According to a recent report from Redfin, 92 percent of “Generation Y” (those born between 1981 and the early 2000s; also known as “Millennials”) say they’re eagerly awaiting the day they can buy a home of their own. So if you have an affordable city listing that might appeal to a first-time buyer, tap into this group’s desires with marketing they can’t resist.
To make your property listing as appealing as possible to this pool of 100 million young men and women, consider using statements like
“Affordable living in the heart of the city”
Generation Y enjoys renting in urban areas. And that’s where they want to own, as well. They’ll even settle for a home that doesn’t completely satisfy their basic needs if its location puts them where they really want to be – which is within walking distance to shops, restaurants and other support services.
“Located in a cell phone sweet spot”
Believe it or not, nearly a third of Millennials say that the quality of the cell phone coverage is a “deciding factor” in their home-purchase decision. If the home you’re listing is well served by cell phone towers, be sure to promote that fact.
“Modern design elements”
Generation Y loves modern architectural design. Even if your listing doesn’t technically qualify as modern, play up any modern-design elements (doors, windows, light fixtures, work surfaces, cabinetry, etc.).
“Open layout and multi-functional living spaces”
Millennials don’t necessarily want a large home with lots of living space. They’re quite content with the opposite – if the rooms offer living-space flexibility (open floor plans, with few full-sized walls separating spaces).
“Money-saving, energy-smart features”
Millennials don’t think of themselves as environmentalists, but they do strongly support any efforts to conserve, reuse and reduce resources – especially if doing so saves them money. That’s why it’s always a good idea to highlight any energy-saving appliances, insulation, windows, etc.
“Diverse and welcoming neighbors”
Millennials are America’s most racially diverse generation, and they want to live in a neighborhood that reflects that same diversity (or is at least accepting of all walks).
“Quality education choices right here in the neighborhood”
Most Millennials are still years away from having children. But they’re future focused, which is why they want to buy in neighborhoods that will provide any future off-spring with a quality public-school education.
“New, relaxed home-loan standards”
As you know, some of the largest home loan lenders in the country relaxed their standards in December of last year (2014). This is something you’ll want to emphasize to any Generation Y prospects. As eager as they are to buy a home, many Millennials are still saddled with significant debt from college loans. Plus, the Great Recession made it hard for them to land high-paying jobs. Anything that will help them qualify financially for a home loan should be strongly emphasized.
“The Highline district’s most trusted real estate agent”
Only 19 percent of Generation Y agree with the statement, “most people can be trusted.” To overcome that pessimism and distrust, you’ll have to make an extra effort to highlight the things that make you someone Millennials can count on for honest guidance and true support.
Of course, any time you target a specific group with your marketing, it means other groups may feel left out and overlooked. But if the house you’re listing is a good match for a Millennial, the sheer size of this cohort (nearly one third of the entire U.S. population) makes focusing your marketing efforts on their desires a good bet.
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