In 2016, millennials surpassed the Baby Boomers as the nation’s largest living generation, according to data from the Pew Research Center. The majority of millennials are in their mid-20s and early-30s, and you know what this means: they’re in the marketing for buying homes! Of course, millennials are a unique generation that has unique buying requirements compared to generations before them. Understanding what motivates this age group to purchase a home will make you more successful as a house flipper.
Whether you’re getting ready to sell a home in a young neighborhood or entering the fix and flip industry for the first time, here are five tips to keep in mind when selling to millennials.
- Know the Neighborhood
Millennials are just starting out. Many have young families or plan to in the near future, which means a nice neighborhood and good schools are at the top of the list. Collectively, millennials place more importance on experiences rather than material goods. Finding a community that aligns with their passions and interests is more important than finding the right home. To successfully sell to millennials, know the area and take note of the following:
- Nearby restaurants and businesses
- Local events and festivals
- Best breweries and hidden gems
- School ratings and athletic programs
- Neighborhood demographics
- Public transportation
- Make the Home Move-in Ready
The nice thing about renovating a home is that you can have it move-in ready for the new owners. Previous generations would purchase homes based on what they could afford and then fix them up over time, but millennials are different. At closing, they want the finished product. Details like recessed lighting, hardwood floors and bright, airy paint colors go a long way in selling a home to young people.
- Install Eco-Friendly Features
Millennials care about the environment and tend to feel more strongly toward brands that incorporate green technology. Installing eco-friendly features into your property can boost its chances of being sold. Consider features such as energy-efficient lighting and insulation well as floors and cabinets made from sustainable materials like bamboo.
- Be Responsive
Millennials aren’t the most patient generation. If you don’t respond to them right away, they’ll get bored and move on. After giving an open house, give interested buyers multiple ways to contact you and be on alert for text messages and emails. If prospective buyers have questions, be ready to answer them. Millennials want instant gratification.
- Embrace Technology
The majority of millennials rely on their smartphones for research and communication. Most will probably be using home buying apps such as Zillow or Trulia. They know what they’re looking for, and they keep tabs on the latest properties. This generation also feels comfortable using websites and apps to fill out applications, sign documents and take virtual tours. Embrace technology to offer the best service to young home buyers.
Selling to millennials is definitely a unique experience! By understanding what this generation finds important, you can sell your fix and flip properties more effectively.