Ramping Up Your Digital Marketing for the Millennial
The phrase “digital marketing” can mean a few different things. To some, it’s having a comprehensive website with a strong search engine optimization plan and placing ads on Google, YouTube, and Facebook. It could be a compelling email campaign. To others, it’s sharing worthy content often on their personal and business social media pages. Digital marketing is fine-tuning the art of meeting people where they spend most of their time…online. And one of the largest segments of today's homebuyers responding to your digital marketing efforts are millennials.
About 40% of today’s homebuyers are millennials; ages 24-39. While 3 out of 8 millennials may rent for life, the other 5 hope to buy within the next 36 months. With that being said, a pandemic has the power to create a new found sense of urgency.
In today's world millennials are trying to navigate working from home while teaching their small children all from the dining room table, or they are bored out of their minds trying to pass the time with their latest TikTok video. Either way, they may very well be thinking about a new home that would better suit their current lifestyle. It’s hard to know who your next client will be, but statistics show, it could very well be a millennial.
What we DO know are the facts. Inventory is on the decline, sales are up, and mortgage rates are low. Most likely being a first-time homebuyer, millennials are going to want the biggest bang for their buck. If they have been fortunate enough, they’ve become masters at stockpiling their extra funds waiting for a moment such as this very pandemic to make their move. You could probably say the same about any investor you know too.
As you ramp up your digital marketing efforts, don’t forget what the real estate business is all about – making connections. We recommend to connect with a group you may least expect, the millennial.
Sources: Bureau of Labor Statistics, US Census, Green Street Advisors, Advisory & Consulting Group