The Millenial Buyer. What they are looking for and what to expect.

Going after Millennials can be a tricky task for today’s real estate agent. It seems far off in the distant future that Millenials will be powering luxury sales but it may not be as far off as you think and getting the jump early can make the difference. Millennials will be powering home sales for the next few decades. And real estate agents also have a problem; Millennials are far different from Baby Boomers.

This article from Inc. provides a great snapshot of the market in regards to Millennials. Two thirds of Millennials are first time home buyers and, overall, they compose a third of the current real estate market. It is time to search for Millennial clients as most of them will be buying homes within the next three to five years.

When looking for Millennials, real estate agents should keep in mind the profile of the current Millennial buyer.

To begin with, Millennials are looking for new homes which don’t need updating or maintenance. They want a home that already has the modern kitchen and is energy efficient. Using the same information from the Inc. article, one out of every two Millennial buyers is looking for a home like that. It’s among their top priorities so, when you’re working with a Millennial, don’t bother to show them homes needing a little TLC as they will not be interested.

You should also keep in mind that Millennials are not relying on you, the agent, to provide them with a list of homes they might be interested in. Statistically, every Millennial is searching online for their next home. They are going to websites like, Zillow and Trulia. This is why you must be digital savvy. If your firm is still relying on the old methods, such as collating a list of houses for them to view on tour, it’s not going to work and the Millennial buyer might find it a waste of both theirs and your time. They would rather check out homes on their iPhones, take a virtual tour and then tell you which houses they want to tour. It does help make your job a little easier instead of the old hit and miss process of showing homes to clients.

And if you think this also means they don’t need you, you are wrong. Over ninety percent of Millennials still prefer to work with an agent because an agent knows how to buy a home. The Millennials only know which home they want, when it comes to the process, they are not confident about their knowledge of the intricacies of real estate. They still need your guidance throughout the transaction.

But what kind of homes do they want?

Other than being energy efficient and with a modern kitchen, Millennials want homes featuring open spaces. They don’t want a house with a closed off, claustrophobic feeling. Builders are noticing this and building to those specifications so check out the homes being built nearby.

Being children of the Internet, Millennials also want homes with the latest technological upgrades. They want smart homes with smart appliances, uninterrupted Wifi capability and any of the other bells and whistles which come with living in the 21st century.

One thing you might be thinking about Millennials is they want a home in an urban area, but you’d be wrong. The statistics just don’t carry that out. Only a quarter of Millennials live in urban areas. They still prefer to live in suburbs like their parents. The only difference is they want that suburban home close to work (if they don’t already work at home).

A few final pieces of notable information about the Millennial market is, if you provide a great service, they’ll be your client again. Millennials aren’t looking at the next home purchase as the place they’ll spend the rest of their lives. They see it as a stepping stone to a better home. In roughly six years, they’ll be looking to move again. This is four years less than the national average.

Finally, expect more parental involvement. Parents are playing a larger and larger role in helping their children with the home purchase. From the down payments (which is the most difficult aspect of house buying for Millennials) to closing, parents are far more involved in these transactions then they used to be.

With these facts in mind, you have a clear idea of what the Millennial market is and how to work toward helping them find their next home. As mentioned earlier, they are the future of real estate. Work toward helping them and you’ll have a successful business for years to come.

Contact The Shevins today for a consultation on anything
Calabasas and Hidden Hills real estate.

Tips on Great Lead Follow Up

One of the most important tasks real estate agents have is following up with leads. Yet many don’t do it for one reason or another. Maybe they don’t think the lead will buy or sell a house or they just get too busy and the lead slips through the cracks. But real estate agents are throwing away money by not following up.

It isn’t hard to follow up when you make the time for it. And, in some cases, you only need to make the time once. Let us show you four great ways to follow up with your leads.

Pick up the Phone

The first tip is to pick up your phone and reach out to the lead. You already have your phone out constantly. Take a moment to send a text or a short email, even call them, asking them if they have any questions for you or is there something you can help them with. Position yourself as a resource for all their questions and needs.

Give them something of value each time you reach out instead of sending them a text asking them if they’d like to put down an offer or if they are ready to sell yet. It will make the lead more likely to do business with you because they see you as knowledgeable and helpful.

Let Your Computer Do Everything

The great thing about living in the 21st century is you can automate many tasks which used to take time. This includes following up. There are several customer relationship management (CRM) software options to help real estate agents keep in touch. This includes email and text automation. You can choose from a template or create your own that will be sent on a regular schedule.

This way you’re always in touch even when you’re actually showing houses to another client or at a baseball game with your kids. This will take the stress off of you to make sure you’re constantly sending something to those leads.

Don’t Overload Them

Your leads have busy lives of their own. They could be a doctor or a teacher or any number of other jobs keeping them busy. You want to keep in touch and be a resource for them, but this can sometimes lead to sending emails and texts every day for a month. At some point, the lead will start glossing over the emails and texts and you’ll never hear from them again.

It’s best to find a point where you stop pressing them and just instead send an email or a text maybe every couple of weeks to touch base. This way they don’t get sick of your emails, but you’re also staying visible to them so that when they finally need a real estate agent, you are the first one to come to mind. Often, ‘less is more’ is the best approach.

Don’t Give Up

As mentioned at the top, don’t give up on these leads. They might not seem viable at the moment or even a waste of your time, but how often is that true? A pharmaceutical representative may be given a list others think are bad, but she works it all the same and finds clients in places others would have given up. It works the same way for real estate.

It could also pay if those specific leads don’t work out in which they may have a friend or family member who does need a real estate agent. Do you want the lead to say, “well, I did know an agent but I haven’t heard from him/her in months” or “I know the perfect agent. I don’t need them now, but they’ve been so helpful. Let me give you their number.”

Obviously, the latter is better. And that’s how you should work it even if the lead might not seem like it would work out.

Next time you meet a lead, remember these four ways of follow up. They could turn your business from something making just enough money into a successful business growing like crazy. That’s why you got into real estate to begin with, right?

Don’t let excuses like ‘not enough time’ or ‘not a good enough lead’ stop you from doing your job. It could lead to unexpected results transforming your business.

Contact The Shevins today for a consultation on anything
Calabasas and Hidden Hills real estate.