Move over Baby Boomers, the Millennials have taken your spot as the generation to reckon with. Did you know five Group Two team members are millennials? And we aren’t wasting any time in effecting changes all over the economic landscape – from cars to real estate to lifestyle trends. The real estate world, in particular, will be facing some monumental Millennial shifts thanks to…
1. Their sheer size. There are 92 million Millennials. (Compared to 77 million Baby Boomers.) And they range in age from teenagers to 30-somethings. They are now the largest home buying segment ever. Home builders and realtors need to get to know this group, since they will be selling primarily to them for the next 15 to 20 years!
2. The role of technology. Millennials are very comfortable with tech of all kinds – smart phones, tablets, websites, apps, online everything. They like technology in their homes (i.e. Smart homes). And will use technology to buy their homes (i.e. websites and online lenders.) Home builders, realtors and lenders need to step up their digital game and make sure everything is online and ready to go.
3. The evolving mortgage process. Millennials prefer to do their banking online and via ATMs. They don’t need to meet their banker or lender. New online lending services offer less paperwork and bureaucracy, and more efficiency and transparency. Millennials like to handle things quickly and with a minimum of hand holding.
4. The homes they want. For realtors and home builders, affordability and flexibility are the keys to reaching Millennials. Economically delayed by the recession, they are just getting their feet on the ground, so they don’t have a vast wealth to spend on a house. When they’re ready to buy a home, they want it to be a sound investment. One they will stay in for many years, and that can adapt as they get older and their lifestyles change.
5. Their lifestyles. Millennials are social but not extravagant. They like to gather and have fun together, but aren’t likely to be doing so in a luxury home filled with material goods. They’re a renter/sharer generation that prefers access to ownership. They’re taking longer to settle down, but when they do, they’re homebodies. Builders and realtors should be emphasizing open floorplans, family lofts, finished basements – all the gathering places.
Group Two Advertising is a full service agency devoted specifically to new home builder marketing and social media. 215-561-2200.
