In a world where millennials are more likely to walk into your home in search of Pokémon than to check out your kitchen remodel, home sellers may want to take a step back and assess how appealing their home is in its current state to the next generation of homebuyers. Often ignored as a generation that prefers renting, that trend has reversed course, as millennials have been the largest sub-group of homebuyers in 2013, 2014, and 2015 according to the National Association of Realtors.
Once home sellers are paying attention though, it is important to take note of the nuanced preferences of millennial homebuyers. While it may seem obvious that the home needs to be “hip”, there are a number of things sellers can both do and avoid to accomplish that goal. Here are some “Do’s and ‘Don’ts” of selling to millennials:
• Focus on the home’s sleekness by adding modern light fixtures and window coverings.
• Use newer flooring materials like hardwood, vinyl or patterned tile
• Stick to light colored walls with darker floors for a glamorous look
• Use high tech “smart home” features to enhance the home’s “future value”
• Stage the home with sleek furniture to give it a finished, move-in ready look
• Have family portraits or old-looking art cluttering up your home during showings
• Utilize old fashioned décor such as wallpaper, rocking or recliner style chairs, antiques or quilts
• Allow deferred maintenance that might appeal to the bargain hunter but not the millennial
• Too many mirrors or full length mirrors
Following these tips can get the newest (and largest) demographic of homebuyers to look more closely at your home, but you’ll still need to stay top of mind throughout the negotiation process in order to successfully open (and close) an escrow. The last thing millennials will want is to have to wait more hours or days than necessary to get a response, so you’ll want to coordinate with your real estate agent efficiently. This means that the days of waiting until all parties can physically be in the same location are over. With email, text, file sharing and cell phones, it should be fairly easy to take the next step in a negotiation within 24-48 hours, and millennials expect this. Make sure you find a realtor who can meet these demands and is familiar with negotiating in a high tech world.
From there, you’ll also want an escrow company that is as efficient as the millennials expect them to be, to minimize their frustration during the escrow. Of course, there will always need to be some documents that need to be signed in person, such as loan documents or other things that need to be notarized, but many escrow companies will allow electronic signatures, or at least provide a courier or shipping label, so busy millennials don’t have to take time out of their day to go sign documents at the escrow office.
Now that you know how to appeal most to a millennial, go out and apply your knowledge to get top dollar for your home!
Express Cash Flow provides commission advances for real estate agents and brokers. Check us out at www.ExpressCashFlow.com or call us at 844-818-2274.