The Millennial generation’s presence in the housing market is flourishing, making it important to have a marketing plan that will capitalize on this growing number of future homebuyers when they come knocking on your door. Wondering just how active this generation is really becoming?
Millennials consist of those born betweeen the years of 1980 and 2000, sometimes referred to as “Generation Y,” Millennials are the children of the post WWII baby boomer generation or “Generation X.” These young adults have grown up during the age of technology, and most of them are up to their eyeballs in college debt, but, more importantly, they are expected to have more buying power than any generation before them.
8.3 million new Millennial households will form in the next five years. On top of that, it’s predicted that they will spend $1.6 trillion on home purchases and $600 billion on rent (Demand Institute). With this in mind, it comes to no surprise that Millennial real estate web usage grew 30% from May 2013 to July 2014, and that half of all Millennials in the U.S. visited real estate websites in July 2014 (Google). But these young adults aren’t performing their search on a traditional desktop. Instead, they are using the smartphones and tablets that are with them throughout the day. In fact, Millennial real estate mobile usage grew 81% from May 2013 to July 2014, and 36% took advantage of mobile real estate websites or apps downloaded to their mobile devices (Google).
It’s pretty clear that these mobile devices are becoming a go-to resource for all aspects of their home search, in addition to finding the real estate professional who they will choose to work with. In fact, homebuyers are using their mobile devices 19 percent more than last year to look for listings, find directions to a house, call or email an agent directly, or watch a video of a home (Google Consumer Survey, April 2014). It’s critical that you’re accommodating these on-the-go users and utilizing the right tools to target them here, as it could lead to big business down the road.
Half of all people begin their home search 6-12 months in advance, and about three-quarters start within a year of purchase (Google). Buying a home is one of the biggest financial investments that a person will make in their lifetime, so they are taking full advantage of this time to weigh all their options and educate themselves to make the best possible decision. They will be looking for a reliable resource to help them during this somewhat confusing process, which is especially true for Millennials, who are already hesitant about their first home purchase and are exploring every resource available. If your website is not optimized for mobile, don’t expect these users to contact you, because they will likely move on to a competitor’s site that has more fluent mobile search capabilities.
Ninety percent of people move between devices to accomplish a goal, whether it’s on smartphones, computers, or tablets (Google), so being able to provide the optimum user experience on all of these devices has never been so important. Ensure that there is no need to pinch or pull the screen to get the best view and that all the information loads quickly — Millennials are known for their impatience, so the easier you make it for them to search your site the better.
Statistics show that Millennials are more than twice as likely as the average person in the U.S. to explore real estate information on a mobile device (Google), serving as clear cut evidence that they are finally making their move to the market and that they are relying on mobile devices more than anything else during their search for a home. The key component of marketing for any business is to find a connection between you and your customer. For Millennials, this link would be their use of mobile. Homes Connect Fusion™ is a responsive design platform that keeps your website consistent across all devices and flawlessly displays content on any size screen. Whether it’s a smartphone, tablet, or desktop, you can sleep easy knowing that every visitor to your site is receiving the ultimate viewing experience!
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