7 Millennial Statistics Every REI Should Know
For the modern day real estate investor or realtor, acknowledging the large group of potential clients dubbed Millennials is key. They will make up 75 percent of the work force by 2025, and therefore will be the largest group of potential clients searching for investments. Perhaps the most important strategy in reaching Millennials is making sure that your business is tech-savvy. You must have a website, and it should definitely be mobile-friendly (85 percent of Millennials own a smartphone). Since many Millennials make purchases from their smartphones, it is wise to have online payment options available--PayPal and other credit card payment platforms. Not doing so will lose you business from many Millennials. The current financial situation of most Millennials is on the tight end, with salaries averaging only $34k. So it's good to keep that in mind when thinking of what products to offer. More inexpensive properties that are closer to social hot spots are the most attractive. Also keep in mind that most millennials are single and don't like to hold down a job for too long. They aren't looking for large properties, and ideally want something that is easy to re-sell if they desire to move. A large percentage of millennials are non-white, so it is smart to either learn a second language or hire someone who can speak the 2nd most predominant language in your target audience. And despite their less-than-ideal average salary, millennials stand to inherit $30 trillion from the previous generation, so it is best to capture their business now.
Key Takeaways:
- Many millennials are now at the age to consider buying a home.
- Any real estate marketing plan must include targeting the millennial customer.
- Considering their projected buying power, not targeting millennials is a good way to send a real estate company into a death spiral.
"Millennial consumers (generally speaking, those born during the years 1982-2000) are currently in vogue, and they are here to stay. This age group is expected to have the biggest spending power of any generation by 2018."