The Mindset of the Gen Y Buyer

Millennials, Echo Boomers, Gen Y — the newest group of home buyers goes by many names. It is also a force to be reckoned with. If you’re looking to tap into this growing market of young buyers, here’s what you need to know.

Photo by: American Home Shield

Gen Y: Who They Are

• Commonly defined as being born between 1981 and 2000.
• Purchasing power estimated at $170 billion per year.
• Largest generation of potential homebuyers.
• Most educated generation.
• Tech-savvy.
 

What They Value

• Optimism - Whether it comes to the economy, job market or personal aspirations, the future is bright and full of potential...regardless of how things may look today.
• Authenticity - Your brand may be big, but if you're not trustworthy or authentic, fancy labels mean nothing. Be the real deal.
• Technology/Responsiveness - Technology facilitates connection, and information and communication should be as close to instantly available as possible.
• Versatility/Flexibility - Change is a good thing, and so is keeping options open.
• Community/Relationships - Community, family and social networks are all important. These are how they stay connected and share what's important to them.
• Making a Difference - Environmental awareness, contributing to causes, being mindful of the world and all its citizens.
 

What They Want

• A relationship. They don't want to be sold. Give them the means to connect with you as an individual first. A well-cultivated relationship over time will go a long way.
• Personalization. Dispense with the one-size-fits-all approach to your communication. Make them feel like you're talking to them personally. Make them feel important and that you've considered their needs when sending them information on property listings.
• Acknowledgement. Be responsive and available. Technology is available 24x7, which means you can (and should) be, too. Meet them where they are and be willing to transact the way they're accustomed.
• More bang for the buck. This is more than just a home. They're looking for a vibrant scene, a sense of community, a plentiful job market and a low cost of living.
• Guidance. Don't leave them hanging. Guide them through the process of purchasing their first home. Once you've forged that relationship, they'll count on you for good advice. Buying a home for the first time can be overwhelming. American Home Shield offers useful resources to help your first-time homebuyers through the entire process. You can find them at FirstHomeResources.com.

Sources:
• Millennial Branding
• Forbes
• LinkedIn
• Inc.
• Harvard Business Review
• Inman
• Joe Fairless
• Bloomberg

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