How Quickly Can You Sell a House in the Millennial Era?
The real estate market is currently facing a challenge that was once unknown in the realty industry: how to quickly sell a house in this millennial era where a majority of the target market is difficult to pin down to one place and, above all else, strapped for cash.
According to a June 2015 report published by the United States Census Bureau, millennials, born between 1982 and 2000, now comprise 25% of the country’s population, currently making them the largest living generation. In the field of real estate, this generation makes up 34% of home buyers as reported by the National Association of REALTORS® Research Department in March 2017.
The $235 billion-question is how quickly can you sell a house given this astounding development? If you understand this generation’s thoughts about real estate, you can sell a house quickly enough. The Internet might tell you that this generation is all about avocado toast, board games, and saving the Earth (well, this last bit is true) but they are also about making real estate investments, only with significantly different philosophies from the past generation.
The Era of Internet and Social Media
NAR reports that only a minuscule 8% of home buyers resort to the traditional way of contacting a real estate agent to view homes. The remaining population starts their home buying journey by turning to the Internet for properties for sale. This should tell you to invest your time and resources in Internet marketing; if you don’t catch their interest online, your offline chances are slim to none.
In a study conducted by Washington-based Pew Research Center in November 2016, the biggest social media players are Facebook, Instagram, and Pinterest, accounting for usage by 68%, 32%, and 31% of all U.S. adults respectively. These statistics make social media a logical choice as a real estate marketing platform. On the other hand, messenger apps are the most preferred means of communication as they are quick, efficient, and convenient.
The Millennial’s Short Attention Span
Millennials are often criticized for their short attention span, a quality you absolutely have to consider as a realtor. How quickly you can sell a house is determined by how long you are able to keep the attention of this new group of homebuyers. An important tip to keeping their attention is to not keep them waiting.
Messenger apps solve (or cause – this one is up for debate) this problem. These efficiently facilitate a steady stream of conversation where you can quickly send your message across whether it’s in the form of a short message, photo, video, or link to a website. The more information you send your prospect in the shortest time possible, the better.
The Millennial Homebuyer is an Educated Homebuyer
The combined powers of the Internet and social media afford this generation almost infinite access to a wealth of information that no other generation has had. By the time the homebuyer has agreed to set an appointment with you, s/he would have already researched about 75% of what s/he wants to know about the prospective home. Be like the Internet; don’t be stingy with information as this would raise suspicions from your potential client.
Generously share information with your homebuyer not only about the property in question but also about home buying in general and in specific bits and pieces. This puts you in the position of a person of authority rather than just an agent who is trying to make a cut. The millennial homebuyer will be armed with plenty of questions, so make an effort to confidently answer all of those.
The Green-Minded Millennial
Saving the environment is an important mission for the millennial, thus the growing campaign for recycling, bicycling, and saying goodbye to plastics. This isn’t simply an advocacy that is good for show on social media, but is a cause that is actually deeply important to the millennial. Highlight your house’s ecological features and if there aren’t, you should think about installing a couple of those.
Are the floors made of sustainable materials such as bamboo or coconut timber? Does your roofing require less need for energy consumption? These factors make great selling points because they make the homebuyer feel that they are doing their share in saving our Earth.
Sell Your House Faster with Home Warranty
An important tip in real estate from Blackjack Real Estate (a local company that will help you sell your house fast in Pensacola, FL) that is always true across all generational eras is to “offer a home warranty”. Whether you are selling your home to a millennial, a baby boomer, or the silent generation, it is essential to make them feel that when a problem arises with their new home, their money doesn’t go down the drain. Investing in home warranty will reward you with a house that sells fast.
According to the National Association of REALTORS®, homebuyers in this era spend an average of 10 weeks and view an average of 10 homes in their quest for a new home. The question to you as a realtor is, how quickly can you complete your quest in finding your home a new owner? Well, if you’re armed with the correct knowledge, it’s always quickly enough.