Earning the trust of a millennial home buyer

For decades, the telephone has been the real estate agent’s tool of the trade. But a new wave of younger homebuyers is changing the way agents use those phones. Millennials, those born between 1980 and the late ’90s don’t want to talk. They want texts.

They are on their phones all the time, and this generation does not like to pick up the phone. They don’t want to bother with a conversation if it can be texted.”

As the millennial generation, also known as Generation Y, takes a greater role in the housing market, young people’s preferences are starting to shape the way real estate business is done. The real estate portal Zillow predicts that millennials will overtake baby boomers as the generation purchasing the largest number of homes this year, making their preferences even more important.

It goes without saying that this group relies on technology. More than 50 percent of millennials search for homes on their phones and, among those, 26 percent end up buying a home they found that way, according to data from the National Association of Realtors.

They’ve done their homework. Millennials rarely need agents to find homes for them to see. They usually have their own list, and they’ve already researched comparable sales and chosen a neighborhood.

They don’t like surprises. Younger buyers want to know what to expect and when.

They want customer service. Millennials expect to be partners in the home search, and they want quick answers to questions.

Is there an app for that? Younger buyers live on their smartphones and use them as a key tool in their home searches. Apps are often their preferred method to check listings and collect other information.

What did your other clients think? Many millennial homebuyers get recommendations on agents from their parents, but they also do some research online before they ever call an agent.

You call that social media? As far as millennials are concerned, a Facebook page with listings is something their grandmother would do. They expect agents to engage them on social media.

Yes, we can afford that. Finding a home they can afford in the location they want is a challenge for many younger buyers, especially in cities.

Excerpt from US News