Millennials Hit The Market Strong
Peter Hernandez, our king of Westside real estate and President of Brokerage for the Westside Region for Douglas Elliman, recently wrote this dive into the Millennial buyer and how they strategize their real estate. They are strong and moving into substantial luxury properties on the Westside. Hear what he has to say!
“Millennials are accumulating wealth faster than any other previous generation. They are driving and influencing trends in technology and marketing within the luxury real estate markets. Millennials range in age from 18 to 38 and have overtaken baby-boomers, now representing 1/3 of the workforce. Zillow predicts them to be the largest share of home buyers starting next year. Millennials have been shaped by technology. They stay in touch on social media, shop online, prefer texting over talking, want to be kept in the loop, and although they are very knowledgeable they want all the facts with no surprises.
Ninety percent of Millennials polled want and depend on their agent. They are more agent dependent than any previous generation. The difference, they want everything now and they want a higher level of service to support their fast-paced lives. Since wealthy millennials use technology they want agents and brokers that are proficient and creative with technology. They are also the first to admit the invisible power of the agent is from contract to close and this is where most of the money is won and lost. They can’t and don’t have time to learn what you know. This is why for the first time in 25 years the icon agents of luxury markets are being challenged and crushed by younger and newer agents that have tapped into the Millennial Mentality.”