Marketing to millennials has become the hot topic as millennials have an annual buying power estimated over $200 billion. A millennial is a person born between the early 1980s to the early 2000s. In 2015, Millennials surpassed Baby Boomers as the largest generational group. There are approximately 75.3 millennials worldwide. With the age bracket of millennials falling between 18-34 years old, they are diving into the real estate market looking to lease or purchase property.
According to the National Association of Realtors Home Buyer and Seller Generational Trends Report of 2015, millennials comprised 32% of home buyers nationally, compared to 27% of Generation X, and 31% of Baby Boomers. 90% of millennials used an agent to buy or sell their home, but only 63% would reuse the same agent again, surveying the lowest of any generation in regards to agent loyalty. 94% of millennials used an online website to search for their home. To attract the attention of the millennial market, real estate agents must branch away from traditional techniques and use social media to gain traction within this age bracket.
It is no secret that millennials love technology. The days of flyers and postcard advertisements have come and gone, social media has become king. To best reach the millennial market, real estate agents must optimize their online presence. By creating a strong personal brand and promoting yourself via social media, you can increase your exposure tenfold. Shareable blog posts, videos, and virtual tours of listings can reach a much larger audience than an in-person open house. Advertise services and listings via Facebook, Twitter, Pinterest, Instagram and any other relevant platforms to increase the growth rate of potential viewers.
While many agents may be aware of the power of social media marketing, many still rely on hard sell tactics when creating online advertisements. Top brands have found that millennials do not respond to this approach, as it is seen as impersonal and disingenuous. The most successful ad campaigns of this generation have used the content marketing approach. Content marketing involves the creation of shareable online material that does not directly advertise a brand, but rather stimulates interest in the services offered. Millennials are attracted to authentic, organic ad campaigns. Build awareness and establish a reputation by posting relevant real estate news, or by blogging about different communities. Connect with your audience by curating a genuine and reliable social media persona.
Real estate marketing towards millennials relies on shareability and relatability. By creating relevant and promotable content, you can increase the amount of potential clients your brand will reach.