Generation Y, also known as Millennials were born between 1980 and 2000 and are largely regarded as a unique, somewhat mysterious group. The wants and needs of Millennials are vastly different from those of their baby boomer parents. Their specialized interests mean that marketing strategies need to be adjusted to attract Millennials to your home, but, also note the added challenge that Millennials despise being told what to buy through marketing. Your most effective strategy will be to highlight the features of your home and neighborhood without being pitchy or 'traditional.'
Is it starting to sound as though reaching this generation is more trouble than it's worth? Don't be fooled. Although many Millennials are choosing to rent, they have substantial buying power and studies show that they by and large still value home ownership.
If you're looking to sell your home, these are the things you'll need to do to attract Millennial buyers:
Play Up Your Strengths
While Baby Boomers may want a two-car garage, large kitchen and extra storage space, Millennials have their own ideas. This generation is looking for something different than their parents:
- Open floor plans - a large amount of square footage is not necessarily a selling point with the trend of tiny homes on the rise
- Single-story homes
- Energy efficiency - saving the environment (and money) is especially important to this generation
- Split floor plans
- Media rooms - Millennials are more 'plugged in' than any other generation. Be sure to highlight any tech-savvy features your home has to offer.
- Hardwood or tile floors
Marketing these features will help get the attention of this generation.
Sell Your Neighborhood
For many Millennials, the neighborhood they live in matters just as much--or more--than the house they buy, and they're looking to meet a specific need.
This generation is extremely technology driven and are used to receiving information instantly. This translates to the amount of time they are willing to spend getting from point A to point B. Make sure to point out how close your home is to all attractive amenities - especially if your property is located in the heart of town. Extra bonus points if you're within walking or biking distance to recreation, schools and shopping!
Show Off Environmentally-Friendly Features
It is no secret this generation is environmentally-conscious, and they'll be looking for homes that have green features. Make sure to highlight any recent upgrades - especially new windows and energy efficient appliances.
Think Clean and Modern
Modern homes are popular choices for younger buyers, but your house doesn't need to be brand new or designed by a minimalist architect to appeal to this generation. Some simple home staging before your showing or open house could be all you need to bring in an offer. Take the 'less is more' approach and eliminate clutter (this applies to all generations as well!).
Online Advertising is MANDATORY
To find younger home buyers, you'll have to place your ads where they will see them, and that is largely online. Social media is an ideal place to advertise your property in a way that won't seem pushy or aggressive.