At the moment millennials are the largest population in America. Millennials were those born between 1982 and 2000. That includes me. I am a millennial. A good definition for the term millennial that I found was “a person reaching young adulthood around the year 2000”. I got that definition from Google. Speaking of Google, where would I be without thee?
Now some might think it would easy to work with others my age. I would say, it has its advantages but it’s definitely not a cake walk. For other Realtors® out there, it is probably a little difficult. Most agents are trying to get educated in this field because millennials are the largest generation alive right now and will be the next wave of home buyers in America. In order for them to succeed, they will need to get into the mind of millennials today. We have a different way of thinking. According to the NAR, National Association of Realtors, the median age for a Realtor® is 57 years old. With that statistic, will their business still strive in this market?
A Little About Millennials
As millennials, we are known as high-speed stimulus junkies. We are extremely sociable and are attached to our gadgets…and our parents. We are the generation of technology. I found it to be very important that my everything in my business was technologically accessible. My clients and I text, message on Facebook, Tweet on Twitter, Snap, like each other photos and videos on Instagram. I mean, we find it to be the quickest and most effective way of communication. Heres the thing though, it’s not just about using technology to work together. There’s a deeper understanding of our personalities and how we operate that makes it easier to work together.
Keys to How I Work With Millennials
- I learn about their goals. With anyone that you work with, you need to know what their goals are. Know what they are trying to accomplish and why they are doing it.
- Provide Choices. We need choices and want options. I spend a good amount of time studying markets, homes, finance, you name it. My clients on the other hand, not so much. Therefore it’s up to me to make sure that I’m informing them of whats good and what’s better.
- Communicate Effectively. A phone call may not be the best way to communicate. A text would be better. I utilize the mediums of the time. We have technology for a reason, it makes everything easier. You don’t want to end up on the blocked list with random cold calls.
How Millennials View Money
The way we view money, may not be the same way our parents and grandparents did. During these times, we know Medicare and social security will run out by the time we hit retirement. We aren’t the biggest fans of loans from a bank. Stocks, 401K’s, bonds, and even mortgages are all foreign. They’re not really taught in school. I remember, when I got my first job, I didn’t even know how to fill out the tax forms that were given to me.
This does not mean that millennials don’t value money because we definitely do. We work hard and most of us spend hard. As a millennial, we are more likely to spend loads of money on a trip around the world than to invest it in the stock market. If I wanted to raise money for something, the first place I would probably go is to a crowdfunding website, and that’s just how it is. Unfortunately, in our generation, we are burdened with student loan debt. Right out of college, that’s the first thing that we have to get rid of. We know this. So in the mind of a millennial, a down payment or a home, is probably not on the top of the list.
Luckily I understand this and I can relate. Me and my clients talk about it. All of these views on money are pretty true for most of us, including myself. So now you probably are wondering, how am I able to sell to millennials?
What We Know and What We Don’t Know
In my opinion, we are the most educated generation. Education has changed and curriculum has changed. Breakthroughs in science, new historical data, and advancements in technology has put us at the top of the list. We know a lot. Now granted, we may not know what our parents know or grandparents, that comes with time, but we know a lot. Heck, we have more student loan debt than consumer debt.
The areas where we as millennials may lack knowledge are in practical skills. Buying a home, buying a car, writing a check. By the way, do people even still use checks? If there’s something we don’t know, Google and YouTube have the answer. Nonetheless, we know enough to get by and get very far in life.
When Real Estate Comes In The Picture
When I consult with a first time homebuyer that just so happens to be a millennial. My job is to educate. No pressure, just education. As I stated, there are many things the millennial generation does not know, especially when it comes to home buying. So the biggest part of my job is to provide education.
We know in our minds, eventually, we will buy a home. Eventually we will get married, and eventually, we will have kids. None of these things are going to happen any quicker. Especially with a pesky salesperson blowing up our phones. I choose to simply provide valuable information to my clients. I don’t hide things to make a sale. Yeah, owning a home takes responsibility. Luckily, we are responsible people, and we know it. Buying a home takes money, luckily, the minimum wage is higher than it used to be. We are good at setting goals and achieving them. Buying a home is simply a goal. At the end of the day, its important for my clients to know that they are making the right decision. Not just good decision, but the right one.
The absolute BEST thing about Chastin, though, is that he is super flexible and really goes above and beyond to serve his clients throughout the entire process all the way to the end of closing when you get your keys. — L.Willis, 26
Everything will happen when it’s supposed to happen and I understand that. That’s why I do all that I do. I’m not just selling homes or trying to sell a home. In my business, I do a lot of educating. I feel it’s important. Whether it’s my live weekly Google Hangouts, my YouTube videos, or my iTunes Podcasts, they’re all resources for answers. The answers, we as millennials, want and need.
My clients like my approach. It also works for me very well. I understand, I relate, and I help, that’s how I’m 26 and sell real estate to millennials.
By: Chastin J. Miles | Dallas, TX Real Estate Agent