3 Reasons Why Closing Millennial Buyers is Difficult
It happens like this: you meet a millennial buyer at an open house, and they’re excited about setting up a coffee meeting to discuss the next steps. You send them an email to confirm dates and times, and then… nothing. They don’t respond to your emails, calls, or texts. They might even set up a meeting and then neglect to show. The client that seemed so interested in you at first glance is suddenly avoiding you without any explanation.
Thanks to social media, Millennials are more open to making connections than ever. However, with so many opportunities available at the touch of their fingertips, flakiness and commitment phobia are becoming incredibly common. Just like in a dating app, Millennials have so many alternatives and channels for meeting new people that they often move on quickly without providing any explanation or follow up message.
The question is - why do Millennials do this, and how can we as real estate agents stop wasting our time on clients who intend to “swipe left”?
Millennial real estate agent and Condo Weekly founder Tim McMullen.
As a Millennial real estate agent, I have insight into why Millennials act this way, and what agents can do to gain their trust. The driver of their behavior, and also the solution to it, is technology. As Millennials continue to rely on social media, it’s more important than ever to invest in your brand presence online. In this article, I’ll explain why Millennials might be “swiping left” on you and how you can prevent it.
1. Fear of Personal Interaction
Millennials live their lives through their electronic devices. Socializing, dating, applying for jobs, and work communication have all moved online. This means that the younger generation is more comfortable interacting with one another at a distance. A millennial can send messages to 20 different people through a dating app like Tinder, but get cold feet when the time comes to actually move forward with a meeting “IRL”.
(Source: Pexels)
The prospect of sitting down face-to-face for an informal coffee meeting can seem like a major commitment. The younger generation has spent hours sending text messages and perfecting instagram pictures, but less time talking to people in real life. That means their social skills have evolved to favor online communication. They are not used to meeting new people in person, and the prospect of interacting one-on-one can stir up anxiety. Worst of all, if the meeting doesn’t go well, they might have to directly confront you and reveal that they are no longer interested.
This is why Millennials are often eager to work with you, but back off once the relationship starts to look “serious”.
2. They Already Have Google
Millennials are a tech savvy bunch. They think that they can find all the information they need about a property or market online. While they might have initially agreed to meet with you, a few minutes alone with a smartphone makes them wonder if a quick google search wouldn’t be just as effective. Websites like Zillow lead some Millennial to believe that working with a real estate agent is unnecessary. Millennials ask themselves, “How can I trust this person? Is it worth it to take the time to meet with someone who might just tell me what I already know?”
(Source: Pexels)
3. They Don’t Trust You
The Millennial generation grew up with technology. They’ve been IM-ing each other and sharing gifs since their early teens. As adults, they trust the information they read online, and rely on social media to check out new people they meet to make sure they aren’t “sketchy”. If you or your business doesn’t have an Instagram, Twitter, or Facebook, you’re missing out on the opportunity to show Millennial buyers who you are.
Tech savvy millennials live their lives digitally
Millennials won’t trust you if you can’t show a basic level of tech ability. The last thing you want to do is set up a meeting, only for your prospective client to discover that your social media presence consists of an old Facebook post from 2013. They won’t be in touch. A sparse social media presence makes you seem illegitimate, and Millennials won’t take the time to tell you that your company looks fake. If you lack the ability to speak their language and prove your worth on their terms, they’re unlikely to want to work with you.
Instagram Is Their Home
The best way to gain a Millennial’s trust is to meet them on their own terms through your social media presence. Build a healthy stream of property-related content with regular updates for YouTube and Instagram. This type of content marketing is a great way to get your name out to Millennial buyers and build the value of your brand.
Make sure to include a mixture of aspirational “glamour” property photos and relatable content about your own life. Your online content should highlight both your successes and your human flaws in order to feel authentic to your followers. If you share both your triumphs and your failures, you will seem more trustworthy to Millennials. When Millennials feel like they already know you, they will be more willing to work with you. This works to your advantage because social media allows you to speak to many prospective clients at once. A “perfect” image can be off-putting, and create barriers to the close connection you want to create.
To get an idea of the type of content that feels authentic to millennial audiences, check out this Instagram video from San Francisco based real estate team Kinoko:
https://www.instagram.com/p/B0o0m8_HbNi/
Remember that the younger generation tend to ghost strangers and other “randos” that they are unsure about. If you prove your worth to them by speaking their language and developing relationships through social media, they are not likely to “swipe left” on you or your business.
For speaking engagements, group coaching & 1 on 1 mentoring:
Email tim@condoweekly.com