Are Millennials Looking for Starter Homes? What Marketers Need to Know
What Millennials Really Want in a Home
The last of the Millennials are finishing up college or trade school and officially entering the world of “adulting.” This new era of their life means paying bills, opening an IRA, buying a car or even a house—all without parental supervision.
With this generation between the ages of 22 and 37, many are buckling up and getting ready to buy their first home or invest in real estate. And now that they’ve surpassed Baby Boomers as the largest generation in the U.S., marketing homes to this powerful group is essential. For homebuilders and real estate agents, here’s how you can market your homes toward Millennials and get those “sold” signs on front lawns faster than ever before.
The Smaller, the Better
We’ve heard the story over and over: Millennials watched their parents suffer a financial crisis in 2008 and lose their jobs or even their homes. This generation will be more cautious and will try to prevent that from happening again to their family, so they’re looking for smaller homes—but not tiny homes.
Smaller translates into a lower down payment or monthly mortgage payment to help this generation keep its finances in check. Think like a Millennial, build smaller homes and then highlight that cute 1,500-square-foot home in the ‘burbs.
Think Like a Smart House
While you’re thinking like a Millennial, you also have to think like a smart house. Millennials want to interact with their homes like they do with their smartphones. This can range anywhere from the Nest Thermostat, which learns your habits and automatically adjusts the climate in your home, to automated appliances like the iRobot Roomba 890 or the Samsung Family Hub Smart Fridge.
Adding smart technology will catch the attention of Millennials and then promoting it across your channels will really bring them home.
Make It Green
While Millennials care about the quality, they also care about cause. They want to make sure that with any purchase or investment, there’s a company behind it who supports a cause or charity.
And this concept doesn’t sway when it comes to home buying for Millennials. Take this narrative and transform it into an environmentally friendly, green home that focuses on energy consumption. This can be as simple as adding LED bulbs throughout the house or a compost bin in the backyard. On the flip side, you can go big and install solar panels on the roof.
Give a Helping Hand
Millennials grew up in the age of technology, and while we think they’re hooked to their devices and have pushed human interaction aside, they still want a trustworthy real estate agent at their side.
In fact, a staggering 90% of Millennials used a real estate agent for guidance and advice during their home search in 2017. In your home listings or postings, as a real estate agent, advertise that you’re there to help and you can walk customers through a smooth first-time home buying process.