The real estate game has changed, and this is just the beginning.
As millennials start moving towards the real estate market, their expectations will make a strong mark on the practices of estate agencies everywhere.
First and foremost, real estate agents need to give up the notion that they control information. Agents are suddenly serving a population not in their own age group. Furthermore, agents are having to completely revamp how they communicate.
In short: don’t call me, text me.
Below, we’ve outlined 5 ways that real estate agents can adjust their tactics, so they can better contend in this new market.
1. Trust is key
As millennials begin to flood the real estate market, it’s important to realize that this is a generation of people who have grown up around the mobile market.
They have an overwhelming lack of trust in sales and advertising, preferring to go by testimonials and experience-blogs written by their peers. A page with written testimonials from previous clients is a great way to build trust with your clients.
But as ever, a reference is still your best bet.
2. Everyone wants a response, and they want it now.
In real estate, time is of the essence.
That means the real estate industry must continually create more mobile solutions for comparing homes and neighborhoods for clients, communicating with other agents, and closing deals. The MLS is getting better, but apps like RESAAS will become much more profitable as the drive towards mobile real estate increases.
3. Mobile opportunity is through the roof
Currently, over 50 percent of millennials search for homes on their phones and, among those, 26 percent end up buying a home they found (according to data from the National Association of Realtors).
You can expect that the tech industry will be grabbing hold of those figures soon.
Make sure that you’re on top of the news: if you’re able to be on the apps and programs that your client base is on, you’ll not only learn more about what your clients value, you’ll understand how they work.
4. How do you rank?
Many millennial homebuyers get recommendations on agents from their parents, but they also do some research online before they ever call an agent. They are also reading every single review that has ever been written about you, learning who your closest competitors are, and statistically, they’re doing this all their mobile devices.
Educate yourself on SEO practices: you’ll see the benefits very quickly.
5. Creative Cash Flow
The mobile boom doesn’t end once they sale is finished.
Homes are much more expensive these days, and not just in relation to wages.
To combat this, many home buyers are getting creative with the way that they’ll pay the mortgage. Finding homes with rental units, or purchasing with the intention of adding an Airbnb suite will really influence the purchasing decision.
The more you know about these options, the more relevant you’ll be to your new home owners–first time home buyers especially.
Katie Fritz is the marketing manager at Trippeo. She likes content, pottery, floral design, and making funny jokes.