Oh, Millennials. The commonly misunderstood and confusing generation of people who reached adulthood around the turn of the 21st century. It’s often difficult to understand what engages them, what offends them and what excites them.
Peak millennials, the larger segment born between 1987-1993, has been recognized as a segment with a great level of purchasing power. In terms of the real estate and land development industry, there are a few things to keep in mind.
Although millennials represent 1/3 of the workforce, they are drawn to renting or staying at home for as long as they can to develop a saving strategy and become future homebuyers. There is a pent-up demand for homes, however, affordability is pushing millennials to the suburbs, but with the lack of amenities they are heading there kicking and screaming.
Despite the common misconception of millennials being lazy, entitled and frivolous spenders, this generation values time over money – plain and simple. Unlike their parents, millennials won’t take a job solely based on the salary. Rather, they seek employee autonomy, company culture and a balanced work-life mix. They value being happy and “doing what they love” instead of working a terrible job for a bigger paycheque. They value spending time with people who enrich their lives and fulfill their desires. Millennials put meaningful relationships and experiences in front of everything else.
How Can You Reach Millennials?
Text or email. Millennials often prefer written communication instead of talking over the phone, and this desire is important to leverage. They don’t mind giving out their information if they believe they are going to get something of perceived value. As many of them grew up in the world of social media where information is widely available, they aren’t as skeptical or suspicious about sharing information.
If they know what the purpose is, and what their information will be used for, they are very likely to share. Millennials are a tech-savvy generation that prefers to be reached through tech-savvy ways – primarily digital marketing. Their digital profiles are an extension of their personal profile and they engage with content shared by their peers. Make the online experience for them easy and seamless. Integrate web platforms such as Chatterson CX which provides your company with the functionality and features millennials have come to expect.
They’re Living Life
Millennials often experience incredible amounts of debt, and also receive lower incomes (read how this has become a real estate problem across the country). This mix makes many millennials put off major life decisions such as getting married, or buying a home because they want to wait until they feel more prepared. As they value their ability to enjoy life and engage in meaningful life experiences, many fear they will be “house broke” or owned by the banks.
The Right Stage Not Age
For millennials, it’s about stage not age and their life decisions don’t always happen chronologically like previous generations. In order to reach them effectively, it’s important to target their stage in life such as where they live, who they are and what they do. Attracting them to real estate means engaging them in meaningful ways that speak to their passions and priorities. They expect brands to employ one-to-one strategies and target them with hyper-specialized, relevant offers.
Authentic, Trustworthy Messaging
Above all else, millennials do their research. They respond and engage with brands they perceive to be truly “authentic” and trustworthy (read more on this). They seek out and choose brands they like and are passionate about, based on how brands align with their values, ethics and core beliefs. Therefore, it is important to share your brand’s story and not just the what, and how, but why. Millennials strive for an emotional connection with the brand and despite what your product is, they want a brand to get behind. They will do their research and are in search of transparency and an ability to build and price before they visit your community. Consider implementing powerful lead generating tools into your website like our build and price tool Ownly.
What Do Millennials Want in Real Estate?
- To be able to easily search, find and price a home before visiting in person
- Convenient and safe outdoor spaces to run, walk and exercise – they want to use their cars less!
- A safe place to live – position your brand as a secure and safe decision in your marketing
- Transformational and flexible spaces that integrate indoor/outdoor areas
- Walkable amenities
- Quality is more important than size
The Bottom Line
Overall, millennials are seeking a living space that provides an experience and services that save time and money; this leaves space in their lives and budgets to engage in meaningful relationships and continue to create the long-lasting memories they crave. As a brand, it’s important to tell your story and sell your product in a compelling and creative way through digital mediums. Use hyper-specialized targeting techniques to ensure your message is placed in front of the right eyes.
You must engage with millennials in a meaningful, creative and targeted way. Speak to their desires and provide a solution to whatever is stopping them from becoming homebuyers. Above all else, be authentic, engaging and evoke action.
Want to learn first-hand how Chatterson can help you reach millennial homebuying audiences (or any other audience)? Email or give us a call now.