Social Skills and the Millennial Generation

According to 2000 Census Data, Gen Yers (or Millennial) are poised to make up the bulk of the overall US population within the next 20 years. Millennial are member of the generation of children who were born between the years 1977 and 1994. There are over 84 million Millennials in the population now. One quarter of the US population is part of this generation. They are a diverse group with 1 in 3 non-Caucasian and 1 in 4 from a single parent home.

Millennial purchase homes because of their desire to own a home and establish a household, but are less emotionally tied to a house. National studies from 2007, indicate that three quarters of the home buyers were between 18 and 24 years old, falling into this group. They are just waiting for the market to stabilize to move on into their house purchases.

The competition is only a click away – this is the new concept that you must understand. Millennial are computer savvy, knowing that more information is available with just a mouse click. They want to work collaboratively to reach their goal of home ownership.

From now onward you, as the real estate agents and investor, must also be computer savvy and be ready to provide easy to access information for this new plugged in buyer. The communications will not only be the traditional phone. These new buyers are technology “expert users” and want contact day or night utilizing texting, IMing, blogging, or email. Instant messaging is their preferred form of communication, with 68% or more opting for cell phone texting.

Home buying will change to a new level of “real time” processing and decision making. Home buyers will have all of their facts available online and will make the home buying decision swiftly after they are well informed. They will not be driven to many houses until they select the house they desire most, cutting days off the selection process.

Your Social networking skills become very important. Social networking is ultimately about conversations. Blogging, podcasting, Facebook, LinkedIn, Twitter, My Space, FriendFeed, ActiveRain, are some of many tools focused on facilitating conversations.

Here are some examples of the impact of social networking. Facebook – 100 million active subscribers with 30 million photos uploaded daily. LinkedIn – 25 million experienced professionals, a marriage of an interactive resume and your address book, promoting yourself, your properties, or reviewing others. ActiveRain – This is the hotspot for real estate professionals to learn from each other. Social networking is important as you see, the numbers speak for themselves.

As the market heats up, the “boomers” will have to figure out the new rules, technology, and capabilities employed by the Millennial if they wish to sell house more quickly and with less emotion in a changing market.

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