Selling property to millennials - Understanding their preferences is key

In recent years, millennials have become a significant force in the real estate market, initially precipitating new trends and they have now taken over from baby boomers to become the largest property-buying demographic.

Born between 1981 and 1996, they are very different to their predecessors and understanding their unique preferences and priorities is crucial for anyone looking to sell their home.

The key factors that influence millennials' home-buying decisions and how best to attract their attention:

1. Embrace Technology

Having grown up with the internet and smartphones, millennials are digital natives and, as such, they will use the internet in their home search and research shows that around 60% find their homes on mobile devices rather than laptops or desk top computers.

To attract these tech-savvy buyers, ensure your online presence is strong and striking. High-quality photos and virtual tours are essential so consider hiring a professional photographer and creating a 3D walkthrough of your home to provide a comprehensive online viewing experience.

2. Prioritise Sustainability and Energy Efficiency

Environmental consciousness is a significant factor for many millennials. A survey by the National Association of Home Builders in America found that 73% of millennials are willing to pay more for a home with sustainable features.

It’s therefore critical to highlighting energy-efficient appliances, solar panels, or eco-friendly building materials to make your home more attractive to these buyers. Simple upgrades, such as LED lighting, programmable thermostats, and water-saving fixtures, can also appeal to this environmentally aware group.

3. Offer Smart Home Features

Smart home technology is a fast-growing trend, especially among millennials. Integrating smart locks, lighting, appliances and security systems can enhance your home’s appeal. These features offer convenience, security, and energy savings, all of which resonate with millennial buyers.

4. Highlight Flexible Spaces

Millennials value versatility in their living spaces and, with the rise of remote work, having a dedicated home office space has become a priority. A Zillow study revealed that properties with a home office sell 10% faster than those without one so if your home has a room that can be easily converted into an office, highlight this in your listing. Even if you don’t have one, setting up a small area of your home as a home office can help young buyers picture themselves working from home comfortably.

Additionally, open floor plans that allow for flexible use of space are highly desirable.

5. Modern Kitchens and Bathrooms

The kitchen and bathroom are two areas where millennials are willing to invest so if yours are updated, it will be a big selling point. Modern, well-equipped kitchens with high-end appliances, ample storage, and spacious countertops are a big selling point. Likewise, updated bathrooms with features like dual sinks, walk-in showers, and sleek finishes can significantly increase the appeal of your home.

6. Showcase Proximity to Amenities

Location is always a critical factor in real estate, but millennials have specific preferences. They often prioritise walkability and proximity to amenities like restaurants, shops, public transportation, and parks. In fact, research has shown that the majority of millennials prefer walkable communities and would trade a larger yard for closer proximity to amenities.

Highlight your home’s proximity to local hotspots and public transportation options in your listing in order to grab their attention.

7. Emphasise Storage Solutions

Despite their preference for minimalist living, millennials still need adequate storage. Clever storage solutions, such as built-in shelving, under-stair storage, and wardrobe organisers, can be a significant selling point. If your home has limited storage, consider adding some of these features before listing it.

8. Leverage Social Media Marketing

Millennials are highly active on social media platforms and use them not only for socialising but for information. The most popular platforms with this demographic are Facebook and Instagram so by posting engaging content, such as videos, virtual tours, and behind-the-scenes looks at your home, you can capture the attention of potential buyers.

9. Be Transparent and Authentic

Millennials value authenticity and transparency. They prefer honest and straightforward communication over traditional sales tactics. Be upfront about the pros and cons of your home and provide clear, accurate information. Transparency builds trust, which can be a deciding factor for millennial buyers.

10. Set a Fair Price

While this is solid advice for any target market, millennial homebuyers are great at researching a fair price and are often limited in financial options. Affordability is another real issue with many millennial renters cite this as the main reason they have not yet bought a home. Pricing your home competitively and being open to negotiation can help attract this financially cautious demographic.