MILLENNIALS CHANGING HOME BUYING PROCESS!
Just finished reading an interesting article about these “mystery” Millennials”. Because most of my colleagues are well over 34 it’s becoming an entirely new world. I remember the era when seminars were everywhere on how to “cold call” for business. Which still makes me nauseous. My partner can call anyone and door knock anywhere! But think Millennials don’t want to open their doors unless you text them first!
This generation between 18-34 will according to Zillow Report (2015) will be a huge home buying audience. Our industry presently involves being on the phone constantly solving problems. From this report these Millennials do NOT want to talk on the phone. “text” me with information. They seem to “date”on text, they read on “text” they “talk” on text, they break up on “text”. Listen this works for me!! Cuts out those agents that “talk” too much anyway! If a client has a question I answer it immediately . If I don’t have the answer I find it out! It seems like this demographic is predicted to take over baby boomers as the generation purchasing the largest number of houses in the next years.
The Millinnial Buyers rely on technology. More than 50% (Zillow Report) search for homes on their phones and among those 26% end up buying a home they found that way. I have clients call me frequently with questions they received with “alerts” There is NO way without going crazy that I could input information for say three clients and get alerts. My phone would blow up. HOWEVER the alerts they get are GENERIC listings that have gone on the market. They need me to tell them – this one is what you should view – this one is not!They want information at their fingertips. However they need that agent to decipher information that is on the internet. This is the biggest purchase of their life and it needs to be done correctly! Though still an adventure.
Only 3% of agents are under 30. My thinking is that is a Millennial buyer is say 32 – do they really want to deal with an agent that just GOT their license? The beauty of this business is not only knowledge but WORLD experience. Solving the 100000 problems and questions that constantly appear in transactions. So our age group has to be UP on technology! NO doubt! Isn’t the magic bullet being our age with Tech knowledge and experience? Do those buyers really need another friend? Or a Real Estate Professional.
It’s the Google generation. However it’s still about knowledge, service, immediate response, amazing problem solving and communications that bridges the age group and can do the job that is needed to service any age client!