What is your strategy for finding Millennials and what do you know about this generation?
The American Dream is defined as the idea that every US citizen should have an equal opportunity to achieve success and prosperity through hard work, determination, and initiative. Traditionally, what does the American Dream actually look like? To most, it was the idea that you would own a house with a white picket fence around it. Trends in housing may have changed today but for the most part, homeownership was the basis of the American Dream.
The question we are aiming to answer today is, what does the pursuit of the American Dream look like for Millennials today? And where can we find these Millennials?
Let's start here:
- Millennials are the largest living generation (79.8 million) - source
- As of 2016, Millennials only headed 28 million households
- For the first time in 130 years, young adults ages 18 to 34 were more likely to live in their parent's household than on their own - source
- 15% of Millennials ages 25 to 35 remain in their parents' household - source
- 65% of Millennials that head their own households are renters - source
- The actual number is 18.4 million rented households of the total 45.9 million households that are rented in the United States - source
Right off the bat, we understand that slightly more than one-third of Millennials are the head of their own households. However, of that number, only 35% actually own their households. That tells us that the Millennial generation (18 to 34) is still ripe for opportunity.
Now some of this data is not a surprise to us at all. We understand that most first time buyers are somewhere between the ages of 28-34 which is why only 15% of millennials ages 25 to 35 remain in their parent's households. However, we can't ignore this data because it shows us how close we are to the "wave" of Millennial home buyers. So the time to prepare is now because if you try to catch a wave when it hits then you have already missed it.
So how can we find Millennial buyers?
The simple answer is to leverage your database and past clients for referrals.
In Why You NEED to Segment Your Friend List, we identified that the typical seller will refer their agent twice. The strategy then becomes finding parents' of Millennials who will soon be empty nesters and need to downsize. However, this always leads to another question, where do we find soon-to-be empty nesters.
One of the easiest spots is on a college campus. Parent's with college-aged children seem to always find a reason to be on campus and one of the largest reasons is for sporting events. Season-openers, homecoming, and rivalry games always draw in large crowds. Especially, when it is a school of 15,000+ students. What better networking opportunity could you ask for?
Now, I understand we just went over data that suggest Millennials are more likely to live with their parents but that data varies with Millennials who have obtained a bachelor's degree. Millennials with a bachelor's degree only account for 10% of those between the ages of 25 to 35 who still live with their parents. As opposed to their counterparts who finished some college (17%) and high school graduates (20%) - source.
College campuses are not the only places to find parents of college-aged students. Most parents find that they have more time than they know what to do with when their children leave for college. This most likely means they will become more active. One great resource you can utilize is the Events tab on Facebook. On this tab, you can see what events are popular with people on your friend list and what events are popular across Facebook.
Where can we find Millennials to network with them directly?
- Reserve a table at a local colleges career fair (Grow your profit share + find buyers/referrals)
- Reach out to business clubs at local universities to present (Sales Club/Marketing Club)
- Attend networking events
- Find beer crawls/bar events/OctoberFest/etc.
- Halloween parades/Christmas events/etc.
- Leverage your own children
Now if you want to find Millennials on social media then your best bet is to utilize your friend list or your children's friend list. Again, reference the strategy of engaging with your friends on Facebook and segmenting your friend list for more purposeful conversations.
The last step to finding Millennials and their parents is to just get out there and start networking. Everything leads back to having conversations about real estate.