Millennials are a covetable target group for every real estate agent, regardless of location. Because of their disposable income and their current life stage, they’re prime candidates to become homebuyers. However, the issue isn’t identifying millennials as your target customer — it’s finding the best way to connect with them. Without a doubt, the most effective method of communication is social media.
Millennials & social media use
All across the globe, social media platforms are ingrained in the lives of millennials. According to Sprout Social, Facebook still reigns king — it’s home to the largest concentration of millennial users. However, 81% of millennials also use Twitter every day. Social media’s prevalence is aided by the use of smartphones. 96% of UK millennials own one; 94% and 93.5% in Germany and France, respectively. And in Australia, despite a growing social media fatigue, 43% of millennials invest heavily in maintaining their social media image.
Why does this matter? Social media is where millennials are spending a huge chunk of their time. But they aren’t just posting selfies and chatting with friends. They’re also using these platforms to make important purchasing decisions. According to a report from Forbes, 62% of millennials were more likely to buy from a brand that engaged them on social media. In other words, you can seriously boost your chances of closing the sale if your marketing strategy starts online.
Millennials & global real estate
From a global perspective, Inman reports that millennials are driving the real estate market. This is due to a few key factors:
- Many of them have lived at home longer, which has enabled them to save for big expenditures like a down payment.
- Millennials are entering an intermediate stage of their careers in which they’re generating more income.
- Markets that attract young professionals, in Europe, the United States, and India, are seeing housing booms. If there’s a healthy job market in your area, there’s also a great opportunity for real estate growth.
But perhaps what’s most striking about millennials and real estate is how they’re searching for listings. 88% of millennial homebuyers start searching for homes online. Online includes smartphone apps as well as websites. If an agent doesn’t have listings or a profile on the web, their visibility is seriously reduced.
How to attract millennials on social media
There are several social media platforms and corresponding features. However, only a handful are effective for real estate.
- Facebook: Here, you can utilize dynamic ads, which continue tailoring content for your target audience even after the first engagement. You can also use Facebook Live to make your open houses more interactive.
- Twitter: Set up keyword searches and alerts for common real estate terms. When someone has a real estate question or concern, step in to answer them and start building that relationship.
- Instagram: Utilize this platform the same way you’d use your office’s front window. Post high-quality, alluring images of your listings. Give prospective buyers the information they crave without making them work for it. Instagram stories: Instagram Stories sees 300 million daily users; Snapchat sees 173 million. With stories and snaps, you can tell a fast, compelling story and take followers inside your best properties.
- Influencer marketing: Brands typically use this approach for consumer products but real estate can benefit as well. Partner with influencers in your industry or in your immediate area to draw attention to your properties. This could be especially great for drawing crowds to an open house.
Though social media isn’t the only aspect of your marketing strategy, it’s the most important when trying to reach millennials.