Understanding The Millennial Homebuyer (and Get Their Business)
Millennial homebuyers are growing in number and most of them are first-timers who are looking for a realtor and seller they can trust with their first property purchase.
Unlike Baby Boomers who did not grow up with technology and the Gen X-ers who had the best of both worlds, Millennials are known for their tech-savviness and their penchant for “Instagrammable” things — including homes — and like the generations before them, their needs and wants will change over time. But for now, here are some ways to attract the Millennial market:
- Go green – Technology isn’t the only thing Millennials are interested in. They are also health-conscious, and they care about the environment and the carbon footprint they leave behind. If sellers want to market their house to Millennial homebuyers, they should consider adding green options such as solar panels, new real estate on the Costa Del Sol & many European countries all have solar and , LED lighting, and the like. They should make sure to use building materials that are environmentally friendly for renovations. Adding new and energy-efficient appliances and fixtures to the mix and you’ve got a winner here.
- Projects and fixer-uppers, please – First-time homebuyers, no matter what generation they’re from, usually have less to spend when it comes to buying homes. This is why Millennial homebuyers are attracted to fixer-uppers and homes with “projects” that can be done to make it Instagram-worthy. This is a plus for sellers because they can sell their homes without making major renovations. However, they should be mindful not to leave all the work to the buyers as this might be too much for the new owners to handle.
- Tiny homes with multifunctional spaces – Millenials are usually looking for starter homes, not luxury condos and mansions. This is mainly because of their budget as well as their environmental-conscious nature. Selling them a tiny house would be as easy as pie — but only if they are able to make use of the little space such that they can do more things than the room is intended for. A living room that turns into an office or converts into a dining room is a prime example of multifunctional spaces that Millennials love.
Millennials are not that hard to please when it comes to real estate They don’t require much, but what they do require is mostly non-negotiable. When they see what they like, they will definitely make an offer and the effort you put into attracting this segment of the market would be worth it.