Despite what you may have heard in one of the million “Millennials are killing [insert industry here]” articles, young people are buying homes. Millennials and Gen Yers made up about 34% of home buyers in 2017, a number that’s only increased in the past two years. Millennials make up a fair amount of first-time buyers nowadays, so it's important to know some of the best ways to market your real estate to this demographic.
Use these tips to help draw in more Millennial house hunters to your property and get better offers in the long-run.
Millennials Are Obsessed With Location, Location, Location
We know you’ve heard the saying about location, location, location. That’s because a great location is key no matter who you're selling real estate to. However, Millennials may have certain requirements when evaluating a neighborhood. Because many Millennials are childless, they may not be as concerned with school districts as previous generations. Instead, they may be more concerned with proximity to public transportation, the cost of living, and whether or not the neighborhood is “cool”.
Obviously, you can’t pick up and relocate your property, but it's important to know how to talk about your home's area in a way that will appeal to a younger, more adventurous demographic. As many as 69% of Millennials consider themselves to be adventurous, so if your potential buyer seems like the type, talk about some of the activities in the surrounding area that can cater to this preference.
Consider The Community
When a buyer is looking at your property, they're not just looking at the house itself; they're also looking at the surrounding community. Your neighborhood could potentially be damaging your chances of finding a buyer, even if it's a fairly nice area. How? Community association fees could be driving up the long-term cost of living at your location. The employment of real estate and community association managers is predicted to grow by 10% between 2016 and 2026, meaning the costs are only likely to increase. Be sure to factor that into your pricing negotiations, especially since Millennials tend to be fairly careful with their money.
Remember Your Repairs
While Millennials are often looking for a well-priced home, that can sometimes come at another cost. Younger generations tend to be more likely to look for fixer-uppers for the sake of a lower price on the property. While this means you can likely get away with leaving some types of repairs for the buyers to take care of, there are a few that will still be deal breakers. Check for major issues, particularly with electricity or plumbing. Hard water, for example, might not be readily apparent to buyers but will become an issue upon inspection. A whole 85% of American homes have hard water – water that contains high levels of calcium and magnesium. Install a water softener or find other ways to repair necessary plumbing before listing your property. Don't worry as much about a wall that needs new paint; most buyers are willing to look past that.
Taking On Technology
If there's one quality that the majority of Millennials and Gen Yers share, it's that most are fairly tech-savvy. Because these generations have grown up surrounded by technological innovation, it's become a must-have for many home buyers. Look for ways to integrate smart technology into your property, such as programmable thermostats and other smart appliances. While it might seem like a fairly frivolous add-on, these extras can make the difference if a potential buyer is torn between your property and someone else's.
While many people still fall for the stereotype that Millennials aren't looking to buy homes, that couldn't be further from the truth. Plenty of Millennial buyers are out there just looking for the right place to call home. If you want to increase your property's chances of a higher offer, use these tips to market to this particular demographic.