how millennials are reshaping the buying & selling experience
TRANSCRIPT
How Millennials Are Reshaping
the Buying & Selling Experience
May 14 Fidelity National Title Agency 2
A Generation to Miss Homeownership
May 14 Fidelity National Title Agency 3
How Are Millennials Changing Our Market?
Demand
Communication needs
Realtors are no longer the “Gate Keepers”
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Who Are Millennials?
Born between 1980 - 1995
Millennial Median Age = 28
Realtor Median Age = 57
1/3 of all buyers 2013- LARGEST segment– 31%
Smallest share of home sellers – 12%
76% are first time homebuyers
97% financed their purchase
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Millennial Buyer Profile
Median Income: $73,600
Typically bought an 1,800-square foot
Typical Price $180,000
More likely to buy in urban area & 10 miles
or less from family and friends
Plan to stay in home 10 years or less
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Millennial Buyer Stats
20% had a difficult time saving for
downpayment56% said student loan debt was
the issue
Biggest purchase influencers: quality of
neighborhood, proximity to friends & job
87% thought their home was a good investment
50% use mobile devices during home search
26% actually found their home on mobile search
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The Millennial Mindset
• Question whether you know how to market to them (distrust)
• Accept some types of personal information will be collected (tech)
• Connect with companies in social media to get discounts & freebies (value $)
• Are more likely to engage with trusted brands (by whom?)
• Discover content through social networks (are you there?)
• Want to engage in their preferred language (1 in 4 speak another language)
• Expect a fast response & instant gratification (I want what I want, when I want it)
• Prefer hyper targeted content (be in the know)
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What Do They Want?
• Orchestrate their own brand experiences across multiple channels
• Touch 4 devices per day; smartphone average of 45 times per day
• Customization to personalize their experience
• Social networking is a state of mind, not one particular network
• Want companies that stay current & develop social networks
• You are credible if you are socially connected
• Want to be surveyed or in focus groups
• 56% more likely to discover brand content on social networks
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74% said the biggest benefit from an agent was
helping them understand the PROCESS
Majority find their agent through referrals
house online, agent offline
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How to Market to Millennials
• Will spread the word about company or services if “shareable”
• Authentic, real stories (not listings for sale)
• Support for causes
• Positive disruption to status quo (be different)
Status updates, photos, videos and blogs are SHAREABLE
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Pictures Speak Louder than Word
Instagram - would rather post pics than status updates #selfie
YouTube - 72% watch “TV” on their laptop or streaming video
Are you here?
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What You Must Have
Social Media
Ability to speak “digital”
Online reputation
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ONLINE REPUTATION
• Control your reviews- positive USER generated content
• Google Factor
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ONLINE REPUTATION- Reach 150
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ONLINE REPUTATION- Reach 150
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SOCIAL MEDIA- eSocial Pro
• Automate it
• Consistency across
channels & postings
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Closing Goals
Save you time
Make you money
Earn 3-5 more transactions this year
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Millennials and Realtors
Millennials embrace brands on social media: Five out of six millennials
connect with companies on social media networks
Social networks and customizable news feeds dominate content
discovery: The top three channels where millennials discover online
information are Facebook, Twitter and YouTube with customizable news
feed sites surpassing traditional news sites and email for content
discovery.
Growing a customer relationship isn’t always about getting a sale: 60
percent of consumers like it when they receive a touchpoint that’s not
related to selling a product (i.e., holiday or birthday card).
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5 Truths About Millennial Marketing
1. Campaigns are Extinct
2. Your Data Trumps Big Data- user generated content
3. Channels are Irrelevant- they want consistency across them not
which ones you use
4.
5. Content Finds the Consumer
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Campaigns are Extinct
“The traditional marketing funnel is now irrelevant, making traditional campaigns extinct. Brands must break through millennials’ personal junk filter with relevant, valuable and non-promotional interactions, for a longer-term view of building brand advocacy. It won’t happen immediately, but brands who shift their focus from a campaign approach to one focused on the customer experience will see the most success.”