Are you a real estate agent or broker hoping to capture millennial home buyers as customers?
Smart move. The millennials are the biggest generation in US history, even surpassing baby boomers in numbers. Already, they make up 31 percent of all home buyers, and as they get older, make more money and start families, that figure will grow. In fact, Census Bureau data projects household formation will average about 1.5 million per year through 2020, The Washington Post reports. To attract millennial home buyers to do business with you, it’s important to understand three things: how millennials look for homes, what they want in their homes and what they want to see on real estate websites.
How do millennials find homes? The millennial home search begins online. According to the National Association of Realtors (NAR), some 92 percent of millennial home buyers “frequently” use the Internet when searching for homes. They aren’t just “looky-loos,” either: More than half of millennial home buyers find the home they ultimately purchase online. NAR also reports:
– 94 percent of millennial home buyers use an online website to look for homes, compared to 89 percent of all buyers.
– 50 percent of millennial home buyers use a mobile website or app, compared to 45 percent of all buyers
– 55 percent of millennial home buyers use a mobile search engine, compared to 42 percent of all buyers.
Get the attention of millennial home buyers with appealing website that’s equally attractive on desktop and mobile devices. TORCHx creates a responsive design website that looks great anywhere, and is optimized for search to attract local home buyers by ZIP code, county, city and neighborhood.
What do millennials want to see on real estate websites? Driving millennial home buyers to your real estate website is only the first step. You’ve also got to make sure your website contains the content they look for when searching for a home. A whopping 85 percent of millennials surveyed by NAR say photos are the most important feature on a real estate website. Accordingly, make sure your website has plenty of appealing photos of available homes from all possible angles (the more, the better). When you use TORCHx, your website automatically populates with the newest property listings, including photos—but you can also add more photos and even videos to customize your site and give millennials even more of what they want.
Almost as important as photos is detailed property information, cited by 81 percent of millennials. TORCHx keeps your real estate website current with property data by updating listings automatically as soon as they come in — not once a day, once an hour or even once every five minutes, but in real time.Finally, neighborhood information is important to more than one-third of millennial home buyers. TORCHx has that covered, too: It automatically generates a landing page for every city, county and neighborhood in your MLS, including market statistics, images of the local area, and local school information and ratings.
What do millennials want in a home? Millennials want different things than their parents or older siblings want from a home. Here’s what a recent survey found:
Technology: New appliances are the single most important feature millennials look for in a home, cited by 75 percent of respondents. Almost half (47 percent) want solar panels or other energy-storage features, while 38 percent want smart home systems.
Space: Millennials don’t need the biggest lot on the block (fewer than one-fourth want one-acre-plus properties). However, they do like plenty of space inside the home. Sixty-two percent want a big master bedroom, 54 percent want a two-car garage, and 41 percent want a finished basement.
Neighborhood: Three in 10 millennials want a home within 25 miles of a major city, while more than one-third prefer homes constructed in the past 4 to 10 years.
Luxury: Luxury outdoor upgrades such as outdoor jacuzzis or three-car garages aren’t high on millennials’ priority list. However, almost half want a luxury kitchen and hardwood or stone flooring. (See more on millennials’ home preferences). Include all the details in your listing, but focus first on those that matter most to millennials. Highlighting key features in your listings and using them as keywords will boost your SEO.
Home, Sweet Home. Taking the time to understand what millennial home buyers want from a home, how they search for homes and what they expect from your website can pay off big in attracting millennial clients to your firm.