12 Oct Closing The Real Estate Buyer-Agent Gap
Millennial homebuyers are finally diving in to the real estate market. And, as the entire housing industry breathes a collective sigh of relief, agents and brokers are faced with a new issue – the buyer-agent gap. Real estate has been one of last industries to see the effects of the millennial demographic, and as many agents are not used to doing things the ‘millennial way’, a gap has begun to form between agent and buyer that makes the home search more difficult. Because of this, some agents have elected to ‘shy away’ from the millennial clientele. As the millennial demographic is one of the largest demographics, and more and more millennials are coming in to the peak ‘buying age’, that approach may not be a sound business practice much longer. If you’re struggling to connect with your millennial clients or are looking to attract more millennial business in the future here are some key points to understand.
They’re Going to DIY Their Searches
Millennials understand that there are many parts of the home buying process they cannot DIY. But, they also know that there is a wealth of knowledge available to them online before they even call an agent and you can bet they’re going to take advantage of it. While previous generations may rely on their agent to provide information on everything from school systems to amenities to the homes in their price range, if you’re an agent or broker working with a millennial buyer, you can expect them to have done their own research and formed their own opinions before they’ve even called you to set up an appointment. Which brings us to our next point…
You’re A Trusted Advisor
The more you work with millennials, the more you may realize that your job description is changing. Just because your millennial client isn’t relying on you to do homework for them doesn’t mean an agent plays less of a role in their house hunt – they’re just playing a different role. If not totally daunted by the intricacies of the home buying process, Millennials at least know that they don’t understand as much as they need to when it comes to real estate. They will rely on their agent to act as an advisor and to guide them throughout the process from touring homes to signing the closing papers. Because of this, it’s a safe bet that the millennial buyer has done just as much homework on their realtor as they have on the homes they are looking at.
They Won’t Just Work With Anyone
We’ve already established that millennials are going to do their own research when it comes to the home buying process. They’re also well aware that they’re going to need a trustworthy agent who will guide them and help them make the best decisions. Because of this, they’re not going to see your name and number on an ad in the Real Estate Book and call to set up their appointment. You (as the agent, broker or brokerage) are going to be as researched as the homes they’re interested in, so it’s imperative that you’re showing them what they want to see. Win millennials over with content highlighting your insight into the industry, your successes and your opinions. This can be set up in the form of a blog on your website, or even a Twitter, Instagram, or Facebook account. Aim for clarity, transparency, and authenticity with your content and focus on posting on at least a weekly basis and you’ll be sure to connect with your next millennial buyer!
Still struggling to connect with Millennials? Idea can help! Give us a call to discuss what we can do for you!