How to Sell New Homes to Generation YSeptember 10, 2014
When it comes to buying new homes, you may think that older Americans would be the most likely buyers since they generally have larger incomes and a longer credit history than people in their 20s and 30s. But a survey by the National Association of Realtors finds the opposite to be true. Members of Generation Y, (those born between 1980 and 1995), comprise the largest share of home buyers at 31 percent, followed by Generation X (those born between 1965 and 1979), at 30 percent.
Even more striking is the fact that Generation Y has the largest share of first-time home buyers at 76 percent. This figure is significant because it shows that even though this generation faces multiple challenges like tight credit and high debt loads, they still see a home as a good investment.
What’s the best way for a home builder to market their new homes to Generation Y?
To start with, you need an effective online presence. That means having a responsive website that people can access on their tablets and smartphones. Generation Y has grown up with technology, and they are the ones most likely to use those devices to access the Internet. In fact, 90 percent of Gen Yers sleep with their smartphone!
Email marketing is also an effective way to communicate with this audience. Millenials (Gen Y) also use their smartphones to read their email. So, home builders should make sure any e-newsletters or other emailed content is optimized for mobile delivery. And you need to make sure that your content meets your targeted readers’ needs to promote engagement.
A home builder also needs to have a presence on social media in order to reach Generation Y. According to a study from The Intelligence Group, 72 percent of 25-34 year olds use Facebook, while 62 percent are on YouTube. Research has also shown that Millenials want companies to provide content that’s relevant to them, and that they can share with their social media connections. Home builders must keep in mind that their messages should be honest, authentic and transparent about the purpose and value of your company and the new homes you sell. And if you want your marketing campaign to be truly effective at reaching this generation, it should encourage media multi-tasking. One-third of all Internet activity, for example, takes place while watching TV.
If you would like help creating a responsive website, or a social media marketing campaign, to promote your home building company, contact Meredith Communications today.