Millennials and Real Estate. This topic is covered in nearly all media and talked about in most real estate circles. But many of them take a negative point of view, especially within the bigger markets like Toronto and Vancouver.
We tend to think differently about millennials and real estate. There are huge advantages millennials have in any market – something their parents and grandparents didn’t have. Getting into the market as a first-time buyer may seem like a near impossible task, but with the right strategies and outlook, it may not seem as unrealistic as most think.
Millennial Advantage #1: Sweat Equity
Millennials are becoming savvier to renovations and repairs, and they may have HGTV to thank for that. With countless episodes showcasing how easy or even disastrous renovations can be, millennials know a bit more about what they’re in for then perhaps their parents did. Homes, or even condos that need a little work to even a full gut renovation don’t necessarily scare off potential purchasers.
With Pinterest, buyers can be their own personal designers, putting together kitchen inspo boards and color swatches that they love. Online shopping and easy returns make budgeting easy, and trial and error something worth testing out.
Getting creative with floor plans, removing walls and making the most out of small spaces is something that’s usually pretty easy for the open-minded millennial, and their investment will win in the end because of it.
Millennial Advantage #2: Clients Who are Well-Researched and Prepared
The first step a millennial buyer makes is 100% not to call a realtor they found on Google to start their search. Millennials are doing their research online well before making that first call or filling out their first form. Reading blogs, being up on trends, knowing neighbourhoods and educating themselves on the buying process is something that can be expected.
Finding homes online is something millennials can do themselves, so the expectations of their Realtor is much higher. They’re looking for real estate professionals to introduce them to not only homes, but also provide information that can’t be found online. Things like which neighbourhoods are up and coming, which properties look to gain value in the coming years, and guidance when it comes to negotiations and inspections.
Millennial Advantage #3: Social Media
Social media will continue to influence millennials’ real estate buying habits. Everything from what the best neighbourhoods are, to where the best cafes, restaurants and bars are within these neighbourhoods can be found on social media. A quick location or hashtag search can land thousands of results ready to persuade buyers to be a part of that community.
When it comes to actually shopping for a condo or house, new advertising strategies make it simple for house-hunters to get more information immediately. Pictures matter so make sure your gallery is looking fresh and contemporary, and visible on Instagram.
For realtors, your online presence will mean even more – everything from reviews, to website to social media presence will help millennials navigate through their decision-making process before they reach out.
Getting into the Real Estate market can seem like a challenge for many, but we don’t underestimate the power that millennials have, and their drive and desire to not only own a home or condo, but make a profit from their investment.