The Next Big Housing Boom
Spring always seems to be a busy time of year for real estate. Lucky for many agents not only is spring just around the corner, but the trends for the 2018 housing market are looking up also. Millennials, also known as the “renter generation”, are looking to settle more permanently into homes, and this will give the real estate market a boost.
As millennials leave college and try to settle into careers, renting makes the most sense for them. Not only are their salaries typically low, but they may also have student loan debt that makes it undesirable for them to buy a home. As they move further away from their college years, get married, and become more settled, this demographic is ripe for the picking when it comes to buying real estate.
In the past, real estate agents have been wary of this age group. This demographic has been labeled the “renter generation”. The common perception among real estate agents is that this group is too far deep in student loan debt to purchase a home. The myth that millennials don’t want to own things is not true. Not only are millennials ready to buy, but they are also looking to make money from buying and selling real estate.
As a real estate agent, to not focus on this demographic would hurt your potential earnings in the coming years. Marketing to this age group may need a different tactic as this group communicates much differently than your more seasoned clients. You will want to become active on social media if you aren’t already. Using technology and social media outlets is your best way to entice this generation.
Today, more buyers of all age groups are starting their home search online. If you don’t have a presence online, you are likely to miss buyers that are ready to take the plunge. They still are interested in using a real estate agent, but are more likely to use one that they find online.
Unlike other buyers, the millennial generation isn’t necessarily interested in the agent finding them a home, but more for negotiating the sale, contracts and paperwork.
With the statistics showing that this generation are starting to put down roots with household incomes on the rise, real estate agents can position themselves to capture business today.