Millennial Perspective

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<p>Millennial Perspective</p> <p>Real Estate: A Millennial Perspective</p> <p>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</p> <p>Who are the Millennials?Generation YBorn between 1982-2000Nationwide: 76 millionMinnesota: 1.5 million1 in 4 are a person of color</p> <p>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</p> <p>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</p> <p>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</p> <p>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</p> <p>Work Habits/EnvironmentMulti-taskingTeam-orientedCollaboration with leader/bossFast-pacedFoster social/creative interactionProvide learning opportunitiesProvide meaning in their work</p> <p>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</p> <p>What Do Millennials Look For??</p> <p>Mention survey6</p> <p>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</p> <p>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</p> <p>In HousingTop 5 aspectsCost of LivingAtmosphere/walkabilityProximity to work/schoolTransportationNight life</p> <p>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</p> <p>Top Millennial CitiesCurrent locationsMinneapolisSt. PaulBrooklyn ParkBloomingtonBurnsvillePlymouthPreferred LocationsMinneapolisSt. PaulMinnetonkaEden Prairie</p> <p>Metro area?9</p> <p>When House ShoppingWhat resources do they use?78% will go to the internet33% will utilize a realtor19% would get parental advice16% will canvas neighborhoods</p> <p>*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</p> <p>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</p> <p>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.</p> <p>11</p> <p>Preferred Communication</p> <p>The Tech GenerationTechnology is the Millennial waySmart phones, tablets, computers, game systemsMethods of communicating:Text messagingSocial mediaInstant messagingFacetimeE-mailPhone callsVoice chat</p> <p>*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</p> <p>Purpose of Social MediaEngage with friends and customersSharing events and picturesPromoting your businessSee what is trendingCommunicationGet news</p> <p>Content Rule of Thumb70% fun and engaging 30% work related</p> <p>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</p> <p>Talk about building a brand w/ fbThe most popular social media siteStrongest social marketing tool</p> <p>16</p> <p>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!</p> <p>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</p> <p>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</p> <p>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</p> <p>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</p> <p>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</p> <p>InstagramConnect to other social mediaFollow the content rule of thumb!Engage with the communityUtilize Instagram Direct to send content to specific peopleUse the Photo Map to show connection to your communityUse short videos to show off listings!</p> <p>Can be linked to FB, Twitter, Tumblr, and others. Instagram is owned by Facebook, if you post from instagram to facebook you should have a higher chance of getting a better position on the feed. Post multiple times a week. Can use Instagram direct to reach just your client. Show people behind the scenes (happy clients, the work getting a house ready, open house moments, staging etc). There are ways to put the photomap onto your website. People do not want to waste 5 mins watching a whole video walk thru give them the key points or a couple seconds of each room. Show pictures of your sold listings.20</p> <p>PinterestGreat for visual content!Connect to other social media sitesUse high quality pictures and good keywords/hashtagsHave different boards to:Attract buyersAttract potential sellersDisplay personal interestsPromote businessEngage with people in your area or with similar interests Pin it!Advanced users utilize Rich Pins</p> <p>Pinterest drives more traffic than linkedIn, Google+ and Twitter to websites combined. Can connect pinterest to FB, twitter and Google+ to get more traffic to your page. Content: about you, products, blog posts, quotes or tips. Post multiple times a weekBoards to attract buyers community posts, home dcor tips, landscaping tips, dream homesBoards to attract sellers home improvement, organizing, repurposing and stagingBusiness homes for sale, sold, happy clients, good articlesRich Pins they include extra info on the pin: app(links to itunes store only), movie, recipe, article(include headline, author and story descript), product and place(map, address and phone number)21</p> <p>SnapchatPictures or short videosLast from 1-10 secondsPlacing in story will store them for 24 hoursCan send useful information to clientsCan type or draw information on imagesPost pictures and videos of listingsShow personal interestsPost Snapcode to other social mediaOne of the top downloads for apple and androidPromote contests</p> <p>In 2014 snapchat users were sending over 700million photos and videos per day. One of the most popular downloads in the apple and android app stores. After downloading you can go through your contacts and see who already has an account. Millennials are highly involved in this network. Snapcode is the specific code you receive from your snapchat account it looks just like the snapchat icon except it has a bunch of little dots around it that the app recognizes as a personal identification. You can now customize your snapcode by adding a selfie or a video to it. You can now download your snapcode form the snapchat website and post it to your other social media platforms so others can add you.</p> <p>22</p> <p>Social Media PlatformsFacebookYoutubeSnapchatInstagramTwitterPinterestLinkedInGoogle+</p> <p>23</p> <p>HootesuiteManage social media from a dashboardConnect multiple platformsSchedule postsAnalyze traffic</p> <p>I know this was a lot of information all at once. We have a few extra minutes here. What kind of questions can I answer for you before I introduce our panel guests?24</p> <p>Panel ParticipantsCarlos SalinasB.S. in Respiratory TherapyRespiratory TherapistChris WhitleyB.A. in Business Admin - Operations &amp; Supply ChainOperations SpecialistKevin MoturiB.S. in BiochemistryMobile developerSamantha BakerB.S in Psychology and Family StudiesShift Supervisor/Residential Supervisor Assistant</p> <p>Do any of you own real estate or ever owned real estate?What are you looking for in a realtor that would prompt you to hire them? What types of service?You currently live with your parent, what is your ideal living situation when you are ready to move out? ChrisWhat your reason for not purchasing real estate up to this point? Is there something a realtor could do to assist you? CarlosYou are currently renting in the uptown area, what made you select this area? KevinYou have recently purchased a home, how did you select your realtor? How does the home compare to what you were hoping to buy initially? SamanthaAre you likely to rely on your parents for a cosign when it comes to purchasing a house or maybe a car?</p> <p>25</p>