Understanding effective real estate marketing to millennial buyers will give you the upper-hand over many of the real estate agents in your market. Podcast guest Jennifer Du Plessis, one of the top mortgage originators in the entire country, recently shared her top tips on marketing to millennial buyers to make more real estate commissions.
Below, you will find her tips on marketing to the three distinct millennial groups she’s identified over the course of more than 30 years working in the lending industry. For more tips on real estate marketing and information on real estate trends that will likely affect you this year, listen to the podcast interview below.
Marketing to Millennial Buyers Who Aren’t Ready to Buy: Hipsters
People in the first and youngest group of millennials described by Jennifer, the hipsters, typically aren’t ready to be first-time home buyers. They enjoy living, working, and playing in expensive urban areas. However, since they aren’t able to afford these areas, they often live with friends.
Since the hipsters aren’t ready to buy, there’s no sense in marketing directly to them. Instead, Jennifer says, focus your real estate marketing strategy on their parents. When they are ready to buy, their parents, who may have become clients of yours, will be more likely to suggest your services to them.
Marketing to Millennial Buyers Who Need More Information: HENRYs
To describe the second group of millennials, Jennifer uses the acronym HENRY (high earners not rich yet). Millennials in this group typically earn decent money and aren’t interested in living with their friends. HENRYs may already own homes, but they often possess outdated loan information and have unrealistic expectations concerning interest rates.
If you want to market to first-time home buyers in the HENRY group, Jennifer suggests meeting them for happy hour. You’ll be able to give them your value proposition, and you’ll also be able to provide some much-needed information on current loan options and opportunities. Since the 20% myth is still heavily ingrained in the minds of these millennials, they need this information more than anyone else.
Marketing to Millennial Buyers Who Want More Stability: Happies
Millennials who fit into the happies group, which is the oldest and most stable of the three groups, may have already purchased one or two homes in the past. They’ve been around the block and understand the home-buying process. They may also be at the stage in their lives where they’re having babies and looking for more stability.
When marketing to millennial buyers in the happies group, you should try to offer the stability so many of them tend to gravitate toward. While specific client preferences should always be taken into account, you may want to forward happies home listings in suburban areas, properties that millennials are purchasing at an increasing rate. According to Jennifer, happies like suburban areas because they provide stability without forcing them to disconnect from the HENRYs.
If you want to learn more about the three groups of millennials and how you can make more real estate commissions by marketing to millennial buyers more effectively, be sure to listen to the complete podcast interview with Jennifer Du Plessis.
Pat Hiban is the author of NYT best selling book “6 steps to 7 figures — A Real Estate Professional’s Guide to Building Wealth and Creating Your Destiny”, founder of Rebus University and the host of Pat Hiban Interviews Real Estate Rockstars an Agent to Agent Real Estate Radio Podcast with Hiban Digital in Baltimore, Maryland. Follow him on Facebook or Twitter.