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July 30 2013
Guest contributor Denessa Munsterman of PCMS Consulting says:
It's imperative that your marketing strategies include the Millennial generation. How the Millenial generation approaches milestones in their lives can often seem foreign and unintuitive to older generations.
Numbering 105 million, Millennials are larger the Baby Boomer generation, and 20% bigger than the Gen-X population. And Millennials are aging into home buying. According to NAR, among buyers under 32 years of age, 79% are first time buyers. While all generations of buyers use the internet as the first step in the home buying process, younger generations typically purchase through the internet.
Millennials rely on their peers when making decisions, and they leverage their social networks for help with that decision-making. So when choosing an agent, young buyers rely on referrals from their personal networks, while emphasizing honesty and trustworthiness as qualities they want in their agent (NAR Report, 2013 Home Buyer and Seller Generational Trends).
- How are you going to capture that business?
- Do your agents know how to leverage social media to attract this up-and-coming generation that has a tremendous amount of spending dollars, and who are looking to purchase their first home?