Who are millennial buyers?
The fastest growing generation of consumers, Generation Y (AKA) Millennials are currently dominating the real estate market, accounting for more than 67% of our population. You’d be remiss to ignore this digital savvy, aesthetic-driven bunch when marketing your home.
What does this mean for sellers?
Valuing meaningful social interactions, diverse experiences and keen to fuel wellness, millennials seek the same from a home. Tap into this mindset and reap the rewards. Maximise your millennial appeal and with a small investment, you could just gain higher profits and a quicker sale.
What steps should I take as a seller?
Find a tech-savvy agent
The generation that grew up with the internet, the millennial set are technologically savvy and don’t miss a trick. They conduct most of their transactions via smartphone; increasingly desktop, laptop and even tablets are becoming defunct. Your agent needs to speak the language of millennials; be whip-smart and tech savvy, have a cutting edge, design driven website and have information readily available 24/7. The right agent will ensure your potential buyers feel empowered and up to speed.
At Moovingo, we recognise the importance of tech to our agents and to both buyers and sellers. Hence, we allow for valuations, viewings and offers to be placed 24/7, something you won’t find with traditional agents.
Social marketing is one of the most powerful tools you have at your fingertips. Drive traffic towards your property through the channels available to you – social, mobile and online marketing can arouse interest and create a buzz around your home. Millennials love their phones like they love their families, engaging with their device 100+ times a day. Keep them engaged with the selling process by ensuring your agent’s website is mobile optimised, loads quickly and is easy to navigate.
First impressions count, so professional photography is an absolute must. Well-exposed, bright, high res photos of your property will strike home every time.
Over 55% of the Irish population have active Facebook accounts, and the largest portion (around 30%) of those are millennials. If your agent is not engaging with buyers on this platform, he/she is missing a huge opportunity for you.
Online media websites with integrated content rack up millions of viewers daily. If your home has an unique selling point, encourage your agent to get the word out to viral sites like Lovin Dublin, The Journal and Joe.ie. An unusual detail gets people talking and who knows, maybe your home might inspire a meme? #goals.
Nobody wants to be ghosted by their agent, am I right? If you’re ringing your agent and not hearing back, it’s time to change. Unfortunately, most agents still use old fashioned note cards and rolodexes, store information on their mobile or in excel spreadsheets. This is highly problematic as information is easily lost or not accessible when required, resulting in leads for your property not being followed up on. Make sure your agent has the right technology to support the sales cycle so you’re spinning that sale right round.
Top Notch Service
Technology may have evolved, but the fundamentals of good communication have stayed the same. Listening, remaining concise, and including all the important details are as important now as they have ever been. Some millennials have an aversion to phone calls. In the age of Whatsapp and Intercom they often prefer instant messaging, where they can live chat or open, read and reply to messages at their leisure. They lead busy lives and need flexibility and access to information 24/7.
Now we know how to market, sell and service – here are the top things millennials look for when scouting for a new home.
While millennials may not be strictly location-loyal, they tend to move towards thriving neighbourhoods with a rich, vibrant culture. Know what your area has to offer – theatres, restaurants, coffee shops, whole food stores, gyms, beauty salons, co-working spaces and clubs. Remember millennials want to tap into a mood, not a map. Make sure you notify your agent of all the hot spots.
Younger buyers tend to favour open-floor plans as it creates a more sociable space. They have little interest in a “good room” or a separate dining room. Having family and friends over for dinner, engagement parties, baby showers – millennials like to celebrate the milestones in their lives by surrounding themselves with their nearest and dearest. Consider knocking a wall to go that extra mile towards attracting your potential buyer – it might just make all the difference.
Generation Y is an aesthetically-driven generation so unnecessary and unsightly obstacles should be eliminated. Millennial buyers will want to envisage the potential in each room. That’s virtually impossible if the room is jam-packed with furniture and storage. Rooms that have no purpose are a big no-no. If even for the purposes of the showing, consider concocting a makeshift room. You can ‘suggest’ a study merely by adding a desk and chair with your laptop, a nice scented candle and succulent. Millennials are all about maximising the usage of all space.
Not to sound like a broken record but a strong, fast wireless internet service is of utmost importance to millennial buyers. We’re becoming increasingly dependent on the internet and broadband speed is among the most desirable features in a new home according to the stats. With more and more millennials working from home or out-of-hours, it’s imperative that your agent highlights the broadband speed at the property, and points out any other gadgets that have been installed. Being tech-friendly is estimated to add up to 5% to a house’s value. Know your width and let your buyers know too.
Save time and hassle by having your home already inspected so you can highlight the good and bad things to your prospective buyer. Damp, cracks, faulty wiring or plumbing, poor insulation and drainage are all important, so get it sorted or make them aware because If it is broken, they will find it and this may hamper the sale closing. Disclose, disclose, disclose. It says a lot for your integrity and builds trust and credibility. Millennials appreciate transparency and honesty and so should you.
Millennials might sometimes get a bad rap but Generation Y is the most environmentally conscious generation, favouring sustainable living and green practices. If you have upgraded insulation, windows or added solar panels over the years, make sure this is highlighted by the agent in the advert and at all viewings.
How many animals do you follow on Instagram? Be honest. Is your neighbourhood pet friendly? Millennial buyers will want to know. Plant the play date seed in your potential buyers mind. Point out all the pet-friendly parts of your house and neighbourhood because pets are the new partners, right?
Book your free valuation today and see how well we know millennials!