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What the Real Estate Industry Can Do to Attract the Millennials

21 December 2017

Millennials are key to the future of real estate. This generation of people born between 1980 and 1997 and also known as Generation Y, begins a decade marked by criteria of consumption never before seen. That is why idealista/tools are seeking to understand their motivations and priorities: how and where they glean their information and what professionals in the industry can do to get their attention.

According to the Consumer Trend Report, published on the Zillow Group’s website, millennials represent 42% of current buyers. Real estate agencies are preparing themselves, and many already have all marketing oriented towards new clients.

Who Are the Millennials?

They are very informed and demanding consumers. It is also a generation in which 83% of people sleep with their mobile phones, and 32% never entered a bank.

When the members of this generation look to buy a home, they spend more time on research, usually using high-tech tools. Half the buyers are under 36, and half the sellers are under 41.

Home rentals are also important for millennials since it is the preferred option for the vast majority. As far as renting is concerned, they value the fact that they can choose where they can live, especially in central areas with well-connected cultural and leisure spaces and where it would be almost unthinkable to buy a house due to high prices.

Millennials seek and make decisions based on information that is available online when they are looking to buy or rent a home. Going to traditional real estate agencies only happens as a last resort and after a lengthy filtering of the network, which is the reason why the majority of the face-to-face contacts often occur during house visits. This means that real estate agencies wishing to attract millennials as clients must have the requisite tools to provide them with the speed, clarity and information they need.

How to Attract Millennials?

There is one indispensable condition: agencies need a presence on the social networks where millennials meet, share opinions and information. About 73% communicate through these networks. One of the things they love to do is go shopping, and they inform themselves about the product they are after using two means, the physical and the virtual. This means that the products they buy are a reflection of their social environment.

Original Story: Idealista

Translation: Richard Turner