Real estate and the Millennials
According to the Pew Research Center , in 2015, the “Millennial” generation is projected to surpass the “Baby Boomers” generation as the largest living generation. The Millennial generation is typically classed from the ages 18-34 or born around 1980 through 2000. This presents an opportunity to look at the way we as real estate professionals are conducting our business. Are we attracting potential first time home buyers? Are we communicating our value proposition in such a way that the Millennials are hearing it and understanding it? Do we know the struggles and challenges that a Millennial may have in the home buying process? Are we attracting enough young talent to the real-estate industry that can support our need to service this next great generation? The average age of a real-estate professional is 57 years old. So the answer to the question above is probably no.
Over this next blog series I’m going to be doing some research and strategizing on how we as real-estate professionals can not only positively impact the “Millennial” real-estate client but also attract and train “Millennial” real estate professionals.
Many researchers have found “Millennials” to have high levels of self-esteem as well as a healthy feeling of self-entitlement. They are extremely tech savvy and communicate through a wide variety of social media platforms and for the most part seem ambitious.
Some challenges include high student loan debt. Not necessarily bad credit but no established credit. There seems to be more of a trend of job and career hopping.
The fact is every generation seems to have or have had a very definable established pattern. This of course stems from who and how they were raised. What events in history have shaped their character and belief systems.
I want to spend the next few months on looking at this from a view point of, “How do I affectively create a value proposition that is attractive to the “Millennial” real-estate client. The average age of the first time home buyer is 31.
So let’s seek to understand the “Millennial”. This is going to be fun. Stick with me and blog you soon.