Marketing to Aspiring Millennial and Gen Z Homeowners
Younger generations are increasingly striving for homeownership. Here’s how you can reach them!
Millennials and Gen Z are entering the housing market in greater numbers, and it’s a big opportunity for agents who know how to respond. Successfully courting these younger homebuyers starts by shifting your marketing mindset and adopting new tools and strategies in the process.
Many millennials were slow to enter the homeownership game, although not for lack of trying, and not due to eating too much avocado toast as a young Australian millionaire famously suggested in 2017. Having come of age during the financial crisis of 2007-2008, home ownership amongst this generational demographic has often lagged behind its predecessors, with educational debt being cited as one of the biggest contributing factors.
In recent years, however, the picture has changed, with nearly 62% of 40-year-olds now owning their own home. Right behind them is Gen Z, with data showing that 30% of 25-year-olds are homeowners, which is 3% higher than their Gen X parents when they were the same age.[i]
The implications for those in the real estate community are obvious. To connect with and convert this demographic, you need to reevaluate your marketing programs. By taking intentional steps to promote your services through channels these younger generations use, you can be better positioned for business success both today and tomorrow.
Social media
Let’s begin by focusing on social media. Although we have covered social in a variety of other blog posts, it merits repeating here. Why? Because it remains an incredibly important channel for younger individuals. Over 1 in 4 millennials use social media to find products and services, and nearly half use different social platforms to conduct research.[ii] By developing your presence on these channels, and by interweaving multi-media attributes like short-form video, you can make a larger impact and grow your brand awareness.
Mobile-friendliness
These days, having a mobile-friendly online presence is a must, especially if you are trying to reach millennials and Gen Z. Research shows that over 96% of internet users ages 16-64 own a smartphone[iii] and well over 50% of people use these devices to access websites.[iv]
What does this mean for title agencies? Just put yourself in the mindset of a consumer! Let’s say title agency #1 has a website that looks great on your device while title agency #2 does not, which one would you think is going to take care of your needs while closing on a new home? I would suspect you know the answer, and that should tell you everything you need to know about why a mobile website matters.
Online reviews
If there is one thing you need to know about younger generations like millennials and Gen Z it is that they grew up doing a lot of comparative analysis via review sites like Yelp, Google, Foursquare, etc. Take some time to establish a presence across these review sites and stay active by responding to user comments and complaints. The benefits of doing so are two-fold: Not only will you become more visible to younger users who are using the sites, but you will also showcase that you are a responsive, reliable company committed to customer satisfaction.
Partnerships
Even in a heavily digitized economy like ours, good old word-of-mouth marketing still can’t be beaten. One of the best ways to build this positive buzz is by developing relationships with real estate agents who help guide customers through the home-buying process.
As anyone who has been involved in real estate for a while knows, this is an industry that is forever changing. The rise of millennials and Gen Z home buyers is just one recent development. By getting digitally savvy and making an honest effort to create positive word-of-mouth, you can capitalize on this opportunity and capture more of their business.
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[i] The Race to Homeownership: Gen Z Tracking Ahead of Their Parents’ Generation, Millennials Tracking Behind (redfin.com)
[ii] Here’s Why Millennials Use Social Media – Marketing Charts
[iii] Mobile marketing statistics compilation | Smart Insights
[iv] Internet Traffic from Mobile Devices (June 2023) (explodingtopics.com)
Tags: home buying, marketing strategy, real estate