A Closer Look at the Millennial Generation and How to Market Towards Them
Recent house hunting trends are exploding with positivity, especially for Millennials. Reports are validating that younger buyers have set their goals to become homeowners and are more confident than any other age group regarding homeownership. Homes.com presented four noticeable shifts that this millennial generation is considering when on the path to purchasing a home. If you believe you are on the path to purchase a home, get a free rate quote online using our multi-step calculator.
Now that the economy is in better condition and Millennials have a growing interest in the housing market, demands could spike. A study done by the Demand Institute stated that, 75 percent of Millennials believe that owning a home is an important long-term goal. Now that economic conditions have improved, these younger buyers are planning their next step toward that goal. This speaks volumes of where the housing market is headed, due to the fact that this generation makes up 76 percent of first-time homebuyers. With Millennials dominating the charts in all categories, marketing in a way that makes sense to them is essential.
Going along with marketing to this younger generation, the majority of these buyers are heavily concentrated in online real estate searches. With this growing optimism, comScore Media-Metrix data reported that there was an 81 percent increase from the previous year, with buyers using their mobile devices and apps to research real estate websites. This statistic alone is very telling of how this generation works. They not only do everything online, but they are taking their time throughout the process. A Google Consumer Survey noted that 83 percent of Millennials reported that they formally began their search more than six months before they purchased their home. With this information we can now focus in on how to market to this generation and when.
With Millennials growing up surrounded by the new era of advertising, this has caused them to be skeptical of brands. They prefer engaging with friends’ posts instead of a brand’s page on social media platforms. They will believe what their friends say before your company’s message -- always searching for a source that is “more like them.” Building an online presence that conveys honesty, trustworthy, professional, and a friend-like relationship will help bring this generation to your business.
In conclusion, companies looking to reach Millennials need to concentrate on how they are going to connect and market towards this dominating, educated, and tech-savvy generation.
1. Millennials are searching for real estate and mortgage-related business through mobile and online outlets. Make sure that your online presence is strong and that your website is mobile friendly with a responsive design.
2. According to Statista, Millennials spend an average of 3.2 hours per day on social media platforms. It is essential to your business to have a strong presence in this medium, make sure your posts are engaging, but educational.
3. If you can, collect testimonials from past clients -- These young buyers trust people that are like them, over what your company is telling them.
Hearing testimonials from past clients can make a huge difference. Millennials need to hear about someone’s previous experience before they are fully confident in giving you their business. At the end of the day, it might be hard to change your ways but this is where the mortgage and real estate business are headed. Marketing to these young buyers in the right way could help your business take off. If you have any questions on how to market towards Millennials or would like more information on the mortgage banking industry please contact the vLoan team today!