling your home. To find out how just call (213) 290-4980.
Also, you will have to make some communications adjustments to sell your home to millennial buyers in Los Angeles. You will likely have to forget using phone calls and face-to-face meetings as your primary means of communication. Millennials prefer to communicate via text messages, instant messaging, and email. Ease and speed of communication are their top priorities, and you will simply have to make the necessary adjustments to accommodate them.
SOCIAL PROOF THROUGH WORD OF MOUTH AND REVIEWS
Known as ruthless researchers, millennials generally invest a lot of time and effort in conducting thorough research before making purchasing decisions, especially one as large as buying a home. As a seller, then, you need to be able to have word-of-mouth referrals, and your agent must have plenty of glowing third-party reviews. So besides having friends and family recommend your home that’s for sale, you have to use an agent who has a track record of satisfied clients as evidenced by online reviews.
Partner With an Agent to Be a Valuable Resource
Finally, to sell your home to millennial buyers in Los Angeles, you need to keep firmly in mind that most millennials are first-time home buyers. That means they will have lots of questions and will expect answers. So you won’t be just a home seller, but an information resource as well. And the best way to fill that role and greatly increase your odds of selling quickly, you should partner with a knowledgeable real estate agent.