May 2021

4 hip tips for attracting millennial buyers

Millennials are currently the largest generation of possible homebuyers, at about 38% of the market.Footnote1 That's a group you can't afford to ignore! Whether you're looking to help them buy or attract them to your listings, understanding millennial preferences can pay off.

To start, millennials are the generation born between 1980 and 1998. That means the older millennials are approaching 40, likely to be established in a career, and possibly starting a family. They also tend to be tech savvy, strong social media users and less formal in their lifestyle than older generations.Footnote2

Here are some tips on how to connect with this growing market:

Capture their interest with digital media

Millennials live online, so if you haven't already, embrace the digital age. Use search engine optimization (SEO) to attract them to your website and, once they arrive, make it easy for them to find your listings.Footnote3 Great visuals, including interactive slide tours and video tours, are a good idea. You can also consider posting on popular sites like Instagram or Pinterest.

Offer buyers the guidance they need

Because many millennials are first-time buyers, they'll need an experienced professional to help them navigate the process. That means offering advice on how to set a home buying budget and how to find options that make buying more affordable. You'll also need to guide them to make a successful offer and to complete all the steps from offer to closing.

Help give buyers a reality check

Many first-time buyers may be looking for the same amenities they enjoyed as renters. However, their budgets may not be able to support that goal in a single-family home. Clarify the search process by finding out where they're willing to compromise. For some, an updated kitchen is non-negotiable. For others, a pet-friendly space with at least a small yard is key.

Help sellers show some style

When it comes to aesthetics, millennials favor a clean, modern style, smart home technology and an open floor plan. For some sellers, it may be worth knocking down a wall or two to open up the floor plan, or add technology such as a smart thermostat. A simpler update could be to replace standard outlets with outlets that include a USB for convenient charging. Above all, encourage sellers to avoid stiff, formal staging that won’t fit a more casual lifestyle.

A note from your lending specialist:

I'm here when you need me if your clients have questions about the home loan process. They can even start their application online with Bank of America's Digital Mortgage Experience®.

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