Millennial are member of the generation of children who were born between the years 1977 and 1994. According to 2000 Census Data, there are over 84 million Millennial in the population, making up one quarter of the US population. Within the next 20 years, they are poised to make up the bulk of the overall US population. They are a diverse group with 1 in 3 non-Caucasian and 1 in 4 from a single parent home.
Millennial are just waiting for the market to stabilize before they begin their house purchases. The stage is already set for them. National studies from 2007, indicate that three quarters of the home buyers were between 18 and 24 years old, falling into this group. They are looking for stability, home buying agents they can trust, and a fair price.
Millennial want data, but they also want to work collaboratively to reach their goal of home ownership. They are computer savvy, knowing and expecting that more information is just a click away. They also know, as should you, that the competition is only a click away as well.
From now onward you, as the real estate agents and investor, must also be computer savvy and be ready to provide easy to access information for this new plugged in buyer. The communications will not only be the traditional phone. These new buyers are technology "expert users" and want contact day or night utilizing texting, IMing, blogging, or email. Instant messaging is their preferred form of communication, with 68% or more opting for cell phone texting.
Home buying will change to a new level of "real time" processing and decision making. Home buyers will have all of their facts available online and will make the home buying decision swiftly after they are well informed. They will not be driven to many houses until they select the house they desire most, cutting days off the selection process.
Your Social networking skills become very important. Social networking is ultimately about conversations. Blogging, podcasting, Facebook, LinkedIn, Twitter, My Space, FriendFeed, ActiveRain, are some of many tools focused on facilitating conversations.
Here are some examples of the impact of social networking. Facebook - 100 million active subscribers with 30 million photos uploaded daily. LinkedIn - 25 million experienced professionals, a marriage of an interactive resume and your address book, promoting yourself, your properties, or reviewing others. ActiveRain - This is the hotspot for real estate professionals to learn from each other. Social networking is important as you see, the numbers speak for themselves.
With this new set of rules and capabilities, houses will move quicker and with less emotion. This creates a new level of competition that the "boomers" will have to figure out when the market heats up.
Millennial are just waiting for the market to stabilize before they begin their house purchases. The stage is already set for them. National studies from 2007, indicate that three quarters of the home buyers were between 18 and 24 years old, falling into this group. They are looking for stability, home buying agents they can trust, and a fair price.
Millennial want data, but they also want to work collaboratively to reach their goal of home ownership. They are computer savvy, knowing and expecting that more information is just a click away. They also know, as should you, that the competition is only a click away as well.
From now onward you, as the real estate agents and investor, must also be computer savvy and be ready to provide easy to access information for this new plugged in buyer. The communications will not only be the traditional phone. These new buyers are technology "expert users" and want contact day or night utilizing texting, IMing, blogging, or email. Instant messaging is their preferred form of communication, with 68% or more opting for cell phone texting.
Home buying will change to a new level of "real time" processing and decision making. Home buyers will have all of their facts available online and will make the home buying decision swiftly after they are well informed. They will not be driven to many houses until they select the house they desire most, cutting days off the selection process.
Your Social networking skills become very important. Social networking is ultimately about conversations. Blogging, podcasting, Facebook, LinkedIn, Twitter, My Space, FriendFeed, ActiveRain, are some of many tools focused on facilitating conversations.
Here are some examples of the impact of social networking. Facebook - 100 million active subscribers with 30 million photos uploaded daily. LinkedIn - 25 million experienced professionals, a marriage of an interactive resume and your address book, promoting yourself, your properties, or reviewing others. ActiveRain - This is the hotspot for real estate professionals to learn from each other. Social networking is important as you see, the numbers speak for themselves.
With this new set of rules and capabilities, houses will move quicker and with less emotion. This creates a new level of competition that the "boomers" will have to figure out when the market heats up.
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