Over the years, millennials have gotten a bit of a reputation for being entitled, whiny and pretentious. But when it comes to building meaningful relationships, they’re often right on the money. Approximately 1/4th of the population is made up of millennials and over time you’ll begin to engage more and more with this audience.
What millennial consumer trends teach us about how we’re building relationships with our audience both online and in person? How can the ways of this millennial generation guide us down the right path in real estate?
1. It’s Not About The Money, It’s About The Experience.
Every time you see a millennial snapping a photo of a $9 avocado toast in an overpriced café, you can be reminded that for them it’s less about the money and more about the experience. They will almost always choose experience over money. Take a look at the travel industry, for example, to see that companies like AirBnB or VRBO disrupted the hospitality industry and are thriving because millennials want that “authentic” experience they couldn’t get while staying at a starred-hotel.
As real estate agents, it’s easy to get caught up in the numbers, but you’ve probably had more than a few clients that went way over budget to buy a home that just “felt” right. Ask your clients questions about what they love, the things that make them happy, and wonderful memories from their childhood homes instead of just the typical number of bedrooms and bathrooms.
2. Sales Pitches Don’t Land Deals, Relationships and Reputations Do.
It’s not likely that a millennial will see a commercial with a catchy jingle and a screaming salesman and go out to buy that product. They want to interact with brands, especially online, and get to know them and their mission before making a purchase. After all, what will that brand association say about them?
According to Forbes, 62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer. What kind of relationships are you building with your clients? A cold call here and a canned email there won’t build the kind of relationship that brings dedicated clients and endless referrals. It has to be personal, targeted and you should use a robust real estate CRM that supports that personalization.
3. Make Your Client’s Life Easier With Technology.
“If one more person picks up the phone to call me today…”. I’m sorry to say, but a millennial doesn’t want a phone call from you. They’d rather watch a live stream video of you on social media to get to know you and then book an appointment with you via text or direct message. Voice-to-voice interactions are often left for in-person meetings.
People appreciate efficiency and with technology comes efficiency. If clients can get the majority of their questions answered online, in addition to learning more about you and your real estate brokerage, you can eliminate many steps in the process for them. You’ll get warmer leads and more clients that are aligned with your style and vision for your business – all while doing less work to capture them. Take advantage of the available technology for real estate agents. Share yourself online and people will feel like they’ve already met you.
4. Authenticity Trumps All Marketing Tactics.
“Authenticity” might be the favorite word of millennials around the world. But it’s not a bad thing. It’s all about working with people who are true to who they are in all aspects of their lives, especially their businesses. Because to millennials, honesty and trust are important values.
Luckily, this quality is easy to implement in your real estate business because it’s all about being yourself! Do the work you love in your business. Work with people you feel aligned with. Showcase properties you’re proud to list. A millennial will see through anything that seems scammy or artificial, but isn’t it easier to just be yourself anyways?
SIMPLE. POWERFUL. FOR REAL ESTATE PROFESSIONALS.
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