The “Millennial” also referred to as “Generation Y” generally has a birth year ranging from 1977-2000, depending on which resource you use. There are approximately 75 million millennials and they now account for the largest group of home buyers for the third year in a row.
This is the first generation to grow up utilizing technology and social media daily. Because of those influences, the millennial generation has quickly received the most marketing attention across a plethora of industries. Where are we going with this, you may ask. 99% of this generation has reported that they utilized some form of social media to help find their first home. This comes as no surprise when 6-8 hours per week are spent on social media.
We are a generation that prefers to do our own internet based research first; before we will consider calling someone or meeting up with them- especially on a topic we know little to nothing about. This mindset does lead millennials, around 92% of them, to choose to work with a real estate agent during the home buying process. All of this equates to two key pieces an agent must possess to obtain millennial home buyers: you must effectively market your business on social media AND be a helpful, knowledgeable resource.
Stay tuned next week for specific tips for the millennial home buyer!
-A Fellow Millennial in the biz