Millennial Perspective

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Millennial Perspective

Real Estate: A Millennial Perspective

Hi I am Beau Roberts, I have met a lot of you already but for those of you who I havent, I am a marketing intern from Winona State University. I will be giving you a presentation about Real Estate: A Millennial Perspective, I will be going over a lot of information and I am hoping you come away with some useful tips. For the sake of the time allotted please save your questions for the end of the presentation. I will try to save some time before I introduce our guest panel.1

Who are the Millennials?Generation YBorn between 1982-2000Nationwide: 76 millionMinnesota: 1.5 million1 in 4 are a person of color

Google generation, Tech generation. Fastest growing segment of workers today. In Minnesota they are the largest population at 28%, followed by Baby Boom at 25%, and Gen X at 21%. In Minnesota 24% of millennials are people of color second only to the Digital Generation of 29%. 16% of millenials are foreign born or first generation Americans2

Millennials continuedHigh education levelBased on education, MN millennials are ranked 7th compared to other statesPoverty rates higher than previous generationsCollege loansInflationAverage salaries for 22-33 year olds$22,000-$40,000

40% age 25-33 have a bachelors degree or higher. With the high rate of college attendance many millennials are well educated but have built debt due to college loans. 80% of people surveyed say they have student loans. Incomes are about 24% lower than the previous generation for ages 20-24. it costs 225% more to go to a public 4 year college than it did in 1985.3

Happiness, passion, sharing, collaborating and socializing. On top of that we place a lot of emphasis on diversity and by this I dont mean just skin color but also the way people think and the lifestyles people live. We believe in limitless possibilities and that we can change the world! This stems from our parents who from the beginning taught us everything and gave us everything. They let us know that if we do anything if we tried hard enough. From little league to college they supported us and made us believe that we could accomplish anything.4

Work Habits/EnvironmentMulti-taskingTeam-orientedCollaboration with leader/bossFast-pacedFoster social/creative interactionProvide learning opportunitiesProvide meaning in their work

Multi tasking from an early age we would be doing homework with the TV and our music on. They want to feel as tho there input is valued, be receptive to new ideas. Reference Edina Realty Plymouth office. New offices are being built where the work areas are bunched together, with areas for recreation, nap time, and social interaction throughout the office. Going out for a drink or food after work. Events for bdays. We want to continue learning and have professional growth, so provide seminars and learning opportunities but dont just make it mechanical learning, create experiences and adventures that will get the employees more excited for work. They are the biggest brand promoters you will have. They want to believe the work they are doing is contributing to society or helping them reach their goals, emphasize a shared vision that will encourage them to work harder.5

What Do Millennials Look For??

Mention survey6

In BusinessesCorporate Social ResponsibilityIt increases trust, loyalty and likelihood of making purchases by 88%Affects where they choose to work and investAreas of importancePoverty and hungerEconomic developmentEnvironmental Preservation

CSR is a companies dedication to uphold ethical standards and that try to further some social need. 77% of survey participants say CSR makes a company more appealing. The biggest area the Millennials want to see change is Economic development however compared to other generations they have more of an interest in poverty and hunger. 78% say it affects where they would like to work and 64% say it affects where they invest.7

In HousingTop 5 aspectsCost of LivingAtmosphere/walkabilityProximity to work/schoolTransportationNight life

I asked Millennials to rank what would be the most important things they would look for and of the 9 options these were the top 5. *DESCRIBE*They like tend to like smaller and urban locations with they can be active and get to things they need. Tend to want a more modern look with wide open spaces that are cost and energy efficient and allow the most room for socialization8

Top Millennial CitiesCurrent locationsMinneapolisSt. PaulBrooklyn ParkBloomingtonBurnsvillePlymouthPreferred LocationsMinneapolisSt. PaulMinnetonkaEden Prairie

Metro area?9

When House ShoppingWhat resources do they use?78% will go to the internet33% will utilize a realtor19% would get parental advice16% will canvas neighborhoods

*based off multiple choice survey* They do not tend to go to a pro immediately, they will look for ideas online then share the info with their friends to get quick feedback. more than 50% will search on their phones and around 25% of which will buy a home they find. 10

MortgageParents tend to be involved less than 25% of the timeThey may not have credit, but you can set them on the right pathPrequalifying through loan officerIdentify plan to become eligible for mortgageSchool can count towards work historyAbility to focus on something full timePerfecting a talentLoan programs with as little as 3% down

Most important thing is to demonstrate ability to make payments by making deposits into savings account on a regular basis without dipping into it. Parents are are involved less than 25% of the time. Programs with as little as 3% down on down payments. School goes to work history, if not stable hours at a job then they need 2 year work history to figure out the payments that can be made. If cant qualify off income you go to cosigners, 3 primary types of financing FHA(need to have income to make payment but can rely on parent for cosign) VA(veteran no cosigner execpt spouse) and conventional(little boost can use a non-occupant cosigner). Every person should figure out where they are at the moment and build it up, get prequalified.

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Preferred Communication

The Tech GenerationTechnology is the Millennial waySmart phones, tablets, computers, game systemsMethods of communicating:Text messagingSocial mediaInstant messagingFacetimeE-mailPhone callsVoice chat

*describe game system communication*Emails, phone calls, text messaging and in person are the top methods of communicating for business purposesAs you may realize that the younger your clients are the more you need to rely on text messaging and e-mails13

Purpose of Social MediaEngage with friends and customersSharing events and picturesPromoting your businessSee what is trendingCommunicationGet news

Content Rule of Thumb70% fun and engaging 30% work related

Fun and engaging focus on getting likes, comments, shares and retweets. You want to post information about your community, show off your personal side and that will get peoples attention.15

Talk about building a brand w/ fbThe most popular social media siteStrongest social marketing tool

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Facebook MarketingCreate a business pageMultiple important features!Make sure logo is in cover photoEngage with others with similar interestsConnect page with other social mediaBe consistent!

90% of surveyed millennials use facebook. Do not use a personal page, it is unprofessional and doesnt have the same features (call to action, manage sections, schedule posts, similar page suggestions should be enabled, events, featured likes allows you to display business partners on your page, page owner link, view traffic on your page as well as competitors, see when your fans are online, and see what posts are most effective). Cover photo is the first thing people see, add logo and something appealing17

Facebook ContentVary content to gain trafficUtilize the content rule of thumb!Visual content is the most effectivePictures, videos, infographicsBe wary of copyrights and video formatting

Content: . Dont rely on just text for all posts a lot of people will skip past a post if it seems too long, pictures are much more inviting and quicker to soak in and has a much higher conversion rate and is more likely to get some one to pause to view your post. Do not copyright material and videos may not play right away and will not have audio unless clicked on, it could just show up as a black video box that will be overlooked. But it can still be very useful for virtual tours where talking may not be necessary.18

Twitter #MarketingContent should be succinct and creativeUse links to personal content and retweet othersInteresting facts about location, food, atmosphere are popularUse pictures and videos to display listingsDo not only post listings!Be social!Utilize fun contentHashtags - #EdinaRealty

This form of SM takes more time than others because there is a lot of content to compete with but it is a booming marketplace! It is one of the top 10 most visited sites in the world. You should post on Twitter multiple times a day. After awhile do not be afraid to repost some of your content. Engage with other peoples feeds: retweet, favorite, comment on other peoples tweets, they will be more likely to return the favor. Do not only post pictures, videos and information about listings, this is dry and may lose some followers, put in fun content and interesting content that people will be likely to share, this will build new connections. Be careful when using videos, they are not the most effective because they may not autoplay or have audio until clicked on. Hashtags are keywords that are searchable and will bring about more traffic if used correctly. Only use relevant hashtags19

InstagramC