Millennials (loosely defined as those born between 1980 and 2000) are now the largest generation in the housing market according to a recent TD Bank Home survey. The survey also reported that 63% of millennials are considering buying a home within the next two years which is a huge increase from previous. However, this newest generation of home buyers are also more resistant to the traditional paths of home selling, having been witness to one of the worst housing crises in years and being burdened with debt. Here are some helpful hints in appealing to the newest type of buyer:
1. Use Instagram
Truthfully, Facebook is a viable option for promotion, however, it’s important to note that there has been a significant drop off in this social media platform in the Millennial generation — particularly the younger half. But this doesn’t mean your social media presence has to suffer: Enter, Instagram. Millennials are primarily a visually-driven group, and Instagram is an entirely visual platform; you have the opportunity to post photos and utilize the 15-second video allowance, so use it all! There are some rules for using Instagram to keep in mind, though:
- Make sure you’re not in the photo. This allows the viewer to envision themselves in the space.
- Make sure the photo is high quality and use the best lighting possible.
- Use the framing and editing capabilities of both Instagram and other photo editing apps to make your photo more aesthetically appealing or appear more spacious.
- Don’t be afraid to use hashtags, but make sure they’re relevant to the post.
2. Optimize your location
Although you can’t change where your home is located, you can make nearby conveniences a priority in your selling points. The closer a home is to local and community amenities or public transportation, the higher the Millennial homebuyer will value it. Commuting ease is a huge selling point for this generation as well, as Millennials are most likely to be a multiple-income, working family.
3. Update, update, and update some more
ONE of the most important requirements on the Millennial homebuyer’s list is modernization in the home. Sellers that update their homes are selling at higher prices in less time by doing a wide range of things to modernize; repainting the walls and adding a contemporary light fixture can entirely transform a space, and updating the common area carpet flooring to nice tile or hardwood flooring. The kitchen is another critical room to focus on across all generations, and investing in Energy Star appliances can make all the difference. Completely modernizing your kitchen might be expensive, but more often than not, sellers get back what they put into their investment — sometimes even more.
4. Employ some quick fixes for visual appeal
De-clutter your spaces, especially the common living areas. Less is always more in the minds of Millennials, so doing something simple like tossing in a few modern accent pillows or small rugs with pops of color in an otherwise neutral room will have a big impact. Bonus tip: Better Homes and Gardens Real Estate recently surveyed 1,000 Millennials about space optimization in their homes, and 1 in 5 stated that a home office is a better use of space than a separate dining room.
5. Establish a smart phone-friendly presence
A common association with the Millennial generation is the constant connection to smart phones. Well, the rumors are true: They LOVE their smart phones. Having an effective online presence that caters to Millennials will require a responsive website that can be accessed via tablets and mobile devices. Marketing through email is also an efficient way to reach this group of homebuyers, but if the email includes a call to action, it should also be optimized for mobile access. Basically, make mobile versions of everything and you’ve already won half the battle.
Did we miss anything? What are some of the challenges or successes you've had when selling homes to millennials? Let us know in the comments!
