The real estate landscape is evolving rapidly, and with it, the dynamics of buying and selling properties are changing. In this digital age, millennials have emerged as a prominent demographic in the housing market. They make up a staggering 43% of homebuyers—the largest share across all generational groups. Interestingly, studies reveal that millennials are more likely to recommend previous agents after having a positive experience with them. Due to this, you should recalibrate your approach to capture their attention, create trust, and cultivate long-term loyalty.
Keep reading to uncover effective methods for catering to millennial homebuyers.
Why Change Your Strategy?
Real estate transactions can be confusing for clients. They may feel lost and overwhelmed by the unfamiliar process, from negotiating contracts to filling out paperwork. Dealing with multiple third parties, such as real estate agents, lenders, and attorneys, can add to the chaos and uncertainty.
However, with the right selling approach, you can turn this around. According to the 2023 NAR report, 63% of recent millennial home sellers used a referral or the same real estate agent they had worked with in the past. That number jumped to 76% for Older Millennial sellers! This shows how important it is to provide exceptional client experiences and focus on customer service throughout the transaction journey.
The Millennial Mindset: Expectations and Preferences
Millennial homebuyers have different expectations when it comes to the client-agent relationship. Here are some key millennial preferences:
Technology and Communication
Growing up in the age of technology, millennials are digital natives who expect instant access to information online. They demand quick and easy access to property details, documents, and communication with their agents throughout the home-buying process. They also highly appreciate prompt responses and updates.
Online Research
Millennials heavily rely on online resources to search for properties and gather information. They expect their agents to be knowledgeable about the latest online platforms and tools, and to provide them with accurate information and up-to-date listings.
Transparency and Honesty
Millennials value transparency in their interactions with real estate agents. They expect agents to be upfront about the pros and cons of properties, market conditions, and potential risks. They appreciate agents who prioritize their best interests rather than pushing for quick sales.
Personalized Approach
Millennials appreciate a personalized approach from their agents. They want agents who take the time to understand their specific needs and preferences, and who can provide tailored recommendations accordingly. They value agents who listen and adapt to their changing requirements.
Introducing ListedKit – the ultimate transaction management platform designed to keep you informed at every turn. With your personalized client portal, you can track your progress in real-time and stay updated on how close you are to the finish line. You’ll also have easy access to all your necessary documents and contracts for quick and convenient signing. The ListedKit platform leverages technology to make the home-buying process easier and more transparent for your millennial clients.
Embracing Adaptability: A Solution for Engaging Millennial Clients
In today’s ever-changing landscape, it’s crucial to discover approaches that align with the preferences of modern audiences. This is particularly true across various industries, where professionals, including those in real estate, are in search of effective strategies to connect with a diverse demographic. When seeking contemporary solutions that cater to the needs of today’s audience, ensure they meet the following criteria:
1. Dynamic Client Interaction: At the core of this approach lies a robust client interaction platform. Seek out a platform that offers a centralized hub, enabling clients to effortlessly access property insights, documents, transaction updates, and maintain direct communication with their agents. This aligns perfectly with the digital expectations of modern audiences, granting them the immediate engagement they desire.
2. Emphasis on Clarity and Sharing: Opt for a platform that empowers agents to present comprehensive property details, securely store pertinent documentation, and offer visibility into the various stages of transactions – all within the client interaction platform. The emphasis on transparency and informed decision-making resonates with contemporary audiences who highly value access to comprehensive information.
3. Streamlined Experience: Ensure that agents can efficiently convey updates, reminders, and notifications directly through the client interaction platform. This minimizes unnecessary back-and-forths and guarantees that clients receive timely and pertinent information, meeting the demands of today’s fast-paced environment.
ListedKit stands out as the preferred solution for embracing adaptability and tailoring strategies to modern expectations. By embracing such solutions, professionals across industries can effectively connect with their desired audiences. To understand how ListedKit compares to other real estate solutions, click here.
Embracing Change for Success
In a world where technology and expectations are constantly evolving, real estate agents need to adapt their selling strategies to cater to the distinct preferences of millennials. As the largest share of homebuyers, millennials have ushered in a new era characterized by digital fluency, high expectations, and unique preferences. As agents adjust to this shift, ListedKit emerges as an indispensable ally.
The old way of doing real estate transactions is inefficient, disconnected, and doesn’t meet the needs of millennials. ListedKit is a platform that helps real estate agents align with millennials’ demands for instant access to information, transparency, and personalization. The client portal is the heart of ListedKit and it empowers millennials with property insights, transaction progress, and efficient communication.
As we navigate the ever-shifting currents of the housing market, one thing remains steadfast: the need to embrace innovation, understand evolving preferences and forge lasting connections. With ListedKit, teams can navigate this new era of millennial-driven real estate with confidence. Embrace the transformation, seize the opportunities, and empower a generation that demands not just a transaction, but an experience to remember.
The Importance of Client Experience and the Role of Client Gifts
In today’s real estate landscape, agents are faced with increasing scrutiny and legal challenges, like the ongoing Moehrl class action lawsuit. That’s why it is more crucial than ever for real estate professionals and agents to reinforce the value they provide to their clients. The best way to do this is by giving top-notch service, navigating complex deals, and going the extra mile to build meaningful connections with clients- that’s where realtor client gifts fit in.
One way to leave a lasting impression and express gratitude is through thoughtful realtor client gifts. As a real estate agent, you can forge deeper connections and foster long-term loyalty by exceeding client expectations. We’ve compiled a list of unique and thoughtful gifts you can give to your clients after closing a deal. We recommend you vary your gifts based on your clients’ interests to show attention to detail and a genuine interest in each individual client’s life.
Bur First, How Much Should You Spend?
Now that we recognize that client gifts are an investment in building strong relationships and fostering loyalty. While the exact amount allocated for gifts may vary based on factors such as client preferences and personal budget considerations, it’s helpful to have a general understanding of the range commonly practiced in the industry. Some agents spend as little $25, while others spend over $250. However, many experts recommend spending between 1-5% of the gross commission income you receive on the deal on closing gifts.
Remember, the key is to align the gift’s value with the client’s expectations and the significance of the transaction. You have the flexibility to adjust your budget based on your individual business strategies and client needs. We’ve included some suggestions to help you find something, no matter your budget.
*TIP: keeping track of clients’ preferences and experiences throughout the process can help tailor gifts that genuinely resonate. Use a tool to capture and organize notes about your clients, such as a Brivity or ListedKit. *
Consider a personalized welcome mat with their family name or a customized greeting based on their interests. This personalized touch can make their new house feel like a home. You can find options on websites like Etsy, like the one linked, or custom order one from a local vendor.
Have a first time home buyer or clients who enjoy DIY? A quality tool set and a gift card to a home improvement store like Home Depot or Lowe’s is always a practical choice. It allows your clients to choose items they need for their new home, whether it’s power tools, paint, or gardening supplies.
The Nest Learning Thermostat is a smart and energy-efficient device that can help your clients manage their home’s temperature and save on energy costs. It can be controlled remotely via smartphone and learns their preferences over time.
If your client is new to the city, create or buy your basket to give them a “tour” of their new town. The basket can include include treats from a nearby bakery, a bag of coffee beans from a local coffee roaster, a gift card to a favorite local spot, and a local guidebook. Don’t forget to include a handwritten note welcoming them to the city and expressing your excitement for their new journey. Don’t have time to put together a gift basket? Check out ready-made baskets from Marigold & Grey or Byndel.
Gifting beautifully bound copies of your client’s documents from their transaction is a fantastic way to stay top of mind and ensure you’re the first call when they’re thinking about selling.
For clients who enjoy cooking, a personalized cutting board can be a thoughtful gift. Look for one made of high-quality wood and have their family name or initials engraved on it. Bonus points if pair with fresh bread or crackers, fruit, and gourmet cheese to provide your clients with some moving fuel.
Order a custom portrait of their family or pet and frame it. This gift adds a personal touch to their new home and captures a special memory for them. Make sure to select an art style and frame that reflect their home decor.
8. Gift an Experience
This is a great option for clients that seem to have everything. Make sure to tailor an experience based your client’s interests.
If your clients enjoy traveling or if they have out-of-town friends or family visiting, an Airbnb gift card can be a great choice. They can use it to book accommodations or experiences, allowing them to explore new destinations or have a unique staycation.
For families with little ones, gift them a gift certificate to your local zoo, movie theatre, or waterpark.
Help your clients simplify their mail and add a touch of personalization to their correspondence with a customized address stamp. Look for options that allow you to include their family name and address in a stylish design they’d love. Want to take it up a notch? Pair with stationary and nice pens to craft a “stationary gift set.”
Consider gifting a Ring video doorbell, providing your clients with peace of mind as they settle into their new homes. This best-selling video doorbell is an easy-to-install and affordable option.
Your Experience Beyond the Client Gift
In the real estate industry, delivering exceptional client experiences goes beyond the transaction itself. While thoughtful realtor client gifts can express gratitude, they are just a small part of the overall process. What truly builds loyalty and encourages clients to refer you to others is excellent communication, reliable support, and expertise.
We understand that staying on top of deadlines and sending updates via text and email can be overwhelming, especially when you also have to generate leads, attend open houses and showings, and handle various other responsibilities as an agent. Let ListedKit help you manage your transactions and automate communication. Our platform keeps clients informed throughout the process, allowing you to focus on the essential tasks that drive your business forward.
Referrals are the lifeblood of a successful real estate business. Without referrals and repeat business, real estate teams miss out on their most consistent and lowest-cost source of business.
In our eBook, we write that:
“Referrals aren’t just a natural benefit of doing business. Rather, referrals are a smart way to build a sustainable business that feeds itself with new client opportunities”
To take advantage of real estate referrals, agents have to be intentional. They have to build a process that is optimized to deliver new leads.
Great Experience -> Happy Clients -> Referrals
Thankfully, with ListedKit, we can make this a little easier. Here are five ways ListedKit can help your team generate more referrals.
1. Give clients the experience they want
Buying a house is stressful. With ListedKit, there is order in the universe. ListedKit revolutionizes the home buying and selling experience by providing homebuyers and sellers with the tools and modern experience they truly desire.
Our platform ensures that buyers and sellers understand exactly what needs to be done and when, eliminating confusion and streamlining the process. Key dates, important details, and copies of documents are readily available, allowing users to stay organized and informed throughout the entire journey.
The platform empowers buyers and sellers to actively participate in their own transactions, creating a sense of empowerment and confidence that is often lacking in traditional real estate processes.
In focus groups, an overwhelming 84% of buyers and sellers expressed that their experience would have been significantly improved if their realtor had offered them a client experience program like ListedKit.
With ListedKit, the home buying and selling experience is modernized, intuitive, and tailored to meet the needs and expectations of today’s tech-savvy consumers. When clients are happy and impressed, they are more likely to make real estate referrals.
2. Over-Communicate
When we talk to clients, we hear the same narrative more than anything else – they want more information than they currently have about their transaction. Why? Because a home purchase is probably the largest investment they will ever make!
Oversharing information is an incredibly valuable marketing tool for agents – not only does it show their expertise, it projects control and confidence to their customers. This builds inherent trust in the relationship between agent and client. By presenting a clear plan and executing it accordingly, clients can better plan and prepare for each step of the process.
With ListedKit, we give agents:
The ability to build their own unique playbook for transactions with our custom ListedKits
The ability to automate communication through emails to their clients, as well as other stakeholders in the transaction
Alerts when a client misses a deadline for a task assigned to them
Coming soon: the ability to alert clients via SMS text message as well
At a time when class action lawsuits criticize the value of an agent, being able to demonstrate just how much work an agent is doing on behalf of their client behind the scenes is more important than ever. In fact, whenever a client logs into our portal, the very first thing they see is an alert showing just how many tasks their agent has completed for them:
ListedKit makes it easy for real estate agents to communicate important information and reinforce their value.
3. Create a valuable resource that provides real value beyond closing
Real estate agents do so much more than selling – they are local experts and advocates for their clients. With ListedKit, we make it easy to share your local knowledge with your clients through our Service Providers list.
Finding reputable contractors can be overwhelming – but the best contractors earn a reputation among real estate agents for a reason. With ListedKit, you can curate your own special list of local pros who will help your clients hit the ground running in their new home.
Hosted in our application, and available to clients during their transaction and forever beyond their closing, use ListedKit to share your recommendations for contractors, plumbers, inspectors, lenders, lawn care and landscape experts, and any other local providers who have earned your trust.
We guarantee your Service Providers list will keep your clients coming back into your ListedKit app beyond their closing. This keeps fostering a connection to your brand, keeping them loyal customers and advocates for you well beyond their closing date.
4. Real Estate Referral Assistant
Modern clients want a client portal, and they will be in love with your ListedKit application and Service Providers list. While the client experience will be amazing, it doesn’t mean much if you don’t start getting some referrals.
That’s why we build ListedKit’s Referral Assistant.
Built into all ListedKit plans, the Referral Assistant is cleverly sandwiched between your headshot and the crucial information clients want about their transaction. The Assistant will nudge your clients to refer you to their friends, with a convenient way to text or email your information to their friends.
When your clients make a referral, their friend receives your virtual business card with your branding, headshot, biography, and contact information. And, because nobody wants to pick up the phone and make a call to a potential real estate agent, the new lead will be able to request that you contact them directly through your virtual business card.
With ListedKit, our Referral Assistant makes it easy for clients to connect you with their friends and family, expanding your sphere of influence, and making it easy for new clients to contact you.
5. Ask for reviews through passive advocacy
Real estate agents can leverage the power of ListedKit to effortlessly send emails to their clients and assign them a task in the portal to leave a review. This streamlined process not only simplifies the ask, but also increases the likelihood of receiving valuable client reviews.
With ListedKit, real estate agents have the flexibility to link to their preferred review site, whether it’s Google, Yelp, Zillow, or any other platform. By automating this task, real estate agents can save time and ensure that no client slips through the cracks when it comes to leaving a review.
The accumulation of user-generated social proof through client reviews is a game-changer for real estate agents. It not only strengthens their brand but also boosts their visibility in the market. Higher review yields achieved through ListedKit lead to improved rankings and credibility, setting real estate agents apart from their competitors.
When clients become passive advocates through positive reviews, it creates a ripple effect of referrals and recommendations, further expanding the real estate agent’s client base. With ListedKit’s seamless email and task assignment feature, real estate agents can effortlessly harness the power of client reviews to enhance their reputation and drive business growth.
Want to try ListedKit?
There’s never been a better time to give ListedKit a try. New customers who try ListedKit before June 30th will get 70% off their subscription for the first 90 days, plus free training and a free Facebook Ads consultation (a $150 value).
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