Would you believe that Millennials, Gen Xers and Baby Boomers are looking for the same thing? When it comes to homes, they are. Research from online real estate resource, Zillow revealed that on average, Millennials are spending $217,000 for homes in the 1,800 square foot range, which is what many buyers in older demographics are seeking as well.
The home profile may be very similar, but the buyers and their motivations are very different: Millennials are getting into their first homes while the older groups are downsizing and simplifying. There was a time when loan officers and Realtors didn't pay much attention to who a buyer was or why they wanted to move as long as they were qualified – and from an anti-discrimination standpoint, that's still true. However, when it comes to marketing and qualified buyers, understanding who a buyer is and why they want to buy, is critical in today's high-tech, multiple choice world.
Tailoring Your Marketing Strategy
Buying a home is a big part of the American dream for Millennials and other first-time home buyers, while empty-nesters and people focusing on retirement have already been living it. Connecting to these prospects and converting them to clients requires different messaging, so it's not effective to use a one-size-fits-all marketing strategy.
A downsizer isn't likely to call or reply to an email that talks about the excitement of "becoming a homeowner" because they've been there, done that. Conversely, talking to a first-time home buyer about "streamlining their lives" may miss the mark because the home they're hoping for is probably bigger and has more features than the rental they want to leave behind.
Millennials, Generation X and the Baby Boomers may be heading to the same place – that 1,800 square foot home in the low $200,000s – but the loan officers and Realtors hoping to help them need to first understand and connect with them where they are.
Connect with the prospects you hope to convert by making sure the marketing you deploy properly addresses their goals and motivations.