The youngest millennial right now is twenty-six years old, and the oldest is forty-four years old (although, good luck trying to find a forty-four-year-old who identifies as a millennial). Therefore, most of the buyers in the Toronto market, especially first-time homebuyers, are millennials. A lot of the homeowners who are selling, however, are not millennials and, therefore, there can sometimes be a disconnect between the buying and selling of property.
The selling strategies that worked for Gen X don’t necessarily work for Gen Y (Millennials). So, if you’re a Gen X’er, here are five top tips for selling your hose to millennials.
1. Make Your House Photo-ready
Millennials are the only generation who grew up with social media and remember a time before social media was a thing. I (Robyn) am thirty-five, and I clearly remember those old dial-up internet tones as I was trying to load my MSN messenger chats. When I was in high school, doing homework on a computer was unthinkable. And yet, now I am the kind of person who orders groceries from an app on my phone. When listing your home, it needs to look great on social media platforms. Unlike my groceries, buyers may not click “add to cart” on your house, but they do that emotionally when they see the photos online. You want an “add to cart” kind of home.
2. Have a Flexible Viewing Schedule
Real estate used to be predictable. Most potential buyers would work from 9-5, and then they could book showings to look at houses after 5 pm or on the weekends. However, the job landscape now is very different than it was for previous generations. Millennials often work gig jobs with peculiar hours, or they work a “9-5” that is actually a 7 am - 11 pm. There is no traditional work schedule anymore, and making your house available during odd times for showings will significantly benefit you.
★ For more resources on selling your home check out:
- What’s Involved In The Pre-Listing Phase: Interview With Our Listing Coordinator
- Preparing Your Home For Sale
- What If Your House Doesn’t Sell on Offer Night?
3. Don’t Hide Anything
Millennials know how to access information in a way that almost no other generation does. They are fluent with digital technology and are also older and more educated than Gen Z (although Gen Z is really catching up). They know how to seek out information about houses in a matter of seconds. Therefore, it is in the seller’s best interest to be fully transparent. Millennials are also always on the lookout for being duped. This is why traditional sales scripts and selling methods fail spectacularly with this group of buyers.
4. Cater to the Parents
Almost all young parents are millennials right now. Millennials parent differently and seem to like to have eyes on their kids at all times (ahem. As I watch the GPS tracker I have placed in my son’s backpack). Therefore, today’s buyers will generally prefer open-concept homes for easy child-watching. Beyond this, any kind of digital security system, like a Nest, will be attractive to new buyers.
5. Get Rid of Your Presumptions
Millennials have a bad reputation for being self-absorbed and indulgent. I’m not sure any upcoming generation has ever not been accused of those qualities. The truth is, there are hundreds of thousands of Millennials in Toronto, and they can’t be classified with broad strokes.
★ For more information on how a qualified listing agent will boost your sale, read:
- Five Characteristics of a Great Listing Agent
- Selling Privately vs. Listing With An Agent
- Selling Your Home With A Top Bosley Real Estate Agent
It all comes down to technology and information. Give as much information about your home on as many different platforms as you can, and you will attract millennial buyers. Once you have attracted them, be flexible and forthcoming about your home.
— Robyn Vander Vennen, The Kim Kehoe Team.
