When we talk about realtors, Phil Dunphy from the famous sitcom “Modern Family” might be the first one to come to our minds . His endearing nature as well as his integrity makes him a role model to look upto, despite being a fictional character. He was everything a realtor should be, patient, empathetic and of course willing to uphold the interest of his client at all cost. He personified everything that a millennial would want to see in a realtor.
The catch with millennials is that while they want something unique and out of the box, they are also not naive to buy into anything and everything, hence a perfect balance between innovation and pragmatism is required when it comes to dealing with this group. A deeper understanding regarding this age group would require you to thorough market research, write detailed marketing reports and competition analysis forms an integral part of it.
Nonetheless, here are some of the key factors that realtors need to know about millennials
Millenials google EVERYTHING
So you were recommended to your millennial client by her cousin brother and you are pretty sure that you are sure going to bag this client, I mean recommendation from a close family member , what else can supersede it ? Well I hate to break it to you, but that’s really not the case. No matter where they have heard something or someone, millennials will resort to the internet for verification. Hence in order to create a solid first impression on your millennial client or prospective client, make sure to have an impressive online presence. Are your social media profiles updated and on point. Do you have your latest contact information on your profiles? Also make sure to monitor the vibe that your profile is exuding? It should strike a balance between being professional yet approachable. If you are willing to go an extra mile to strengthen your online image, consider starting a blog where you use your experience and expertise to share meaningful and valuable content with the world. This would not only cast a very good impression on your prospective clients regarding your level of knowledge in the field but it would also help you reach out to more people.
Having an impressive online presence can literally do wonders for you when it comes to your new age millennial clients.
Millennials are a lazy yet active generation
The oxymoron here can be quite confusing but it is actually quite true and while showing houses to them this is one of the primary factors that every realtor must keep in mind. They love to socialise and meet new people as well as their friends, hence they would prefer houses that are near gyms, swimming centres, malls and hip restaurants. Having said that, millennials also love chilling in their own home and not go out. Sounds pretty weird right, but it’s the truth. Hence a house with a home office, especially in the times of covid or some sort of indoor entertainment can win the hearts of your millennial clients.
Now, these are more of generic points , if you want to go into the depths of the housing requirements of millennials , you have to undertake thorough market research as well as competition analysis and a great way to do that is using the Porter’s 5 forces framework. It will be a great way for you to understand the current competitions that you have, the potential competition that can come up, threat of substitution and other factors too. This will give you quite a clear idea about the existing demand supply ratio in the market thereby helping you make smarter decisions.
Tech yourself up
This definitely wouldn’t have come as a surprise to anyone. Millennials are well versed in technology and expect the same from whoever they are interacting with. So make sure you too are up to date with the latest technology that has come up in the market, especially in the communication department. You don’t have to be an expert but a basic knowledge about the know-hows is important. For example don’t expect your millennial clients to communicate via BBM because that has almost become ancient. Similarly millennials don’t even like talking over the phone that much, texting is the way to go. Hence, it would always be advisable to text them once before you decide to call them up. While these factors may seem insignificant on the face of it, it can have substantial impact.
Be their mentor and guide
This can be quite a decisive factor when it comes to standing out of the crowd. Millennials or anyone for that matter would choose someone who offers more value to them and that doesn’t necessarily always have to mean showing better houses. Sure that is definitely the most important factor, but it is important to communicate it to your clients that you’re simply not going to stop at showing houses to them, but you are going to be there, throughout the entire buying cycle. Guide them regarding their finances, tell them some tricks where they can save some money, on a lighter note recommend some good restaurants and pubs in the locality, suggest some good interior decoration ideas . This is not to say that you have to go all out and be at their beck and call 24*7 . Just be someone whom your clients can look at as a friend and guide and induce that confidence in them that they can come to you when they need any kind of guidance or help.
Now forging this level of personal connection can require some extra effort on your part, but trust me you will reap the benefits of it soon. Just think of it, when you offer substantial value to your customer, and the time comes for them to recommend a realtor to their friends and family, who do you think they are going to recommend? *wink**wink*
Being a realtor for millennials is not really different from being a realtor in general. Sure , you have to be mindful about a couple of things including being updated with technology, having a good presence on the internet. But apart from that, the core value remains the same, upholding the interest of your customer.
Author Bio:
Mary Jones is the co-founder and editor-in-chief at TopMyGrades, which focuses on career counselling for university students in the US, Canada, UK and Australia. Mary is an Assignment Expert and has extensive content editing experience and has worked with MSNBC, NewsCred and Scripted in the past. She has also authored blogs on Lifehack.org, Wn.com, Medium.com, Minds.com and many more digital publications.