Millennials are one of the largest groups driving our economy currently. They are the generation of change through willingness to learn faster, multitask and use social media outlets as a means to communicate. Millennials, born from to 1981 to 2000, are making up what looks to be the largest group the U.S has ever seen encompass the home buyer pool. According to realtor.com they, “currently make up only 17% of all households nationally.” This is important to real estate companies because millennials will soon start dominating the home buying industry.
So what is it that millennials are looking for in their agents? Applied Systems “Why Millennials Matter Report,” found that millennials want to make a difference. This generation asks for more responsibility quicker and looks for businesses and brands that make a change. They use texting and social media to make opinions and decisions about companies they would work with. Millennials today are expecting more from the agents than ever before. They don’t want to feel pushed or sold on any decision. The quickness of the internet has allowed for them to find answers almost immediately and they expect the same from their agents.
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The California Association of Realtors says that 31% of millennials expect their agents to be fast in responsiveness, and 27% are looking for proper knowledge. What’s interesting about millennials is that negotiation power has fallen below 10% alongside with aggressiveness. It is important that agents today learn the trends followed by millennials so that they are ready when they are looking for their first homes. The California Association of Realtors says that over half of millennials find homes through agents and the majority of millennials home buyers would work with the same agent again. With that being said, it is important that agents learn new ways to build customer appreciation so that they can turn their first time customers into long term customers.
By Torrey Felber, Admin at Town Square Real Estate
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