Millennials are educated, discerning, socially conscious and more global in their behavior than their parents’ generation. This same attitude applies to their purchasing behavior: they have traveled more, and they have more specific demands about how and where they want to live their lives.
As I’ve seen through owning a platform that captures multiple behaviors of consumer groups, anyone trying to attract millennial customers needs to take this into account when trying to close a deal.
Things to know about millennials
There are four main things to keep in mind about the millennial personality that will help an agent find a perfect match:
1. Millennials need social options
They want to live close to downtowns, bars, cafes and shopping — period. These things, even as responsible homeowners, matter. They’re buying homes and care about their social lives.
2. They want to feel cosmopolitan
They grew up watching “Sex and the City” and want to live the posh lifestyle, even if they have a limited budget. They should have proper parking for their Prius while still being near the local metro.
They want to be able to walk to their favorite trendy cafe, bike to the pier on their beach cruiser on weekends or ride-share across town to the newest bar or restaurant opening.
The comforts of city living need to be accessible, and the glam life needs to feel within their reach.
3. Convenience is a must
They like being central to the places they want to be (like social settings) and need to be (like doctors, dentists, pharmacies, pet stores and grocery stores).
Conveniences aren’t considered nice-to-haves; they are must-haves.
4. They want what they want because they can have it
Thanks to technology, nearly everything is one click away. Millennials are impatient and want to bring the world to their doorsteps because they know it’s possible.
If they have a late night craving for their favorite frittata, there is an app that will pick up and deliver breakfast to their door. So why shouldn’t their new pad have a pool and a sun deck on the roof?
Millennials have a simpler yet more sophisticated taste, so gaudy styles don’t work for them.
If you want to sell a home to a millennial make sure you turn your home into a multi-functional, modern (but with character) oasis and deck it out with the few tech gadgets to sweep them off their feet.
So how does this translate to physical attributes in the home?
What millennials want
1. A wine cellar, even if it’s small
They like to entertain — wine night with the girls, a romantic dinner for two, etc. The point is, it’s always an occasion for millennials. They don’t need a holiday to celebrate, and a crowded fridge just won’t do.
2. A piece of history
Millennials want the original character and charm of an old home that’s been restored with all of the modern conveniences they’ve grown up to expect.
3. Convenience
New stainless steel appliances and a spotless, modern kitchen with a European tilt to it. If you thought only your parents cared about keeping up with the Joneses, you were wrong.
A home must include the latest gadgets in the bathrooms and kitchen to impress friends. Think espresso machine.
4. Connectivity
In a world that is more connected than ever, the home must be equipped with all the latest technology. Non-negotiable.
These renovations do not have to cost too much, but they do have to make one strong statement: “This is the home of your future.”
3 crucial questions
When working with the younger demographics, ask yourself these three questions. If I lived in this home:
- Would I have plenty of social options within a few minutes walk or short Uber ride?
- Can I make my morning latte while checking my emails before heading off to work — and still control the lights in my apartment from my phone app when I’m running late so that my dog isn’t in the dark?
- Can I sip wine with my friends while waiting for takeout, and can I tell the delivery guy that my house is the one with the charming yellow door?
If you answered yes, you’ve got a keeper — and you’re ready to match a millennial with that great property.
Raf Howery is the CEO and co-founder of Kukun. Follow Raf on Twitter or Kukun on Twitter.
