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Market Drilldown: Millennials… To Know Them is to Understand Them
Millennials are one of the largest real estate demographics in today’s housing market. However, they can be elusive to target.
According to Teranet data, since 2012, millennials have been the dominant first-time homebuyer group in Ontario.
They increased from 41% to 60.2% in the provincial condo segment, and from 38.9% to 58.9% in the non-condo segment. During this same time period the number of first-time baby boomer and generation X homebuyers has declined in both the Ontario condo and non-condo segments.
Millennials represent a large portion of the mortgage market. To target them, you need to think like them. Here are some characteristics that can help with millennial mortgage marketing:
- Millennials are good with technology.
Many millennials have grown up using technology and as such it is their preferred way of communicating.
This might mean that they prefer electronic communication, such as text messages over phone calls, or chatbot technology. It could also mean that they are more comfortable with digital tools, such as receiving property information digitally or even doing digital signings.
They also may be more open to technology such as Automated Valuation Models (AVMs), viewing aerial imagery online, accessing digital survey plans, and more.
- Millennials consume information, and lots of it.
There is a common myth that younger generations, like millennials, do not read. However, it is more accurate to say that they do read, but the format may be different from traditional methods.
Millennials are more likely to consume information on their smartphone or computer. In fact, it is a safe bet that if a millennial contacts you, they have already done their research by reading everything you have posted online — your website, your social media, online reviews, and more.
Even if you contact a millennial first, they will likely look up that information anyways. In either case, it is in your best interest to make sure that your online presence is robust and easy to consume.
You can also use this to your advantage by placing important information online first, such as having a frequently asked questions page, or including a checklist of what interested clients need to bring to an appointment.
- Millennials want action quickly.
Millennials are used to getting things done quickly due to the immediate reward aspect of today’s society. If they are hungry, they can go to a drive-through or have food delivered. If they want to watch a movie, they can download it instantly.
In the same vein, they are more apt to want their mortgage information delivered quickly, too. This is where digital property tools can really come in handy. Through online property reports (including AVMs) you can validate property information almost instantly. You can find out the estimated value, ownership, sales history, and more — all from your computer or mobile device.
Whether you target millennials, or another demographic, there are several universal principles you can apply to your marketing efforts.
Knowing your market means adapting your marketing, sales, underwriting, and even closing processes for them. This means using more technology, increasing speed, keeping information to the point, and more.
For instance, a millennial may want their property information emailed to them, while a baby boomer might prefer it printed out and mailed.
A generation Z buyer may see your marketing through Snapchat or Instagram videos and online advertising, while a generation X buyer may connect more with in-person networking, news interviews, and Facebook.
Property tools, like the ones offered by Purview, can help you target millennials and other real estate demographics.
Learn more by calling 1-855-787-8439 or visiting www.purview.ca.
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