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About CarmelB64
Biography:
realtor reviews
real estate agent rankings
Millennials are more likely to contact their real estate agent by text than by phone or
email.
Flickr / Michele Ursino




For decades, the telephone has been the real estate agent's
tool of the trade.
But a new wave of younger home buyers
is changing the way agents use those phones.
Millennials, born between 1980 and the late '90s, don't want
to talk. They want texts.
"We're on our phones all the time, and this generation does not like to pick up the phone," says Player Murray, managing broker at Berkshire Hathaway HomeServices York Simpson Underwood Realty in Raleigh,
North Carolina. "They don't want to bother with a conversation if it can be texted."
As the millennial generation, also known as Generation Y, takes a greater role in the housing market, young people's preferences
are starting to shape the way real estate business is done.

The real estate portal Zillow
predicts that millennials will overtake baby
boomers as the generation purchasing the largest number of homes
this year, making their preferences even more important.

"Because of their [age group's] size, whatever they decide to do will have an impact on the housing market," says Nela
Richardson, chief economist for the real estate company
Redfin.
It goes without saying that this group relies on technology.
More than 50 percent of millennials search for homes on their phones and, among those,
26 percent end up buying a home they found that
way, according to data from the National Association of Realtors.


"Mobile traffic to our app has outpaced traffic to our desktop site dramatically," says Paul Reid, a Redfin agent in Southern California's
Inland Empire region. "Folks first go to their iPhones and their iPads."

Dealing with these tech-savvy buyers has posed a challenge for the nation's
real estate agents, who tend to be considerably older than the home buying population they serve.

A NAR survey of its members in 2012 found that only 3 percent of agents were under 30 and 81 percent were
older than 45, with 25 percent over 65.
Murray, the North Carolina broker, is a member of Berkshire Hathaway HomeServices' REthink Council,
a group of 15 young agents nationwide formed in 2013 to help the company meet the
needs of younger customers and recruit young agents.

Gen Y will overtaking baby boomers as the generation purchasing the largest number of homes this year.

Flickr/incase.




"We're seeing a population on the consumer side that is not being served by its own age group," says Murray.

"It's causing a lot of change in the way experienced agents are having to communicate."
One example of a company that has changed some of the traditional ways real estate is bought and sold is
Redfin, with technology taking a key role.
Redfin agents are paid based partly on customer satisfaction ratings.
Customers can ask for home tours online or
via the company's app, as well as sign up for alerts about
new listings and use their phones to search for open houses near
them. The Redfin Deal Room lets customers keep tabs
on the process of their transactions 24/7.

"We find that our buyers, and particularly millennials, like having that information at their fingertips," Reid says.



Yet Redfin has found that customers still value face-to-face
contact with an agent
, and predictions that technology would make agents obsolete are proving unfounded.

"Agents are needed because they are that trusted resource when it comes to signing a contract," Reid says.

"If you were on your own, it can be overwhelming. It would be a second job."
Here are 10 ways millennials are changing real
estate:
Don't call us, and we won't call you
. Many millennials prefer to communicate by text, but some
prefer email. It's important for agents and customers to clarify
upfront how they will communicate and how often, as
well as how quickly they can expect a response.

We've done our homework
. Millennials rarely need agents to find homes for them to see.
They usually have their own list, and they've already researched comparable sales
and chosen a neighborhood. "With millennials, we do not control information," Murray says.
"What they need is for us to interpret the information." At times, that can mean demonstrating that the information is not accurate, but
this generation may not simply take the agent's word without proof and
visuals.
We don't like surprises
. Younger buyers want to know what to expect and when. "I see them wanting to understand what's going on at any time in the process more than any other generation," Reid says.
They like timelines, checklists and charts. "If they don't know what's coming around the corner, it could cause paralysis when they get there," Murray says.

We want customer service, and we want it now
. Millennials expect to be partners in the home search,
and they want quick answers to questions. "They want information, and they want valid information, and they want it right now," Reid says.
"They're the generation of Google at your fingertips."

Is there an app for that?
Younger buyers live on their smartphones
and use them as a key tool in their home searches.

Apps are often their preferred method to check listings and collect other information.Apps are becoming the preferred method to check listings.

Flickr / hehaden




What did your other clients think?

Many millennial homebuyers get recommendations on agents fro
m their parents, but they also do some research online before they ever call
an agent.

They want to see testimonials on an agent's website, as well as read online reviews.


You call that social media?
As far as millennials are concerned, a Facebook page with listings is something their
grandmother would do. They expect agents to engage them on social media.
"They need to feel like they're a part of your business," Murray says.
"Just reposting an article that's been posted 1,000 times across the country isn't enough."
Tell us what data you want, and we'll text it right over.

Unlike older buyers, young people are not bothered by being asked for bank statements, employment verifications or
other personal data required for mortgage approvals.
"The younger people are used to having to supply everything about who they are," says
Don Frommeyer, chief executive of the National Association of Mortgage Professionals and a mortgage broker in Indianapolis.
"They'll give you everything."
No stainless steel appliances? Reject.
Younger buyers sometimes have trouble seeing the bones of a home and often don't know which features
can be changed easily at minimal cost. That's an area where they value guidance from agents that can help keep them from making a
mistake
. If they're buying a home that needs work,
they also value referrals to contractors and vendors.
"You've got to be able to provide resources to them,"
Murray says.
Yes, we can afford that.
Finding a home they can afford in the location they want
is a challenge for many younger buyers
, especially in cities, Richardson says. Some are
embracing the sharing culture by seeking homes with rental units or rooms
that can be rented out on Airbnb or other services.
"I think we're going to see millennials solve that problem in a different way," Richardson says.

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