Attracting Millennials and Empty Nesters
For decades, the real estate market has been dictated by school calendars and the seasons. A Majority of buyers search most actively in the spring and early summer, the reason is so they can get a property and close before September, when the school year starts.
Subsequently, a majority of sellers postpone listing their properties in the winter and near the holidays. Instead they wait for the warm months of spring to flaunt their outdoor spaces and landscaping.
In the past, these cycles have worked flawlessly since most of the buyers were families. However, the vast majorities of buyers today are empty nesters or young millennials. These buyers do not necessarily rely on seasons and school schedules to purchase homes. This brand of buyers is not only active in the fall and winter months but also the holidays.
Despite conventional wisdom, fall is the best time to list your house. Characterized by much less competition compared to spring, you may even find that selling your house during this time is better financially. Below we will discuss how to attract the two kinds of home shoppers that are especially active during fall.
How to market to millennials
For this group of buyers, the market is on at all times. They are very active buyers, provided their tablets or Smartphones are within reach.
This brand of buyers is fully connected, attached, and will view listings to analyze information any time of the day. As a seller, it means that you have to keep your house in great condition and make it show-ready at all times.
You would be wrong to expect millennial buyers to wait for an open property. Most of these buyers prefer seeing homes that appeal to them on their own time. Make sure you are ready to accommodate this brand of buyers.
The moment you list the home, make sure you have great photos of it posted. These buyers are quite impatient and hate being notified of a good property only to find that there are no photos included.
Millennials tend to be very visual. This is why it is important to make sure you’re getting high quality photos to aid your listings effectiveness. You can do this by ensuring that you real estate agent contracts a professional photographer. Well-taken photos will attract buyers. Provide them with what they want.
Attracting empty nesters
This category of clients is more old-fashioned in comparison to millennials. In most cases, they are slower and also rather methodical. Do not rush them.
A Majority of these buyers will be looking to downsize from their current home size. This means that such buyers may want to dispose of homes they currently live in before they can buy a new one. Some even have to take a loan against their current homes to finance the purchase of a new home. The fact that they have to juggle finances may make them come to the negotiation table full of stress. They need time to internalize decisions.
These buyers could be less responsive compared to other category of clients. They may not be prompt in communicating via text messages or even check their e-mails during non business hours. Be sure you have a means of communicating with them that accommodates what their typically used to. They will only e driven off if you make them feel under the gun or rushed.
Remember that a buyer with 50 or 60 years of life experience will approach the negotiating table more informed. They have been through many financial and housing crises, which is why they may show a lot of caution as they approach their retirement.
A good salesperson will strive to understand their buyers first before selling to them. This is also true when it comes to real estate. As a seller, it is important that you be ready to encounter a buyer who could differ from you substantially. Prepare in advance and make sure that you give them the specific aspects that they are looking for. Whether it is the empty nester or the millennial buyer, always know how to best approach them. Once you manage to bring a potential buyer on board, take your time to learn everything regarding who they are and find an efficient way of working with them. Buyers are different and what works for one buyer may not necessarily work for another.