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.
This generation is computer savvy and knows that more information is just a click away. This also means that the competition is only a click away as well. Millennial want data, but they also want to work collaboratively to reach their goal of home ownership.
These new buyers are technology “expert users” and want contact any time of day or night via texting, IMing, blogging, or email. Instant messaging is their preferred form of communication, with 68% or more opting for cell phone texting. For the real estate agents and investors, this means you will need to be part of a team, ready to provide easy to access information for this new plugged in buyer.
Millennial will be well informed on their potential purchases. Homes will not be shopped for days by buyers who want to be driven around to many possible properties until they fall in love with their new home. Millennial will have all of their facts available online and will make the home buying decision swiftly through increased data. Home buying is going to move to a new level of “real time” opportunities.
Social networking is ultimately about conversations. You as the real estate agent and investor will need to master the social networking skills that are very important to your potential customers. Facebook, LinkedIn, Twitter, My Space, FriendFeed, ActiveRain, are some of many tools focused on facilitating conversations.
Here are some examples of the impact of social networking. Facebook – 100 million active subscribers with 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. Social networking is important as you see, the numbers speak for themselves.
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.