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Millennials are coming…
MILLENNIALS. You hear the term often. Millennials are the social media generation. They are the smartphone generation. They are the generation whose early personal and financial decisions were likely affected by the recession and eager beaver student loan companies. Although millennials are often priced out of buying property and are facing limited inventories here in South Florida, do not count my generation out.
In fact, get ready to help my generation buy or rent property. Things are looking up for millennials. According to Think Realty Magazine, millennials are expected to have the biggest spending power by 2018 and will account for 75 percent of the global workforce by 2025. If you couple these statistics with the fact that Fannie Mae has recently made it easier for individuals with student loan debt to qualify for a mortgage, then yes, my realtor and mortgage partners, get ready.
Three Ways to Get Ready
THINK UBER. Millennials are tech-savvy. Sometimes, a little too much. For example, you may have been at lunch or coffee with your millennial bud and you begin to think it might be e asier to communicate by direct messaging or texting them on Instagram, What’s App, etc.
Millennials love their phones and their social media. There are many reasons for that but lets focus on two: their appreciation for immediate connection and convenience. Aside from Uber, think Shipt, Amazon Prime, Blue Apron, etc.
Millennial takeaway: Seek what’s important to Millennials. For example, immediate connection and convenience. Consider whether your business affiliates value convenience and connecting with your client through technology. For example, does your inspection company allow clients to pay through Venmo (like Paypal but better)? Do your business affiliates have technology like Dropbox to conveniently facilitate the flow of documentation and information?
STRATEGIZE TO REALIZE. So you say you don’t want to wait until 2025 when 75 percent of the workforce is expected be a millennial? Good point but that doesn’t mean you shouldn’t be putting yourself in the position to succeed. So you also say that the median salary of millennials may not be very high for purposes of buying real estate in Miami? But what if I told you – think Matrix – you should still target millennials. Millennials tend to switch jobs within 2 years and want to be close to areas like Brickell and Wynwood where they can hustle and play while dreaming of their next big move – whether it is a job promotion, their own company, or starting a family.
Millennial Takeaway: Consider reaching out to real estate investors with properties in or around Brickell and Wynwood. Find out if they need any help marketing to millennials. Millennials would appreciate renting a place in or around Brickell or Wynwood until that next move. That move will likely be relatively soon, and as important, be a move that you would definitely be in the position to facilitate.
FOLLOW THE LEADS. Again, millennials love their social media. However, not all social media is created equally from a millennial marketing perspective. Brands get significantly higher engagement on Instagram than Facebook. Don’t delete your Facebook just yet. 41% of millennials still use Facebook everyday, however, Facebook was more popular with non-millennials. But if you are not convinced yet, a recent Pew Research Center report reports that nearly 60 percent of Instagram users are between the ages of 18 and 29, and around one-half of Instagram users visit the platform at least once per day. Therefore, focus on getting your Instagram game up.
Now, where the leads at? Imagine having a potential client click on your online ad who then receives a text message sent on your behalf within minutes to obtain additional information. Then a live “concierge” reaches out to that individual to ask screening questions based on a script you have provided. Now imagine using that information to determine how to focus your time and energy on any given day, build your real estate empire, and appear on Shark Tank as an investor. Enough imagining. There is a new startup named “Riley” that is offering this service. Follow the link in this sentence for more information.
Millennial Takeaway: Use Instagram. Find new ways to get leads. Appear on Shark Tank. Repeat.