The real estate industry has been changing under the influence of millennials – they have become the majority of buyers, and many of them are in search of their first homes. If you plan to be successful in attracting millennial homebuyers, here’s what you definitely need to pay attention to.
Be technologically savvy
Being born and raised in the tech world is probably the main feature of the millennial generation. As a matter of fact, the millennials’ interest in smart home technology is ever-growing, as there are constant improvements in the technology itself. It’s possible to raise a home’s resale value if you include smart home tech in the meantime. Almost 80% of millennials want to buy homes that are equipped with modern tech they have grown with.
So, if you want to attract a millennial homebuyer, better install an excellent Wi-Fi connection into your home and if that poses a problem, then buy a booster before you show the home to a millennial. Also, voice-recognized smart home devices are growing in popularity, as well as safety devices like security cameras or doorbell cameras connected with a smartphone app. Another tech feature to install is a smart thermostat. In essence, you need to show a millennial buyer in what ways can a home be fully automated.
The millennial generation is very environmentally aware, so you need to draw their attention to all the features in your home that are eco-friendly, including:
– energy efficient windows, as well as heating and cooling systems (Energy Star-rated)
– sustainable materials in the home, for example bamboo used for flooring
– self-regulating thermostats that save electricity
– solar panels to use the power of sunlight
Many of these features are quite cheap to install, and the result will be great – many millennials will simply love an energy-efficient and eco-friendly home. They care about both the planet and their electrical bills a lot, so this would be their perfect home.
Sell the location
The location of a potential home really matters to millennials, so highlight the fact that there are art districts, quaint and unusual communities and local small business in the vicinity. Millennials often work outside the typical nine-to-five routine, so proximity of restaurants and delivery possibilities is an important factor, too. Many millennials also prefer walking or cycling to work, so it’s good that work hubs are close to their home, too. If the home is in the suburbs, which many millennials could afford, you also need to have an organized public transport nearby – prepare them travel times and fastest routes of every means of transportation to show them they could go downtown in no time. Millennials also pay attention to the neighborhood, so if the neighbors aren’t known to be causing any disturbances, then it could be their potential home.
Garden and a deck
Outdoor living space is a big deal for millennials. According to some surveys, almost 60% of millennials see a deck or a patio as the most important part of a home. If there’s any outdoor space around your home, dress it up to make it look like a perfect place where a millennial could hang out with friends or host a little party, whether it’s a deck, patio or a balcony.
Millennials also love gardening, through which they can reconnect with nature and relax. If there’s a garden on your real estate, you should definitely equip it with a garden watering system, plant flowers and decorative bushes, and make a cozy corner in it using cedar boards or concrete blocks. Millennials will value the effort.
Show the flexibility of open spaces
Open spaces leave a lot of room to improvise once a real estate has been bought. It’s a very useful tool to use when you negotiate with millennials. As they tend to be very indecisive with their careers and whether they will have the kids or not, it would be great to show them the benefits of an open space in a home. If there are any spare rooms in your home, highlight the possibility for them to use the room any whey they need. It can be used as a home office in case they decide to work from home or it can be become a nursery if they decide to have a family after some time. Lastly, the spare room can be rented out through space-sharing apps, providing millennials with additional source of income.
All in all
In short, the trick of any successful sale is to know your client very well. Once you have realized what a buyer is really looking for and what his prirotities are, the chances of you selling a real estate will be much higher. Millennials are a specific group of clients, that’s for sure, but they know how to appreciate a home that suits their needs.
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