Trying to appeal to the potential homebuyer in today’s Millennial?
Better promise them more than great customer service – they prefer solutions over promises.
During their initial home search, chances are they won’t return your call or call a customer service department. As with every problem or need, they’ll first turn to Google. Millennials feel better about your business when you make it easy to do things online, by themselves, on their schedule.
Millennial home shoppers are not only tech-savvy, they’re tech-bred. They use mobile devices for everything – from planning vacations to researching stocks to checking the Twitter status of celebs.
It’s not a stretch to say these folks probably couldn’t conduct home buying or other personal financial management without the aid of a digital device, even if they wanted to. Already the largest and fastest-growing cohort among home-buyers, they’ll soon be claiming complete housing market dominance.
Millennials are much more likely than other home-shoppers to forward unsolicited email to the deleted file. Businesses can succeed in reaching Millennials by providing engagement alongside their information.
Successful marketing tools might include interactive blogs, Facebook and Twitter pages. Don’t forget the older generations, but Millennials need more engagement than just having something to read.
Millennials want to respond – with question or comments – and you need to be able to respond back. The relationship builds from there. But if you have to use the phone – please don’t call – text. Millennials almost never answer their phones, but always check text messages.
Millennials may have arrived at the housing party later than expected, but their sheer numbers will quickly have them making up for lost time. Their overall earning power is strong, but many are burdened by student debt. Others just haven’t had time to save a down payment.
The task at hand is convincing them to see all the options. According to Down Payment Resources, there are 2,290 down payment programs across the country waiting for home buyers to apply.
Varying by state, they include below-market interest rate loans or 100 percent financing, tax credits, loans and grants. Know them.
The average amount of down payment assistance made per buyer is $11,565, according to the analysis. Of the 78 million single-family homes and condos in the United States, more than 68 million, or 87 percent, would qualify.
While they may be a tad older than first-time buyers of the past, it’s clear Millennials are emerging from their parents’ basements and looking for homes of their own.