Millennials are the generation ranging in age between 16 and 35 years old. Generally in this group are the children of Baby Boomers, Gen Y, as well as the first generation to not remember life before the internet and other tech.
Though all generations have encountered unique challenges while growing up, millennials also have unparalleled opportunities that were largely unavailable prior. Generally they have a strong education and global awareness, along with the capacity for a high level of disposable income.
In saying this, the economy is still in recovery post GFC, and this continues to impact on the minds and spending habits of millennials. It is especially so with the challenge of buying a first home in a number of markets – most notably Sydney and Melbourne – where house prices have continued to climb rapidly and seen deposit-saving and mortgage repayments come to claim a greater portion of a weekly pay packet.
This means most Millennials are planning for their first home purchase 1-2 years in advance. With this long lead time, it would be easy for agents to say ‘come and see me when you’re ready’, however this could prove to be a huge mistake. You need to start building your relationship with millennials now. They will need advice and someone to walk them through the first home buying process. Keeping in touch with them even when they’re not quite ready, will mean they will trust in you when the time is right to buy, and by continuing that relationship, when the time comes to sell. Retention beats acquisition. Millennials also post their opinions online like never before – referrals are far less costly than chasing new business.
As a generation that is at once cautious and conservative when it comes to home buying – yet always connected and sophisticated in their use of online tech – the opportunity to bring before millennials content that is industry-relevant but tailored to their own needs provides a leading advantage in the online sphere. By sending targeted digital marketing through iRealty, you will be able to pinpoint the moment there is an increase in your future buyers activity, where they are showing interest, and have your relevant properties front of mind when you call them to touch base.
In this era when millennials spend a longer time saving for and researching a home to buy, creating that connection is essential for building trust and identity with clients. Today’s buyers are tomorrows vendors.