Millennials make up 43% of homebuyers, and as a result, they have a big impact on the housing market. That is the highest generational rate in the current market, according to NAR. They are becoming more prevalent in real estate every year.
Understanding what they are looking for in a real estate agent is key to attracting and serving this important segment of the population. Here are some of the most important qualities and characteristics that millennials are looking for in a real estate agent.
- Tech-Savviness: Millennials are the most tech-savvy generation, and they expect their real estate agent to be as well. They want an agent who is comfortable using technology to find properties, communicate with them, and provide virtual property tours. Additionally, they want an agent who can use technology to streamline the home buying process and make it more convenient.
- Local Expertise: Millennials value local knowledge and expertise. They want an agent who knows the local market, understands the neighborhoods they are interested in, and can provide valuable insights into what it’s like to live in the area.
- Transparent Communication: Millennials value transparency and open communication. They want an agent who is responsive, transparent, and easy to work with. They want to feel like they can trust their agent and rely on them to keep them informed throughout the home buying process.
- Flexibility: Millennials are often busy and have demanding schedules. They want an agent who is flexible and able to work around their schedule. This includes being available outside of normal business hours, being able to communicate via email, text, or video call, and being able to provide virtual property tours.
- Professionalism: While millennials value transparency and flexibility, they also want an agent who is professional and takes their job seriously. They want an agent who is knowledgeable, experienced, and has a good reputation in the community.
The median first-time home buyer in the U.S. is 34 years old, according to online real estate marketplace Zillow.
You may be losing out on a sizable portion of buyers searching in the current market if you aren’t targeting millennials as part of your lead generation strategy.
Therefore, in order to work with millennials, one must be tech savvy, knowledgeable about the subject, open and honest in communication, flexible, and professional. Real estate agents can draw and serve this significant demographic and assist them in finding their ideal home by attending to these needs.