Millenials, or Generation Y, are young adults ranging in age from their 20s to early 30s. They number around 80 million in the U.S. Here are some interesting facts about them:
They are very tech savvy and prefer to communicate by text. If you want to get their business, warm up your fingers and start texting!
This generation is big on information. Being tech savvy makes it easy for them to find out everything they want to know about a property, and they will! Better do your homework in case they quiz you.
It’s all about the nightlife. Having enough money to have fun at bars, restaurants and shops is important to Gen Y, and they’re willing to pay more for a prime location that puts them in the heart of the action.
They’re underpaid and deep in debt from student loans. Some are reluctant to assume a mortgage because it’s another big debt, so they rent instead.
They’re getting married later and having kids later, so they’re not in a rush to achieve the American Dream of owning a home.
They want a low-maintenance house with little yard work so they can have more free time. That’s why many like condos. Unlike their parents, they definitely do not want a mansion.
What They Want in a Home
- A layout conducive to entertaining and fun—e.g., watching the game on the big screen, a place to play table games, etc.
- A gathering space—This generation grew up doing things in groups, so a place to hang out with friends is still important and so is an open layout.
- An efficient use of space.
According to a Better Homes and Gardens® Real Estate Survey of 1,000 Millennials:
- 30% said they’d rather have a fixer-upper than a home that needs just a few repairs
- 59% said they’d rather have extra space for a TV in the kitchen than having a second oven
- 77% said they want a home with technology capabilities
- They want unique homes that stand out and suit their lifestyle
- They’re not afraid to tackle a home DIY project
- 56% believe home technology capabilities matter more than curb appeal
- 43% would like to change their living room into a home theater
Getting the approval of their peers is also important to this group. It is not uncommon for them to bring friends along to a showing to get their opinion. For you, this is a golden opportunity. Ask the friends if they are interested in buying or if they know of other friends who are.
Once you have a Gen Y client, you better get social, with social media, that is. They prefer to make contact via Facebook, Twitter or LinkedIn and want to be notified on their cell phones by text. Don’t be offended, but they don’t really want to talk to you if they don’t have to. Texting is more their style and comfort level.