Property Marketing to Millennials – how to appeal to this growing demographic of buyers
Millennial home buyers have entered the housing market in a big way – Millennials being officially defined as those born between 1981 and 1996. By 2020, Millennials, will make up half of the global workforce and are fast becoming the largest demographic of property buyers. As such, estate agents should be making marketing to Millennials among their top priorities.
Millennials love their technology. They grew up with high-tech gadgets, desktop computers, and smart devices so it is important to get into the mindset of a buyer that will be conducting a vast amount of research through online channels. With ‘attention’ being the official first step of the sales process, as defined by the well-known AICDC (Attention, Interest, Conviction, Desire, and Close) technique, what are the best tools to use in this initial quest for awareness?
Universal use of the internet during property searches is a given across all demographics, but Millennials are the group that spend the most amount of time on their mobile phones – an average of 4 hours per day. Today’s listings will have their foundation on one, if not many online portals, but this can now be extended further in an effort to gain the attention of younger buyers.
Social media, mostly easily accessed by mobile phone, is playing an increasingly important role with property marketing. Many agents are already using Facebook and Twitter, but to really gain traction with a younger audience, the likes of YouTube and Instagram are worth investing in due to their emphasis on video and visuals.
The international estate agency, Knight Frank, has revealed that it uses Instagram as ‘part of the day job’ across its business to service its growing customer base of social-media obsessed Millennials. Andrew Groocock, Partner for the City and East London region reported in the Negotiator: “This is a key way of finding buyers for us, the high-quality photos that go up appeal to our younger clients and make them want to engage with us.”
Forbes recently observed the trend that social media is changing how we’re selling everything and that includes real estate. Instagram in particular is being used to sell a lifestyle as much as a property. Savvy agents are even leveraging the clout of local bloggers or influencers to create a buzz about particular suburbs or locations.
As well as researching through social media, Millennials are becoming more aware of the technology that allows them to visualise a property without the need for a viewing. Virtual reality and immersive 3D tours allow a property to be explored as though you were really there, offering a sense of how a home fits together. Much like on Google Maps, you can ‘walk’ through the interior of a house, room by room, using a mouse or finger to scroll. These showcase tours have been designed to work seamlessly on mobiles, tablets and computers. Read more
The use of 3D technology can even go beyond the home buying process. A recent study by technology provider, Matterport, found that ‘60% of home buyers would use virtual walkthrough to visualise move-in’. The immersive tour can help the transition to move-in by allowing buyers to easily plan where their belongings will go.
This virtual experience is of particular appeal to Millennials who, although known for their love of technology, sometimes suffer from a limited attention span. They no longer have the time or desire to waste a Saturday traipsing around unsuitable properties, when they could be narrowing their search online.
Speed and easy access to information is the name of the game when it comes to marketing to Millennials.
Although there is a widespread understanding of the need for an online presence, there is an increasing need for agents to go much further to impress certain demographics and to differentiate themselves and their listings. Charlie Bryant, Head of Zoopla, recently supported this view in his Property Industry Eye column: “Just being on a portal does not cut it. The most innovative agents will have their fingers on the pulse of their key local target demographics, what motivates them and the communications channels they are using.”
More than ever, high quality visual assets will be critical for success when servicing clients of all ages across the full range of marketing channels.
NicheCom has a team of 80 highly qualified, fully employed photographers, all of whom are members of the Royal Photographic Society. We are skilled in producing the cutting-edge style of photography (such as lifestyle, elevated, dusk and drone) now sought after by agents and vendors alike. View gallery
Furthermore, we are one the UK’s largest service partners for Matterport, the world’s leading provider of 3D immersive tours. We pride ourselves on being at the forefront of technological developments, making sure we are always pushing boundaries and exceeding expectations. More about our 3D tours
Contact us to us to discuss your property marketing requirements on 0118 977 0690 or email firstname.lastname@example.org. As standard, we undertake photography, floorplans and EPCs in one visit, but for a minimal extra charge, we can add on an immersive 3D showcase to help you take your marketing to the next level.