We all know that the next generation of home buyers is critical to replace the last generation if we’re going to keep growing the economy and our own real estate businesses.
NAR’s chief economist chalks this up to the student loan debt reaching oppressive levels with many millennials, as well as rising rents in competitive markets.
This makes a lot of sense, but unfortunately it’s nothing that we as real estate professionals and technologists can do much about (the rising rents one is a particularly annoying chicken/egg problem in itself).
But that dwindling “love affair” is a problem we can actually do something about.
In a world where any household object can be summoned to appear on your doorstep the very next day, it’s absurd that the online experience of buying a home is stuck in the 1970s.
Millennials need to be wooed. They need to be shown that, despite their student loans, there’s a massive incentive for them to put money aside to buy, and there are large swaths of the millennial generation that are making far more money than their elders.
Yet, they tend to shy away from problems they can’t “Google” their way out of.
So, as professionals in the real estate industry, we need to cater to their expectations and help them find the resources online that can help.
The “it ain’t broke” argument won’t work anymore. These NAR stats show that, indeed, it is broke.
By embracing the world of advice and resources that millennials already trust, agents can build a bond with these buyers early on. And that can separate a good agent from a mediocre one in the eyes of a tech-savvy millennial.
By speaking their language and meeting the expectations of what the experience of buying a house should be, we can help them fall in love with us..RE/MAX Evolution — and with home buying — again.
Please contact us to help you to sell your home and find the home of your dreams! We specialize in Laguna Beach, Newport Beach, Dana Point, San Clemente and our inland coastal communities.
Make it a great day!