As one of the largest generations in terms of numbers, millennials are slowly becoming a major target market in the housing business. Despite the general impression, not all of them choose a rented loft in the city and a bike ride to work over a house with a white picket fence in the suburb. In fact, recent studies show that millennials are already occupying almost one third of the homebuyers group. But, in order to attract this seemingly indifferent generation to your real estate, you need to understand that their wish lists are quite different than their parents’ were.
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Read below to see how your property can meet the millennials’ expectations.
It is no secret that this generation is very ecologically conscious. That being said, your first goal should be to make your house more environmentally friendly. From low-VOC finishes and added insulation, to energy-efficient appliances, low flow toilets, and water-saving shower heads. The more green features you incorporate into your home, the more potential buyers you are likely to attract. Other smaller (but equally effective) touches include providing recycle bins and replacing all incandescent light bulbs with energy-saving ones.
Millennials have modern, technology-driven, hectic lifestyles. So, their major concern is to get from point A to point B as fast as possible. It is not a surprise then that the neighbourhood they live in matters a great deal to them. What this means to you is that the proximity of supermarkets, schools, hospitals, and motorway exits is what sells a house. If your property is conveniently located in relation to these hotspots, make sure to point that out.
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Statistically speaking, millennials are much more active than older generations. Additionally, their preferred form of recreation is any outdoor activity, be it biking, jogging, hiking, or simple strolling. Following up on the above mentioned, if your property is located near any parks, trails, lakes, rivers, or any other outdoor recreation locations that can accommodate their active lifestyle, build your marketing strategy around that point. While millennials gravitate towards cities for entertainment, they equally appreciate nature when it comes to recreation.
Millennials are primarily nomads and entrepreneurs by nature. While the generation of Baby Boomers was looking for a place to settle down and live happily ever after with their picture-perfect families, this generation is looking for something different. They are not interested in stories about Papa Bear, Mama Bear and wee Baby Bear. They want to know if the property they are buying is a good investment. They want to know if it can be renovated and flipped for a nice profit (if they decide to sell it).
One defining characteristic of the millennial generation is that they spend 99% of their time online. Websites, personal blogs, social networks – these are all excellent places for listing your real estate property if you want to make it more visible for this tech-savvy target group.
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There is no need to stage your home too much for these people. And forget about luxury. After all, they are the ones who buy their furniture at flea markets and their clothes at thrift stores. Instead, add character to the space with a few simple, yet unique touches. Include details such as vintage wallpapers, upcycled pieces of furniture, one-of-a-kind lighting fixtures, decorative concrete pavers, or an exotic herb garden. They will not cost you much, but they will make a world of difference to a millennial home buyer.
This is the period when Millennials are active on the real estate market, whether for renting or buying, they are currently your largest target audience. So, how Millennial-oriented is your property?