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Real Estate: A Millennial Perspective
Who are the Millennials? Generation Y Born between 1982-2000 Nationwide: 76 million Minnesota: 1.5 million 1 in 4 are a person of color
Millennials continued… High education level
Based on education, MN millennials are ranked 7th compared to other states
Poverty rates higher than previous generations College loans Inflation
Average salaries for 22-33 year olds $22,000-$40,000
Work Habits/Environment Multi-tasking Team-oriented Collaboration with leader/boss Fast-paced Foster social/creative interaction Provide learning opportunities Provide meaning in their work
What Do Millennials Look For??
In Businesses… Corporate Social Responsibility
It increases trust, loyalty and likelihood of making purchases by 88%
Affects where they choose to work and invest
Areas of importance Poverty and hunger Economic development Environmental Preservation
In Housing…Top 5 aspects
1. Cost of Living2. Atmosphere/walkability3. Proximity to work/school4. Transportation5. Night life
Top Millennial Cities Current locations
Minneapolis St. Paul Brooklyn Park Bloomington Burnsville Plymouth
Preferred Locations Minneapolis St. Paul Minnetonka Eden Prairie
When House Shopping… What resources do they use?
78% will go to the internet 33% will utilize a realtor 19% would get parental advice 16% will canvas neighborhoods
Mortgage Parents tend to be involved less than 25% of
the time They may not have credit, but you can set
them on the right path Prequalifying through loan officer Identify plan to become eligible for mortgage
School can count towards work history Ability to focus on something full time Perfecting a talent
Loan programs with as little as 3% down
Preferred Communication
The Tech Generation Technology is the Millennial way
Smart phones, tablets, computers, game systems Methods of communicating:
Text messaging Social media Instant messaging Facetime E-mail Phone calls Voice chat
Purpose of Social Media
Engage with friends and customers Sharing events and pictures Promoting your business See what is trending Communication Get news
Content Rule of Thumb
70% fun and engaging
30% work related
Facebook Marketing Create a business page
Multiple important features! Make sure logo is in cover photo Engage with others with similar
interests Connect page with other social media Be consistent!
Facebook Content Vary content to gain traffic Utilize the content rule of thumb! Visual content is the most effective
Pictures, videos, infographics Be wary of copyrights and video formatting
Twitter #Marketing Content should be succinct and creative Use links to personal content and retweet
others Interesting facts about location, food,
atmosphere are popular Use pictures and videos to display listings
Do not only post listings! Be social! Utilize fun content Hashtags - #EdinaRealty
Instagram Connect to other social media Follow the content rule of thumb! Engage with the community Utilize Instagram Direct to send content
to specific people Use the Photo Map to show connection
to your community Use short videos to show off listings!
Pinterest Great for visual content! Connect to other social media sites Use high quality pictures and good keywords/hashtags Have different boards to:
Attract buyers Attract potential sellers Display personal interests Promote business
Engage with people in your area or with similar interests – Pin it!
Advanced users utilize Rich Pins
Snapchat Pictures or short videos
Last from 1-10 seconds Placing in story will store them for 24 hours
Can send useful information to clients Can type or draw information on images Post pictures and videos of listings Show personal interests Post Snapcode to other social media One of the top downloads for apple and android Promote contests
Social Media Platforms Facebook Youtube Snapchat Instagram
Twitter Pinterest LinkedIn Google+
Hootesuite Manage social media from a dashboard Connect multiple platforms Schedule posts Analyze traffic
Panel Participants Carlos Salinas
B.S. in Respiratory Therapy Respiratory Therapist
Chris Whitley B.A. in Business Admin - Operations & Supply Chain Operations Specialist
Kevin Moturi B.S. in Biochemistry Mobile developer
Samantha Baker B.S in Psychology and Family Studies Shift Supervisor/Residential Supervisor Assistant