Use these approaches to build a strong relationship with Gen Y homebuyers
As millennials age, advance in their careers, and grow their families, it’s unsurprising that they’ve begun to make a larger impact on our housing market. Millennials made up 36% of home purchases in 2017, up from 34% in 2017, which makes them the largest generation buying homes today.
If you haven’t considered how you partner with younger buyers, now is a great time to go over your approach so you’re prepared for 2019. These three strategies can help you strengthen your relationship with clients from every generation.
Ask for the in-person meeting
With 90% of millennials using online listings and seeing properties through virtual open-house and VR (virtual reality tours), prospective buyers can take a peek at properties without having their agent along to provide advice. Plan to meet in person to discuss homes they’ve seen online and what they liked or didn’t like, along with reasons why you think they might prefer one property over another. Regardless how tech-savvy your buyers may be, ask for that face-to-face meeting. It is still the most effective way to capture their attention, engage in meaningful conversations and drive productive collaboration. All are critical elements in building the foundation of your relationship as your clients develop a sense of the positives and negatives of various properties, as well as build their trust in you.
Try to be the first to share information with your clients about what the market is really doing, so they don’t turn to other, less reputable sources.
In the end, working with clients from the millennial generation onward isn’t dramatically different than working with buyers from other generations. By staying informed about what’s important to them and keeping communication open, you can help them close more transactions and win more new clients of all ages.
Looking for a lender who can support your younger, or millennials buyers? Team Petros is experienced in working with first time and Gen Y buyers. Let us help you today.
Point out increased buying power
Last month, Fannie Mae announced an increase in the maximum loan limit for 2019, which may give millennials a better shot at going with a conventional mortgage instead of a jumbo loan. This could alter your client’s search criteria, so it’s important to have a discussion about how this change will affect their budget.
Keep them informed about the market
As the potential for multiple offer scenarios in the Seattle area decreases, many buyers might think they won’t have to compete to win. But as some sellers go forward with price reductions, we’ve noticed multiple offers are making a comeback. Discuss the possibility of competing offers early and often so clients are prepared to enter a multiple bidding situation (and win!)
Additionally, help keep them grounded when news about the housing market hits the media.