It's no secret that millennial buyers are steadily moving into the housing market. While this generation may have initially focused on renting, many millennials are beginning to see homeownership as a good investment. Now is the perfect time to work with these younger buyers, especially considering that, for the third year in a row, millennials are buying more homes than the other generations.
Since this generation is relatively new to the home-buying process, they are likely unfamiliar with the steps they need to take and the different resources available to them. This is why 92 percent of millennial buyers choose to work with a real estate agent. As an experienced agent, this is your time to shine. Here are three ways to connect with this new generation of buyers to help them find the home of their dreams.
1. Publish educational resources.
Millennials are the internet and research generation. If they have a question, don't expect them to call you right away. Instead, they'll spend time scouring the internet, looking for their answer. As an experienced real estate agent, this may be a little frustrating, since you know the system and can provide advice. Instead of waiting for these new buyers to contact you, provide the information they seek in a way that can be easily located online.
Creating a blog, an FAQ page on your website, or even sharing helpful tips on your social media pages are great ways to interact with millennials. You can even take it a step further and publish a list of helpful tips you feel first-time buyers might overlook. You can also supply a first-time buyer's resource to help clients learn the basics of home-buying so they won't be surprised by an unexpected event. This can help you show your expertise as an agent, while also allowing you to create a better relationship with these Millennials searching for more information. By building this relationship, it's more likely that you'll be the one they call when they're ready to make that next step.
2. Provide expert advice.
A number of millennials have been hesitant about purchasing a home because of the debt they carry, especially student loan debt; however, many don't know what to expect financially when buying a home, except that they don't know how to afford it. Inspire confidence in these buyers by sharing different ways they can shoulder another financial burden.
If your clients are part of the 63 percent of Millennials with more than $10,000 of student loan debt, let them know that there are a number of programs that can provide financial home-buying assistance. One option is for them to refinance their student loans. Doing so can give them lower interest rates, which could also open up financial options for a home loan. In addition to this, nearly half of states offer some kind of grant or housing assistance for recent graduates. This could be in the form of lower interest rates or even down payment assistance.
3. Guide them through the process.
As an experienced real estate agent, you know that a house costs more than just the listing price; however, most first-time buyers are unaware of this. While they may have fallen in love with a property that seems to be within their budget, after property taxes, HOA fees, and other factors, they could learn it's out of their price range. Make your clients aware of this as they begin the process to avoid trouble later.
Once your clients have found their perfect home, made an offer, and the sellers have accepted, be sure you thoroughly explain the contract details. This is another great opportunity for you to shine, especially because navigating tedious contracts will be completely foreign to most first-time buyers. Be sure to explain everything in a way that will put their minds at ease and help them feel satisfied with their decision. By making the closing process as stress-free as possible, it's likely they'll feel comfortable recommending you to others who may be looking for an agent in the future.
The first step in helping these millennial buyers is making sure they can find you in their search for an agent. Homes.com can connect you with quality leads in your area by giving you the ability to target consumers during the initial stages of their home search process. Don't let any more of your local millennial homebuyers slip away to your competitor; start connecting with them today.
By Mark Mathis, General Manager of Agent and Broker Sales at Homes.com
For more information, please visit connect.homes.com.
Reprinted with permission from RISMedia. ©2017. All rights reserved.