Can you Market Real Estate to Millenials?
One of the biggest trends that we see every day is how can you market Real Estate to Millenials. Everyone wants to know why Millenials aren’t buying houses and to reach the answer we need to explain how the Millenials have become in the situation they are in.
How Millenials Think?
Hard Working – Millenials are hard working, but not because it is a character trait of choice, it is a response to the environment they are thrown in. Millenials work hard because the job market is extremely competitive and they have to give their all to survive. This puts an added reliance on Working and contributes to their ‘cut-to-the-chase’ attitude when it comes to expenses.
In Debt – They are in debt. They are deceptively in debt as well. For most of the millennials lives they are told they need to go to college and so they often will indebt themselves and then emerge to a job market that is either hyper-competitive or not hiring. So most millennials are working their first few years outside of their field and struggling with student loan debt.
Are Millenials Buying Houses?
No. – 80% of millennials currently are not looking for houses because they simply cannot afford houses. If you are trying to market buying a house for a millennial, they will either
A) Not want to Invest in a House.
B) Be incapable of investing in a house
C) Have a wretched Credit Score rendering them financially depreciated
How can you Market Real Estate to Millenials?
Rentals – Most Millenials live their lives through a rental concept. More often than not, they are renting or financing or leasing cars; they are paying for phones on payment plans, etc.
Apartments – Most millennials want to live in apartments because they tend to be cheaper. This doesn’t mean give them a beachside high-rise because they’ll laugh in your face and walk away.
No Hassle Contracts – If they are contractually obligated to do anything, you want to make sure it’s not a stranglehold. They want to be comfortable as much as possible because they are perpetually indebted.
For the most part, the current economy has these millennials drowning. The housing market is skyrocketing still, and current minimum wage is $9. There’s no way these millennials are going to be buying, financing, or renting a house when the majority of the job market is saturated with people who have been experienced in their fields.
Rentals, Apartments, and No hassle contracts are the best way to go because millennials also lived through the housing market crash of a decade ago and have zero trusts in the real estate system right now. So the best bet is to cut to the chase and be as honest as possible because not only are they capable of seeing the big picture, at any given time they will pull their phone out, and fact checks you.