There are many Millennials (ages 20 to 37) making up the home buyer pool these days. In fact, a large portion of these buyers are already purchasing their second or third homes. With many of them out there being active in the market, it is good to know how they operate. Here are some good tips for agents working with Millennials.
Communication – Millennials are well connected and are in constant communication with their networks. And chances are, they may know a neighbor, relative, friend or even friend of friend who is a real estate agent. However, Millennials do value some things and are likely to do some research on their own as well so here are some tips:
- Be sure all of your contact information is online. Update your social media profiles and your website so that all things are current including your head shot.
- Push out and promote content that speaks to those who you want to attract. Share social posts or write some blogs that are most pertinent to this audience.
- Be sure you are comfortable with all forms of communication. Calling, emailing, texting and Facetiming are all platforms that have become normal means.
- Be comfortable with other technology that makes life easier. Sharing documents electronically or even videos of properties can make things move fast and smooth.
The other thing you will want to do is be an expert in the process, especially for the first time buyers. Alert them of some of the less obvious things that are important in the home buying process. Review how the mortgage process works and the importance of good credit. Also,inform them that when they have decided to embark on a home purchase, they should refrain from any larger purchases or from opening up new credit cards as that may affect their loan approval. Beginning with a reputable mortgage agent from the start will help for the smoothest process possible.
Finally, good advice on finances can also go a long way. Most everyone knows and budgets for a down payment, but not everyone will also put money aside for unexpected repair costs. Be sure to recommend that they have a rainy day fund for any of these potential surprises.