Throughout the last 18 months, millennials have become some of the most active home seekers on REW.ca. In a recent interview on the Vancouver Real Estate Podcast, REW President Simon Bray noted that since the pandemic began, the website has seen a 200% increase in sessions by people under the age of 30 years old. What’s even more interesting is that this wasn’t a flash in the pan moment. The traffic from millennials has sustained itself since March 2020 on the platform. While low supply has caused the market to cool a bit in terms of sales data, REW still sees a large amount of pent-up demand from millennials in particular.
There are several ways that real estate professionals can prepare themselves now to connect with millennial homebuyers in the future. Below are some ways to stay competitive in the market and gain an edge over your competition.
Like every generation, millennials have their own preferences when it comes to communication habits. Some will prefer to speak on the phone or via text message, while others prefer Whatsapp or Facebook Messenger. The critical thing to note here is that you should be checking in with your clients or potential clients to find out how they’d like to receive information from you.
Video calls, whether through FaceTime or a more formal Zoom call, have become extremely popular in the months that have followed the pandemic. See if your clients would prefer video to voice calls. They add a more personal touch that allows you to strengthen your relationship with new clients.
Knowing what’s going to interest potential buyers is a huge part of getting more attention on a listing, as it can help you develop a marketing strategy that will successfully connect with millennial buyers. Take the time to consider what it is that millennials are looking for in a home.
In general, there are a few places you can start. Location is equally as important for millennials as it has been for previous generations, but there are other preferences that they put higher values on in particular. Open floor plans, outdoor space, home automation, and low-maintenance living are some of the things you can consider highlighting in your photography, listing descriptions, and general marketing materials.
One of the ways that real estate professionals can help millennials is by being their go-to resource for all things involved in buying or selling a property. This includes being a resource not just for the transaction but for all home-related services. You should have a solid roster of everyone from home inspectors and notaries to plumbers and fence companies. Being a fountain of information for your clients will make you indispensable for millennial homebuyers and keep your connection strong in the years to come.
Homeseekers, in general, are much better educated on the market than they’ve ever been before, not just millennials. With access to information on properties, school district ratings, and comparable sales data available at their fingertips, there’s never been a better time to be able to go a step beyond the information on a listing sheet to demonstrate your value.
With REW.One, agents can leverage the proprietary data collected by REW.ca and use it to give their clients a deeper understanding of market conditions. Use our suite of agent tools to show buyers relevant market insights, like which markets are popular or which comparable listings are getting a lot of attention on REW.
Rethink your marketing plan
You need to meet millennial homebuyers where they’re searching and talking about real estate. On social media, this means connecting with millennials by providing educational or entertaining content about real estate. Create a social media calendar, target millennials with both the type of content you’re creating and any advertising campaigns you run, and use social media to promote what makes you unique.
Millennial home seekers actively search for properties on home search marketplaces like REW, so investing your marketing dollars in meeting buyers and sellers who are close to transacting is a great way to stay ahead of the competition. You can use REW.One to boost your active listings to home seekers, but also to connect with buyers that are showing interest in properties in your area.
Invest in your online presence
Your profile pages on REW, social media pages, and search result pages should be thoroughly reviewed, regularly updated, and include as much relevant information as possible. When millennials begin a home search online, the first place they’re going to interact with you is on a profile page or search page. Not having a proper (and current) profile photo is not going to help you connect with potential clients.
Invest time in your personal website and profile pages so that you make an excellent first impression, whether it be on Google or in a real estate marketplace like REW.
Millennials read (and write) reviews
Millennials spend more time online than previous generations, which you can use to your advantage after you’ve helped a buyer or seller. This generation understands the importance of online reviews and recommendations, which is why they’re more likely to reward a successful transaction - whether it be at a restaurant or after working with a real estate agent - with a positive review. Take the time to request reviews whenever possible, as millennials are sure to look them over before they reach out to you for a first meeting.
With REW.One, agents can request recommendations from clients with the push of their One Button. All you need is the email addresses of your past clients, and you’ll be able to reach out directly from your One Account. It’s the easiest way to secure online recommendations from past clients, and millennials are quick to help.
The pandemic has sent many millennials looking for their sanctuary, and connecting with this huge group of new buyers can mean big things for your business. Prepare for the shifting expectations and preferences by following the tips above.