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 any agents, who are similar to these Kelowna real estate agents that work alongside millennials to find a home, it is really valuable that you understand how they’re different from earlier generations.
Millennials are an eco-friendly generation, and they’re looking for homes with strong green credentials. They don’t want a house that’s going to cost them the Earth to run – they want energy efficiency at its highest. If the kitchen doesn’t have all of the newest appliances, they’re going to use someone like SALT Light & Electric electrician in Lago Vista to replace it all. No matter the town or city you’re in, they’ll still be having electricians replacing the lights with LEDs, installing solar panels on the roof, changing the boiler for an air source heat pump: you name it, they want it.
And of course, it goes without saying that this generation has certain things they consider as absolute requirements. They will go to any lengths to get the necessary installations like a high-speed Internet connection from somewhere like infinitydish.com for their new home. So, their house hunting process would include that as a priority, and they’ll likely look for places with easy access to and serviceability of network connections.
Essentially, they’re going to be put off by any house that doesn’t look up to date, and that’s going to make older, inefficient homes harder to sell. Millennials want to make their place their own, this may be their first home buying experience so their head is full of color schemes, cute wallpapers, home tech, etc. that they have specifically in mind, so an old home will not do well even if it has been given a good lick of paint. They need to know that the structure is good and the home can withstand a lot.
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.