There are over 84 million Gen Yers (or Millennial) in the population, according to 2000 Census Data. Millennial are member of the generation of children who were born between the years 1977 and 1994. One quarter of the US population is part of this generation. This group is poised to make up the bulk of the overall US population within the next 20 years. This generation is a diverse group with 1 in 3 non-Caucasian and 1 in 4 from a single parent home.
Millennial are just waiting for the market to stabilize before they begin their house purchases. The stage is already set for them. National studies from 2007, indicate that three quarters of the home buyers were between 18 and 24 years old, falling into this group. They are looking for stability, home buying agents they can trust, and a fair price.
Millennial want data, but they also want to work collaboratively to reach their goal of home ownership. They are computer savvy, knowing and expecting that more information is just a click away. They also know, as should you, that the competition is only a click away as well.
So, real estate agents and investors need to be ready to be a part of a team, and be ready to provide easy to access information for this new plugged in buyer. In addition, these buyers are technology experts and want contact any time of day or night via texting, IMing, blogging, or email. Instant messaging is the preferred form of communication, with 68% or more opting for cell phone texting.
This means home buying is going to move to a new level of real time. Homes will not be shopped for days by buyers who want to be driven around until they fall in love with their new home. Instead, the Gen Yers will have all of their facts available online and will make the home buying decision swiftly after they are well informed.
Social networking is ultimately about conversations. You as the real estate agent and investor will need to master the social networking skills that are very important to your potential customers. Facebook, LinkedIn, Twitter, My Space, FriendFeed, ActiveRain, are some of many tools focused on facilitating conversations.
Social networking is reaching astonishing levels of participation. Some web site examples: ActiveRain – This is the hotspot for real estate professionals to learn from each other. LinkedIn – 25 million experienced professionals, a marriage of an interactive resume and your address book, promoting yourself, your properties, or reviewing others. Facebook – 100 million active subscribers with 30 million photos uploaded daily. The numbers are staggering and speak for themselves. Social networking is important!
With this new set of rules and capabilities, houses will move quicker and with less emotion. This creates a new level of competition that the “boomers” will have to figure out when the market heats up.
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