Millennials are buying homes, and they’re buying them a lot. The rise in millennial homeowners is coming from two directions: they’re in the age group to settle down and build families, and they’re making more than young adult households have at any time in the last 50 years — nearly $70,000 per year, on average!
Those are both great for the housing market, but millennials aren’t like previous generations and they do things a little differently. For agents working with millennials to find a home, understanding how they’re different from earlier generations is really valuable.
Remember, most businesses are relational, but especially real estate. If you’re not building a relationship with those millennial clients, you’re not doing all you can to help them on their journey toward home ownership. It’s important to give clients the home buying experience they want, not the one you think they should have. For millennials real estate needs to be handled differently.
Millennials might shop for their new home for up to a year or more. That’s not what most agents are used to, and it can make for some frustration. Agents want to show a few homes, sell one, and then move on to the next client. Rinse and repeat. It’s not all about the numbers, but making a living matters.
Getting to know people goes a long way, though, and it can mean much better relationships in real estate and a stronger career. Since it’s good for business and millennial clients want it, now is a perfect time to make it the norm. Moving in and out of contact with millennial buyers is common, as they look online and search for homes then reach out when they see something they want to know more about. They know what they want, and they aren’t in a hurry.
If a client doesn’t seem ready to buy or a deal falls through, move on to the next one but don’t burn bridges. Many millennials will continue their house hunt and find another opportunity, but it could be months down the road. Remember, one of my favorite quotes is, “Success is failure turned inside out.” Keep looking for how to create those successes with millennial clients.