Millennials are rapidly entering the real estate market. In fact, a report from the National Association of Realtors found that Millennials are now the highest share of buyers in the market at a whopping 37%. The savvy generation brings with them the challenge of finding more effective ways to capture the audience and build personal connections.
President of Southern California Coldwell Banker Residential Brokerage, Jamie Duran, understands this challenge well, and recently shared her wisdom at the Asian Real Estate Association of America’s (AREAA) 2019 Global & Luxury Summit. Although Jamie participated on a panel speaking to the high-earning Millennials who are entering the luxury market, her insights can be applied in all markets. Here are Jamie’s three key takeaways:
Message, Chat, Text, Communicate!
Keeping in touch is key when making connections with Millennials. Not only does communication help keep real estate top of mind, but it also helps build lasting professional relationships and trust.
Connections, Jamie says, is the key to selling in real estate. She goes on to explain that communication lets clients know that you are at their service and ready to help them buy/sell.
Know the Numbers (Leverage Data)
Millennials do their research. Unfortunately, their sources (mainly quick online searches) are not usually accurate. That’s where Coldwell Banker affiliated agents come into play- it is the agent’s job to not only provide expertise on real estate markets, but to also inform and educate clients to make the best decision possible.
Some Coldwell Banker resources include luxury institutes, as well as the company’s own arsenal of data. As part of NRT, the #1 brokerage in sales volume with over $176 billion, Coldwell Banker Residential Brokerage’s affiliated agents have market data to help clients in all their real estate needs.
Know Your Audience
Lastly, Jamie encourages agents to be familiar with their audience and know their market. For instance, data can point to trends such as Asian millennials becoming the fastest growing demographic in the luxury market.
Psychographics are important too– this includes lifestyle, hobbies, likes and dislikes. It focuses what drives buyers and what is important to them. Combining demographics and psychographics helps agents gain insight on clients, allowing agents to better serve their needs.
The AREAA summit was a four-day event full of learning and networking covering everything from investment properties to international real estate and new demographics of luxury buyers. To learn more about the event and see other Coldwell Banker Residential Brokerage speakers, click here.