By now it is no secret that it is crucial for a real estate agent to choose a valuable niche if they hope to be successful in the industry. Therefore, most agents invest a great deal of time and selecting the perfect Niche to focus all of their marketing efforts on.
Lately, there has been a lot of speculation as to whether or not Millennials are a valuable real estate niche to target.
In today's post, I'm going to outline or reasons why Millennials are actually the most valuable real estate niche in the United States today.
1. Millennials Are The Biggest Population
Although millennials get a bad rap, you should be careful to discriminate against them. People 36 and younger, or the millennial generation, were the largest group of home buyers, at 34%, from July 2015 until June 2016, according to a National Association of Realtors report.
If you want to capture the attention of more than one-third of today’s buyers, you will need to get savvy with social media.
2. Millennials Like To Buy Big Houses
A few years ago the tiny house boom put out the perception that millennials are obsessed with tiny spaces and being mobile. However, the truth about Millennial preferences today could not be further from the truth.
In recent studies, we are learning that Millennials actually prefer larger than average homes.
Many of them stated that they require a home to be a minimum of 2,500 square feet or more to make it on their short-list. As we all know, the larger the house the more it will go for a.k.a. the bigger your commissions will be.
3. Millennials Make Good Money
It used to be that young professionals made far less than their superiors and elders. However, with the tech boom of the last two decades, millennials AKA young professionals aged 18 to 35 are making substantially more than many of their predecessors. Take a look at Silicon Valley for example, where entry-level salaries are deep into the six-figure range. Again, the more money your clients make the more they will be able to afford and the more commission you will bring in.
4. Millennials Love To Give Online Reviews
Word of mouth and referrals are the main source of leads for many real estate agents. However, the medium of word-of-mouth has dramatically evolved over recent years with thanks to the internet and social media.
Now, rather than the dinner party about an experience that you had with a business, you quickly hop on to Yelp, Google, or social media to tell the story of your experience.
If you work with Millennials and give them a stellar experience in buying or selling a home, you can bet that they will share that with hundreds or even thousands of their friends on social media.
How To Attract Millennial Homebuyers & Sellers
Something that I can’t stress enough about Millennials is that they are jaw-droppingly talented at seeing through you.
They have grown up in the era of the internet, email marketing, and banner ads.
They love to spend money, but only with people that earn their trust and enthusiasm.