Gen Y, more commonly referred to as Millennials, have now become the most populated generation in the USA, surpassing Baby Boomers. That means that they are one of the largest demographics of home buyers and sellers and are in the crosshairs of real estate agents and brokerages eager to build a profitable business. However, the buyers and sellers of Gen Y are unique in their interests, priorities, and especially their behaviors when it comes to buying and selling real estate. Selling to this tech-addicted generation will require you to be savvier than the competition and to do things a little differently than you did when you were starting out as an agent. Here are three useful tips that can help the modern broker prepare their agents to sell homes to Gen Y.
1. Ad Content That Doesn’t Sell!
Millennials grew up in an age of digital marketing with its ever present ad mechanisms, making them somewhat impervious to more blatant forms of advertising. In fact, the more that you try to directly sell members of this generation, the less effective you will be. That’s not to say advertising is ineffective here, but the style and nature of the content has to be more helpful, relevant, or entertaining and less overtly service focused.
Millennials respond to creative that is more visual and will be attracted to video content using mediums such as Facebook newsfeed ads. And don’t forget Instagram. Offer free and convenient tools to help, like an online mortgage calculator, or a downloadable neighborhood or local school analysis. The more free tools, tips and services you can offer in your ads, the more likely this generation is to trust your agents, and your brokerage.
2. Supply Your Agents On-Going Training
Now, more than ever, the technology and platforms that are used to reach buyers and sellers are complex. Furthermore, they are forever evolving and shifting in popularity. If you want to enable your agents to close deals with the Millennial set, you’re going to need to provide them with ongoing training on topics like social media, mobile marketing and digital marketing, in general.
This is an area where big name real estate brands sometimes have an advantage. Weichert for instance, has both proprietary technology and processes that make marketing to Millennials (and everyone) less complex and more efficient. Add to that the training provided by Weichert training teams and its ongoing University approach, and you leverage a powerful educational infrastructure that keeps you and your team on the cutting edge.
3. Enable Prompt Follow-Up
Growing up in the most technologically advanced era in human history has had many effects on Gen Y. One of the largest is their increasing desire for instant gratification. This means that when a Millennial expresses interest in buying or selling a property, or has a question about a property or a town or neighborhood, they expect to hear from an agent right away. In fact, agents that fail to follow-up with a lead within 30 minutes or less, will usually fail to convert that lead. They simply won’t wait to hear from you.
What is your system for getting immediately back to leads, however and whenever they come in? Do you pass the 30 minute rule, even in the off hours?
Brands like Weichert have systems in place that help the agent both get leads and automate the follow-up. Once a lead comes in, Weichert has a call center that handles pre-screening and forwarding, putting incoming leads into the hands of a live agent within minutes. Accepted leads are then fed directly into the brand’s proprietary CRM. As a broker you need to consider tightening up your lead response times and follow up to be sure you’re making the most out of your opportunities.
How To Plan The Future With Gen Y
As an experienced real estate broker hoping to attract business from the country’s largest demographic population, you understand that your agents require advanced technology and training. You also know that trying to supply all of that tech and training on your own can be a challenge. If you feel that you could benefit from a system of tools and access to the most advanced training programs for selling to Millennials and any consumer category, think about teaming up with Weichert.
For more information about our proven strategies and resources go to weichertfranchise.com or call 877-746-2067.