There’s a lot to be said about real estate. Coined in the 1660s, real estate has come to represent true wealth. The word “real” comes from a Latin word that means actual, genuine, or truly existing. Of course, estate speaks about properties we own that include land or houses. Speaking of wealth, it’s possible to have money in the bank and not owning any real estate at all. Some tech gurus hop from hotel to hotel instead of owning a house. But truth be told, your money is bound to appreciate more when invested in real estate than being deposited in a bank.
And like any other business, you need to study your market if you want to succeed in real estate. As you go along, you’ll find that the biggest share of the pie belongs to millennials. Indeed, digital natives command 38% of the total real estate market. That’s just the largest single demographic in the whole of America when you talk about buying properties. And no less than the National Association of Realtors put out the stats.
In this regard, knowing how to zero in on a millennial buyer should be foremost on your mind if you want to create some measure of success for yourself in real estate. Luckily, getting there isn’t actually rocket science. Here are three tried-and-tested tips to give you a great start when dealing with first-time millennial buyers.
Make Resources Available Online
It’s no secret that the internet has transformed the real estate market. With virtual viewing an option, you need not be in a strange place to know how wonderful the property is. But all that trend has actually been accelerated by the virus.
With no option but to stay home for months on end, we have to rely on virtual visits more and more. Of course, you’d have to adjust. When your buyer is hesitant to meet in person, a virtual tour should be in order.
And that should be your trust when you want to sell to a millennial. This generation, by the way, is more internet-dependent than any generation before it. Thus, you’d be wise to ensure all the things that a millennial needs to decide are right online. That means you should include 3D virtual tours.
Give Hand-holding Assistance
Buying real estate can be an emotional roller coaster ride. As data-oriented as they are, many millennials mull over buying real estate for the simple reason that it’s their first time, and they don’t want to throw money around.
Many, for one, are ignorant of the process. That can certainly stir some feelings of inadequacy or instability. It’s paramount, therefore, that you provide support in these trying times. The better your support, the more fruitful your relationship becomes.
So walk them thru the real estate process. This means you should also do your due diligence before you start talking any millennial into buying your real estate options.
Condos are a good example here. For one, this dwelling type represents a lot of freedom for its owner. When you buy a condo for sale, you allow yourself to live in a house that won’t need much attention. Condos have people who attend to the garbage collection and the cleaning process. In short, they’re never a maintenance burden.
So your job is to walk them through the process. Make sure you studied your prospects. Know what are their potential barriers to close in on the sales. In the process, know how you can help these young digital natives learn to find out their needs.
Understand Your Buyer’s Value
Lest you forget, millennials stick to their values. It’s why many of them would rather purchase on a well-known brand even when it’s expensive. As these young people are well-read and knowledgeable, finding the things they value most can be an uphill climb.
Small wonder why millennials would choose to work on well-established brands that align with their values.
In line with this, you should do due diligence to learn about and understand your target audience best. Remember that values stir strong emotions. So seek to understand what matters most for the buyer as opposed to what they want.
You’d fare better if you do. A beautiful home situated in the suburbs can certainly make anyone drool in envy, especially if the new home has an amazing kitchen complete with granite countertops. But if millennials want the fresh breeze of the country, it’s a no-brainer. They would opt for something that speaks from their hearts.