Tech savvy, socially conscious and avocado obsessed—the millennial generation makes up a quarter of the UK’s entire population. And, as such a large cohort, they’re influencing everything from consumer patterns, banking practices and workplace attitudes.
And they’re about to make their mark in the housing market. But, unlike previous generations who benefited from more prosperous economic times, millennials carry a larger student debt and as a result have a different attitude to home ownership (almost two-fifths of millennials still rent privately at 30, which is double the rate of Generation Xers).
So, when it comes to marketing property to millennials, it’s vital you understand who they are, what they value and what kind of lives they want to live.
Let’s kick off and find out more about the millennial generation.
Who are the millennials?
Usually considered the generation born between 1981 and 2000, there are nearly seventeen million millennials in the UK. This also then makes up the largest generation represented in the workplace now. Known as the digital generation, they grew up during a period of unprecedented technological growth.
Research shows millennials are slower to marry. Many choose to live with their parents for much longer as they remain cautious of entering an unstable housing market. Yet, their purchasing power is estimated as an enormous $1.68 trillion according to CEB an industry leader in talent management.
So, as this generation comes to age, the housing market is going to see a whole lot more of the Millennials. This means, you must update your property marketing strategy if you want to reach this group effectively.
4 ways to help you successfully market a property to millennials
#1 Use the internet
Millennials love the internet.
So, forget using things like newspaper ads, flyers—if you want to reach-out to prospective millennial home buyers interact with them online—via texts, skype, email, and social media.
For instance, create relevant blog posts and short videos and post them on sites like YouTube, Facebook and Instagram to generate interest. And remember, it’s vital you maintain an up-to-date online presence otherwise your good work will be wasted as buyers switch off.
#2 Location seriously matters
Sure, we all know buying the perfect is home is all about location. And, the millennials are no different. But they want to best of both worlds—the affordable costs of buying in the suburbs but with easy access to beloved city centre amenities.
And, they’re are far less conservative than some previous generations, so they’ll happily consider relocating for work or for a better quality of life.
#3 Professional photos
Forget using filters or any kind of image distortion software, instead make sure your photos are professional, have great lighting, are in focus and show both the interior and exterior of the property.
And if you want to help prospective buyers experience the space without visiting it, create a virtual reality tour. This is a useful tool especially if you’re buyers are viewing multiple properties and don’t have time to view them all in person or they’re looking at properties in another city or even country.
#4 Modern yet traditional
When it comes to home decor, the digital generation is inspired by the past. So, alongside top-of-the-range appliances, motion sensors, and media rooms—they also want natural sustainable materials like wood and glass, earth tones, mid-century elegance with pre-war antique features. They also want open plan rooms so they can combine living and family time with hosting and entertaining.
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