3 Tips for Working With Millennials as First-Time Buyers
With each passing year, more and more millennials are entering the workforce and looking to settle into their own nest. As far as renting versus buying goes in Georgia, it is significantly cheaper to purchase a home than to rent. So millennials who have been renting for years are having to make a huge decision with miniscule knowledge of how to purchase a home. Here are some tips for handling this type of client:
Educate on Pre-Qualification
Most of us don’t know the first thing about buying a house. Many millennials don’t have a clear understanding of credit scores either. Luckily, Atlanta Agent Magazine wrote this awesome article about educating your clients on credit scores. Push first-time buyers to get pre-qualified for a loan before working with them to ensure neither agent nor buyer are wasting their time.
Mortgage Options & Down Payment Assistance
Educate your clients on their options and down payment assistance programs you have available. Most millennials that have only been in the workforce for a few years aren’t going to have a nest egg saved to use as a down payment for a home. With more and more down payment assistance programs opening up for first-time buyers, your clients need to know that these programs can make homeownership attainable for them. We suggest creating flyers and guides detailing these options. Canva has tons of beautiful and free templates for flyers and other marketing materials.
Being a generation exposed to the Internet at an early age, it’s no surprise that the best way to reach new millennial buyers is through social media. If you’re not on Facebook, Twitter or Instagram, then you’re missing out on an entire portion of the population. Get to your potential clients before Zillow does. Seriously! I’ve seen tons of Zillow ads on both my Facebook and Instagram feed. Creating social media accounts for your real estate business also gives you access to social media advertising. This form of advertising is far cheaper than paying companies to send huge lists of weak leads that don’t even want to talk to you. By creating targeted social media ads, the leads you’ll receive will be expecting you to reach out to them about your real estate services.
If you’re struggling to capture the wave of millennials trying to enter the real estate market, then try these tips out. Leave us a comment and let as know what works and doesn’t work for you when helping millennials purchase their first home!