After a tumultuous few years, many millennials are thinking of buying homes of their own. This generation is different from previous ones, as they are more tech-savvy and informed about the market. Here are three tips to help you guide them through the home buying process.
1. They may not be ready to buy right now. Although many millennials want to own a home, many of them are put off from homeownership due to high student loan debt and a poor labor market. This may prevent them from being able to save for a down payment or make a competitive offer on a home.
How to deal: Connect them with a mortgage broker to get them prequalified for a loan, or connect them with a financial planner in your network to help them create a plan to save for a down payment and build their credit.
2. They want answers instantly. Millennials are the most tech-savvy generation. For many millennial buyers, the ability for them to get ahold of you via text or email when they have a question is important.
How to deal: Millennials text more than they chat on the phone, and many of them prefer to a text to a phone call. When you meet with them, ask them what method of communication they prefer and connect with them that way. Be sure to make a note in Referral Maker™ real estate CRM to remind yourself of their preferred communication method.
3. They rely on the Internet. Younger buyers are turning to the Internet first to find homes that meet their criteria. If the photos don’t pique the curiosity of these buyers, they’re likely to look elsewhere.
How to deal: Make sure your listings pop with great photos of the property.