There is no denying the opportunity home-buying Millennials represent as they enter their household-forming years. Connecting with these clients isn’t as mysterious as many would have you believe. Like previous generations, the key is to resist the urge to think of these buyers as an age group and instead treat them as individuals with their own needs and preferences. After all, their underlying motivations for buying a home are not all that different from previous generations. The difference is in the approach Millennials take to home buying, and it’s a mindset that is spreading across generations.
What Is Really Different
Chances are you, too, operate with at least a few elements of the Millennial mindset—a digital mindset that leads to keeping your cell close at hand. You, too, probably check for messages frequently, surf during your downtime, and value anything that saves you time and money. It isn’t much different for young buyers; they just tend to be able to use their devices faster. That speed holds the key to working with the Millennial mindset—it’s about what you can do to save them time and effort.
1. Don't call. Send a text or email instead.
Ironically, while we all have phones in our hands, more and more, the talking is being done with our fingers. The Millennial mindset is characterized by a preference for texting over talking even when it involves voicemail. The reason is simple, a voice call is a time saver for the person who is calling or leaving the message, not the person retrieving and then listening and responding.
2. Get to the point.
When you deal with legal agreements and compliance all day, you tend to disclose, even when the question was, “What’s for dinner?” Millennial mindsets thrive on bulleted lists. If it’s too much information for a PowerPoint slide, it is likely too much for this mindset, too.
3. Focus on "why" not "should"
It isn’t about establishing yourself as an authority on home buying; it’s about providing enough information to allow your client to make their own decisions. Taking a more collaborative approach puts the focus on "why" they should consider a particular option before deciding, rather than on what they "should" do.
4. Let Information flow freely. Don't control it.
The Millennial mindset won’t wait for a list of homes or a rate sheet. It will google a street address to see what a home looks like and use a mortgage estimator to compare rates and determine affordability. Where you add value as a professional comes from sharing information to help buyers understand the nuances, additional cost considerations, and long-term impact of different options.
5. Create an "experience" not a calendar entry.
No one really wants to go to an office for an appointment. Make meetings more of an experience. For instance, you may consider meeting at coffee shops, bars, or restaurants in the area your client is considering buying a home.
Millennials are currently the largest generational segment among home buyers.To gain traction with this market segment, serve the individual mindset, not the generalities. If you cater to their individual preferences, the business and referrals are likely to follow.