With all recent indicators pointing to the importance of millennial homebuyers, it is imperative that agents know how to interact with this unchartered audience. In order to achieve a trusted relationship with this generation, realtors need to understand the importance of not only transparent communication, but also finding the right channels for that communication to be effective.
1. Speed – The millennial generation expects rapid communication. The older half of our generation came from an age with technology at our fingertips and the younger half was using cell phones before high school. Millennials consider the ability to reach out a necessity, not a luxury.
To a Millennial buyer, waiting 24 hours for an update is absolutely unacceptable, and boarder line rude. The ability to rapidly exchange information is the key to success with Millennials. Daniel Villarreal, a member of Berkshire Hathaway, works extensively with his demographic and adds, “my greatest strength in this business is my ability to always be available and turn around requests or communicate a timeline within the same day.”
2. Guidance and negotiation skills – Simple information such as new listings from cooperating brokerages and mortgage rates is no longer a tool in your arsenal – this information is easily accessible. Now, more than ever, what you need to provide is your guidance and negotiation skills, acting more as a consultant than a salesperson. Make your homebuyers comfortable by earning their trust, and you will have a client for life.
“In the end, you’re not just selling an iPod or computer. You’re selling something that people will become emotionally attached to, especially if it’s their first time,” said Villarreal.
3. Use different mediums – Using and being open minded to various methods of communication, such as text messaging, emails and social media, will be in any realtors favor. When important discussions need to happen, such as whether or not to accept a counter offer, nothing will ever beat face-to-face meetings or phone calls. The more an agent can meet his/her client on their preferred platform of communication, the more that person will respect the agent for fostering a genuine relationship with their client.
Villarreal adds that communication and helping people work together is one of the keys to real estate success – no matter the demographic.
Daniel Villarreal is a member of Berkshire Hathaway you can contact him at (626) 394-1040, or find him on the web at DanielVillarrealProperties.com.