Millennials, Smart Phones and the Changing Face of Communication in Real Estate
While it is unkind to make generalizations, it is fairly safe to say that most Millennials are not avid talkers on their phones. To many, the phone is merely a seldom used app on their phone. Instead they are fast text and emailers. They are also fluent in the language of the internet, meaning that thanks to sites like Zillow and Google they come to the realtor much more knowledgeable about the home buying process than past generations.
According to the National Association of Realtors, in 2015 Millennials represented the largest demographic with a 32% of home buyers, edging out Boomers (even if you combine early and late Baby Boomers). When it comes to first time buyers they take an even larger share with a whopping 68%.
In a recent US News article the importance of the smart phone to real estate, both buyers and agents, was stressed repeatedly.
“Mobile traffic to our app has outpaced traffic to our desktop site dramatically,” says Paul Reid, a Redfin agent in Southern California’s Inland Empire region. “Folks first go to their iPhones and their iPads… They’re making a lot of industries revisit some traditional practices.”
Millennials are tech savvy and on the go, so it’s not surprising that 31% of Millennial home buyers found the home which they ultimately purchased on their mobile phone. As real estate moves into 2016 and beyond, the smart phone will play even more of a roll with virtual tours, fast streaming video and all the information a young home buyer might need at the swipe of their fingertip.