Meet the next generation of savvy US home buyers: millennials

Informative, trendy and Insta-savvy brokers step this way

TRD New York TRD WEEKEND EDITION /
Jan.January 28, 2018 09:45 AM

Styled living room. (Credit all: Pixabay)

Millennials are officially home-buying age and, with the cash to back up their aspirations, they’re expecting to be swept off their feet.

So how to reach this new cohort of buyers who were responsible for more than a third of American home purchases between July 2015 and June 2016? Well, a great Instagram account is a good start, but it won’t seal the deal.

“Millennials need to see themselves living there,” New York broker Dolly Lenz told Mansion Global. “They’re more about an experience than anything else.”

These experiences could range from a showing featuring catering by a local coffeehouse or restaurant, an impromptu fashion show or a salon-style get-together populated by groups of presumably smart and cultured potential buyers.

“We try to bring together an interesting group of people, so that even if they don’t buy in this development, we’re in contact with them afterwards,” explained Ziegert Bank and Real Estate Consulting’s Dorothea Metasch.

Brokers should also be ready to get quizzed.

“Millennials ask amazing questions,” Kuper Sotheby’s International Realty’s Brennan Stravlo told Mansion Global. “They want to know everything about a property before they make a decision.”

But perhaps the best way to attract and win over millennial buyers is hiring millennials to make the sale, because as one broker, who is himself a millennial, said, “we understand their fears, their concerns and their must-haves.” [Mansion Global]Erin Hudson


Related Articles

arrow_forward_ios
(Getty)

Manhattan rents fall below $3,000 for first time since 2011

Manhattan rents fall below $3,000 for first time since 2011
Data on third quarter CRE investments suggests a nationwide improvement, but Manhattan has been slow to recover (iStock)

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

NY falls behind Dallas, LA in CRE investment as deals surge nationwide
Existing home sales rose again in September as listed inventory sunk to a new low. (iStock)

Existing homes sales remain high, but inventory is “historically low”

Existing homes sales remain high, but inventory is “historically low”
 Jennifer Lawrence and 17 Jane Street with Edward Minskoff (Getty; Sciame Construction)

Jennifer Lawrence buys at Ed Minskoff’s West Village condo

Jennifer Lawrence buys at Ed Minskoff’s West Village condo
Gov. Andrew Cuomo (Getty; iStock)

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
660 Madison Avenue (Photo via Jenel Real Estate)

Safra family finally begins 660 Madison’s office-to-resi conversion

Safra family finally begins 660 Madison’s office-to-resi conversion
The Northeast is driving gains in building permits and housing starts (iStock)

Northeast drives gains in building permits, housing starts

Northeast drives gains in building permits, housing starts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...