Most of the time when we hear stories about millennials it’s about how they are still living with their parents and are not focused on buying their own place The truth is that they are interested in buying their own home and many of them already have. According to an article for Forbes by Jeff Fromm, one in three millennials have already purchased a home in the past year.
Here are the three things Fromm says you should keep in mind when connecting with these potential home owners.
Millennials expect a frictionless journey – Even though millennials are buying homes much later in life, they are still buying homes. The difference is they expect the purchasing process to be faster and more connected. As a generation that grew up with the constant influence of the internet, millennials expect to see things instantly and want more transparency in the process. They are a “connected” generation and whether it’s online or in person they want a seamless, frictionless experience.
Crowdsourcing is the new norm – Social media and tools like Trulia and Zillow have changed the way millennials can search for information about their home purchase. Top that off with the fact that millennials prefer to get one on one opinions from friends and others in their network before they make a big decision. According to Fromm 70 percent of millennials agree that they feel more excited about doing something when their friends agree with what they are doing and 68 percent of millennials will not make a major decision until they have discussed it with people they trust. Instead of pressuring a millennial into making a major purchase, create an inclusive environment that is open to their friends and family.
Neighborhoods Matter – Another thing we hear about Millennials all the time is that they like to shop local. This plays a huge role when it comes to picking out their neighborhoods. They have big expectations that owning a home means more than having a roof over your head. Millennials want to feel like they are a part of community that they can share with their family and friends.