Millennials are the demographic group that is typically defined as people born from 1981 to 1996. They are the first generation to grow up in the internet age being the first generation to have the most familiarity with social media and cell phones. Financially, millennials have fell behind previous generations with the weight of higher student loan debt, stagnant wages, and unemployment after the Great Recession. In the past few years, they are coming of the age to marry, have children or start a family and they have lofty financial goals – saving 36% more of their annual salary compared to prior generations. Armed with their savings, millennials make up the fastest-growing segment of buyers today according to the National Association of Realtors report. This increased activity from the millennial generation is likely due to growth in their careers and finally paying down their student loans.
Millennials are changing the game of homebuying, and it shouldn’t be a surprise that one way this group, also known as “digital natives,” are changing the process is through technology. Utilizing social media and mobile phones to research, view and buy homes is how they feel most comfortable. At EXIT we have a large digital toolkit that helps our real estate agents connect with this generation in a way that’s both comfortable and familiar with them – Facebook, Text Messaging Campaigns, and geo location technology to name a few. Learn more about how our technology is both high tech and high touch.
These homebuyers are digitally savvy, and look to the internet to shop around for a mortgage, collect information about homes they might be interested in. A real estate agent can prove themselves valuable to this cohort in the form of their negotiation skills and industry relationships that will help make the homebuying process more efficient.