Totaling more than 80 million people, Millennials (individuals born within between 1981 and the 1996) represent not only the largest generation in the US, but also make up the largest group of home buyers. So how can you make sure to reach this important demographic? Here’s what you need to know about Millennial home buyers.
Understanding the Modern Millennial
Millennials are challenging long-held norms of the housing industry in a big way. Having grown up in an era where the latest tech and newest social media platforms are being introduced every few weeks, these “digital natives” are constantly redefining how we buy and sell. They don’t just prefer open communication and lots of information from businesses, they expect it. They’re savvy and well-educated, but if you can’t keep their interest, they’ll be quick to filter you out.
According to the Everything Guide to Millennials, 77% of Millennials surveyed actively tune out ads, while 75% of them see all advertising as a distraction. So if traditional marketing is not what Millennial home buyers are looking for, then what is?
What Millennial Home Buyers Want from You
Peer Opinions & Reviews
Most Millennial opinions are established and confirmed by the opinions of others. They spend a lot of time shopping and little actually buying. Having mastered the skill of gathering information to form opinions and make decisions, they rely heavily on what their friends and acquaintances think. This means it’s important to take advantage of partnerships, connections, and outside resources to create positive endorsements for yourself. By expanding your network to get more referrals and positive reviews, you can help increase your chances of winning business from Millennials
Authenticity of Brand
Skeptical by nature, Millennials inherently distrust flashy marketing hype and seek what’s real. In order to make them believe in your capabilities, they have to believe in your brand in terms of what it means to them. Be sure to take the time to establish a personal connection by providing an inside look into what it’s like to work with you; equally as important is creating content they care about and connecting with other brands and people that have already earned their trust. Being able to demonstrate these relationships through customer spotlights, social sharing, case studies, and cross promotions will make them more likely to trust you by association.
Strong Online & Social Media Presence
To Millennials, social media, smartphones, and apps are all necessities. If you don’t have an online presence, you’re not even in the running, so make sure you’re utilizing your website, eblasts, and social media posts to show up everywhere they are. And not only are traditional marketing practices a huge miss but showing up on just one platform isn’t enough. Millennials are all over the digital landscape, using multiple social media outlets to do their research and form their opinions about any businesses they may work with, including your mortgage company.
The Ability to Engage
Once Millennials find you online, they also want to interact with you. They like to be acknowledged and challenged, so ask them questions about how you can improve your process or what they expect from a mortgage broker; then don’t just listen, respond. By forming an open line of communication using the right language, and valuing their opinions, you’ll build that trust that’s so important to them when choosing a business with which to work.
Significant events in our recent history have undoubtedly instilled a strong ethical conscious in Millennials. From the 9/11 attacks and Columbine to the financial recession and war on terrorism, they’re passionate about working with companies who support the greater good. And as the most environmentally-friendly demographic yet, they prioritize companies that do their part to make a difference in the community — even in small ways. Show them you share their same values to connect with them in an entirely new way.
With strong opinions and short attention spans, Millennials challenge mortgage companies to try new techniques toto win their business. But with the right partnerships and resources, you can stand out to this demographic in new and exciting ways. Contact AFR to explore how a partnership with us can help you master the art of marketing mortgages to Millennials.