Are you a young millennial longing for a brand new home? Or, do you know a millennial who is hunting for properties? In the United States, millennials form a major portion of the young generation. Their cultural values, power and economic priorities have an impact on many industries. The real estate industry is not different.
By definition, millennials are people who have started their adulthood in the 2000s. They have birthdays between 1980 and 1990. According to the National Association of Realtors, millennials are responsible for 35% of the home investments.
With this being said, here are few things you should understand about millennials buying properties.
Gone are the days when millennials focused on advertisements, sales boards, and real estate offices. We are quite general about what we mean here. Today, the internet, computer, and smartphones have given us access to plenty of real estate information. Millennial investors are able to find the right kind of properties with the help of the internet. You can choose a property based on what you really want. The young millennial generation depends on texts, email, and the internet. As customers, they depend and value information.
#2 Tech Talks
Secondly, millennial investors love tech-talks. This is as important as the internet. More than 80% of home buyers and millennial sellers prefer parties from the same region or language. In fact, they look for brokers who speak the same language. This is because they can explain the home-purchase procedure easily. Millennial investors long for feedback and ratings. Additionally, they look for property listings and real-time photographs. Tech-talks with plenty of details can ring whistles and bells around millennial home buyers.
#3 Say No to Paper
Do you love paper? If yes, you are not a millennial home buyer. Most millennial investors prefer online reports over the paper. They advise agents and lenders to send credit reports by mail. In fact, they fill and mail reports online. Contact details, online links, and photographs can be mailed over the internet. An only exception would be the business cards. Millennial customers believe that “business cards” can add a professional touch to businesses. Another paper millennial investors’ demand for is “infographics”. Infographic is an integral part of modern media. These details are easy to handle and read.
#4 Keep Guides at Bay
Moving on, they keep guides at bay. The let guides work as guides. As mentioned previously, millennials live and grow up with computers, games, and smartphones. It is not a surprise if millennial investors Google for all kinds of information. If you are planning to buy a property, you will understand what we are trying to convey. Millennial investors use home plans, websites and cost-per-square-foot to decide if the property is right or not.
#5 Need for Referrals
Do you rank referrals? Indeed, referrals are worth the price of gold. Talented brokers and architects don’t advise first-time investors to apply for mortgages. If a broker or architect is unaware of answers, they will suggest referrals. Referrals can help you with wise decisions. In fact, referrals can help you find mortgage bankers, home inspectors, and accountants. These professionals play an important role in the home purchase.
#6 Let’s Get Real
Last but certainly not least, millennial investors love to get things real! They love connecting with builders and real estate professionals. If you don’t belong to the millennial era, empathy will go a very long way. When a millennial investor messages you with a question, you must not respond “who are you”! This is a put-off question that can score you low with millennial investors.