Is the Homebuying World Ready for Millennials?

Seen the current Our Thinking feature by Goldman Sachs entitled, Millennials: Coming of Age? You can read the full article here.

#GetSocial and integrate traditional marketing & digital content

Did you know the Millennial generation is the largest in U.S. history (larger, in other words, than Baby Boomers)?

As a group, Millennials have come of age during a time of unprecedented technological change, globalization and economic disruption -- as well as lower employment levels and smaller incomes.  As a result, there are significant differences in behaviors and experiences than previous generations.

What sort of differences? For example, almost 60% of the 18-31 group in the 70's were married and living in their own household.  Today, that number if about 25%.

To date, the reduction in household formation has been significant for the new home market but...there may be light at the end of the tunnel.  A recent Trulia survey reports 93% are interested in purchasing a home (the largest percentage of any demographic group).

Millennials are the first generation of digital natives and attitudes towards shopping and purchasing are noteworthy, as well.  Consider this statement:

"When a brand uses social media, I like that brand more."

Implications for marketing are significant: these are social and connected home shoppers.  How do you effectively communicate about a service, product or brand? Brands appear to be shrinking in importance while social media influence is growing. Millennials turn to their online networks when making purchasing decisions.

Take a look at CPS' Social Media Wall as a unique mechanism for integrating traditional marketing images/copy with social media.  Bring your marketing messages -- and brand -- to a generation about to burst onto the home buying stage!

It's What You Say -- and How You Say It -- that Can Provide a Competitive Advantage

There's a recent article in the Wall Street Journal by Stefanos Chen (you can read it online here) noting sales agents in Los Angeles seeking a competitive edge might want to brush up on their Armenian language skills.

Trulia reviewed agent profiles across the US and found many salespeople speak languages in addition to English -- and that certain metro areas are now becoming "global markets" in terms of diversity in both agents, buyers and sellers.

Reach out using co-op agents and tradigital tools!

How is your marketing program addressing this increased diversity?  What tools can be added to provide you with a competive advantage?

In an earlier Solutions blog, we discussed the value of  building a co-op agent team to assist in opening new markets with a focus on demographics unique to your community.  Jim Park, at a recent REALTORS Conference & Expo, reminded his audience that the Asian community is frequently missed when surveying the ethnic market.  He comments, "The last category usually is 'other.' Well, the 'other' community has a lot of people in it."  Asian-Americans have higher incomes, on average, and they prefer buying new homes!

Reaching-out via co-op agents is one strategy; another idea is adding tradigital marketing tools and GO Interactive! CPS' interactive touchscreen system, SalesTouch, offers the ability to display a multilingual presentation.  Put a button on the presentation's "main layer" and offer, if you're in Chicago:  English, Polish and Greek -- or, if you're selling in Southern California:  English, Armenian and Korean. 

An interactive presentation also provides a great way to drill down into the surrounding neighborhood so your buyers know that your location meets their needs.  Highlight schools, restaurants, shopping areas that appeal to your diverse clientele.  Let them know they're Close to Everything that is important in their home search. 

Co-op agent teams, tradigital: great ways to speak your buyer's language and gain that competitive edge!