The Trouble With Finding Younger Clients
March 17, 2015
If it seems like you’re having a hard time attracting Millennial-age clients, it’s not you. It’s them.
Read more: What Millennial Buyers Want (Now)
According to a new survey commissioned by Neoscape, an East Coast branded-content creator for the real estate industry, younger home buyers are avoiding working with practitioners, choosing instead to get their information from other sources. Fifty-one percent of people ages 25 to 34 say they prefer to get real estate data from marketing materials, renderings, and websites instead of a broker, the survey shows. Older people, however, still rely on the human touch, with 62 percent of those over 55 saying they work with a broker.
Of the younger set, 55 percent say a mobile app has more influence over their real estate decisions than a broker, while only 14 percent of the older crowd says they use mobile apps at all. Eighty-five percent of people all ages say a property website had the most influence over their decision to buy a home.
How much money a person makes may be a strong indicator of whether they gravitate toward the services of a real estate professional, as the survey found that the more a buyer earns, the more likely they are to work with a broker. Sixty-four percent of people earning more than $100,000 annually report using a broker to buy a home.
"We were surprised by how quickly sentiment is changing about the traditional homebuying process, and it’s clear that the real estate industry needs to shift how it markets property," says Rodrigo Lopez, Neoscape’s chief creative officer, "especially to first-time home buyers, who are increasingly urban, savvier and more independent than ever. Brokers especially need to harness technology to remain relevant with the younger demographic."
Those who are affluent also make more logical housing choices rather than emotional. Sixty percent of people who make more than $100,000 say they think more with their head than their heart, and 94 percent say they gather real estate data from property websites when shopping for a home, according to the Neoscape survey. Of those who say they think more with their heart, 46 percent make less than $50,000.
Updated: November 25, 2020