Real estate professionals have the responsibility of educating the millennials on the pros of home ownership. This applies to local agents, realtors and national brokerages. This is the right time to start showing millennials the benefits of owning real estate. This will help to set the American economy back on track and reactivate the American dream.
A recent survey on rent.com reveals that millennials do not take long term homeownership seriously. 51 percent of them spend over 40 percent of their yearly earnings on rent, enriching landlords while they sacrifice the stability of their own future (and yours as well). They do this because they lack a good education on the importance of homeownership. In addition, 24 percent of this generation is willing to give out an extra $400 per month to reside in their existing rental. Obviously, millennials have money and the best way to turn them into homeowners is through proper education.
In order to educate the millennials on the gains or equity, advantages of mortgage uptake, and the joy of ownership, do not send direct mail campaigns on homeownership to various apartment buildings as that will not work well with millennials. Instead, reach them in a place they hang out daily: the Internet. You can achieve this in a couple of ways.
First, educate them on the value a dollar has today versus its value tomorrow. Show them the economic impact that a new home brings to an individual and our country’s bright future. Illustrate this by posting fun infographics to your own website and exciting videos that illustrate the home buying process.
Add attractive pictures of amazing backyards and kitchens to Instagram and Facebook to let all millennial renters who currently rent apartment size homes and amenities that if they buy, they can access something bigger and with more amenities.
Point out to the 57 percent of them who believe that affordability is the most important aspect when selecting an apartment that it’s equally and at times more affordable to own a home. You can achieve this by placing a simple calculator on your website and promote the same on Twitter.
Lastly, create some interesting marketing campaigns for millennials where you explain to them the advantages of a mortgage. Be sure to explain how a mortgage raises your credit score, the way it helps you to save more and how this is the easiest money you can ever find. Also be sure to inform them that the interest is usually tax-deductable. Do this in an exciting and fun way.
Start educating millennials in these ways and you’ll sell more this year as more millennial renters are turned into homeowners.