Millennial are member of the generation of children who were born between the years 1977 and 1994. According to 2000 Census Data, there are over 84 million Millennial in the population, making up one quarter of the US population. Within the next 20 years, they are poised to make up the bulk of the overall US population. They are a diverse group with 1 in 3 non-Caucasian and 1 in 4 from a single parent home.
According to national studies from 2007, three quarters of the home buyers were between 18 and 24 years old and purchased a home because of their desire to own a home and establish a household. They are looking for stability, home buying agents they can trust, and a fair price. This group is also less emotionally tied to a house and is even now just waiting for the market to stabilize to move on.
The competition is only a click away - this is the new concept that you must understand. Millennial are computer savvy, knowing that more information is available with just a mouse click. They want to work collaboratively to reach their goal of home ownership.
From now onward you, as the real estate agents and investor, must also be computer savvy and be ready to provide easy to access information for this new plugged in buyer. The communications will not only be the traditional phone. These new buyers are technology “expert users” and want contact day or night utilizing texting, IMing, blogging, or email. Instant messaging is their preferred form of communication, with 68% or more opting for cell phone texting.
This means home buying is going to move to a new level of real time. Homes will not be shopped for days by buyers who want to be driven around until they fall in love with their new home. Instead, the Gen Yers will have all of their facts available online and will make the home buying decision swiftly after they are well informed.
Your Social networking skills become very important. Social networking is ultimately about conversations. Blogging, podcasting, Facebook, LinkedIn, Twitter, My Space, FriendFeed, ActiveRain, are some of many tools focused on facilitating conversations.
The numbers speak for themselves. For example: Facebook - 100 million active subscribers, 30 million photos uploaded daily. LinkedIn - 25 million experienced professionals, a marriage of an interactive resume and your address book, promoting yourself, your properties, or reviewing others. ActiveRain - This is the hotspot for real estate professionals to learn from each other.
With this new set of rules and capabilities, houses will move quicker and with less emotion. This creates a new level of competition that the “boomers” will have to figure out when the market heats up.
Tags: Finance