Millennials are taking over the real estate market with many of them already around the age where they may purchase a house or starting to enter into that range in a few years. The influx of millennials has called for the housing market to change drastically. Millennials want wildly different things from the housing market then the generation that raised them. Real estate businesses everywhere have shifted to accommodate the changing landscape in the housing market. We will talk about some millennial real estate trends that are growing in popularity.
Millennials are more likely to put in sweat equity into a property that they buy. Millennials are very aware of the costs that come along with buying a home and have more confidence in building up a property to increase its value over time.
Growing concerns about the environment have millennials seeking properties that are more energy-efficient overall. Sustainability is something that is incredibly important and you can guess that millennials may be looking for smaller and more efficient homes during their search. Properties with a lot of windows and natural lighting is preferred. Millennials could look to add on energy-efficient technologies such as solar panels or other renewable energy resources to their home.
Although millennials are looking for smaller spaces to live in that more energy and cost-efficient, they are also looking for properties that have updated technology within them. Security detection and cameras, updated energy-efficient appliances, voice controls for different areas throughout the house, and plenty of outlets is essential. With changing technology comes changing needs for millennials.
Millennials rely heavily on social media for influence. A good social media presence can seriously help your chances of attracting millennials to your real estate business. A good social media presence is one factor of a good online presence. Reviews and recommendations go a long way with millennials. Having a solid online presence with detailed and high-ranking reviews will put you in a better position to reach out to millennials and have them consider you when they are looking to buy a house.
Overall, millennials value honesty and authenticity. Millennials have a lot of experience with social media and are able to tell when someone is not being genuine. Having millennials trust you as professionals is the best way to create long-lasting and beneficial relationships with them.