As a real estate professional, what is the first thought that comes to your mind when you think of a single female millennial?
That they would rather rent a loft in the city than buy a home? That it might be difficult for them to qualify for a mortgage? If you are dismissing this segment of the market, you may be missing out on a massive opportunity.
Single Females are the 2nd Largest Segment in the Home-Purchasing Market
Single females are purchasing condos and homes at more than twice the rate of single males. Young females tend to consider the future more than their male counterparts. They can see the value of investing in a home versus staying in the rising rental market.
Most real estate agents are failing to capitalize on the female millennial market because:
a) They don’t know what they want.
b) They don’t know how to communicate with them.
To help get you started, we’ve compiled the top 5 prospecting ideas for reaching single woman in the age range of 22 to 37.
5 Prospecting Tips For Working With Single Female Millennials
#1) Safety First
One of the most overlooked priorities of young female buyers is their desire to feel safe. When advertising or showing a home, you need to highlight all of the features that make the property appear secure.
Single female millennials want to reside in a neighborhood with a low crime rate, surrounded by neighbors they can trust. They want to see secure doors, windows, and fixtures. If your seller has a security system, you need to make this one of your main selling points. If you really wanted to penetrate this market, perhaps a partnership with a surveillance company could make sense?
All of your messaging, imagery and communications also need to feel reassuring. If you can show a young single female buyer how a home can help protect her, you are well on your way to a sale.
2. Communicate Their Way, Not Yours
Have you ever been with a millennial when they have received a phone call?
The first thing you might notice is that their ringer is likely off. The second thing you should pay attention to is how often they actually answer a ringing phone. Millennials almost cringe when an unknown number is calling them. Even if they do know the caller, they are more likely to dismiss the call and text back at a later time.
If you’re targeting single female millennials and you’re trying to get them talking on the phone, you’re going to find yourself struggling. Real estate professionals are accustomed to speaking on the phone. From morning until night, the chime of a telephone means an opportunity. To a millennial, however, a ringing phone means someone trying to sell them something.
Instead of reaching out to a client or a prospect with a call, try sending them a text message. Join local Facebook groups and start conversations by commenting on posts.
Don’t be afraid to use emojis or send leads a direct message on Instagram. Millennials are messaging on their smartphones all day long. The sooner you learn how to properly communicate with them on their terms, the sooner you will find success.
#3) Go Green
Millennials can be extremely passionate about the environment and their community. They care about where their food comes from and the impact their lives have on the environment. If you are looking for a new angle to try with the single female millennial segment, go green.
Female buyers, in particular, tend to favor properties with earth-friendly elements. Many ‘green’ homes have features that help fight global warming such as double-pane windows and geothermal heating; bringing extra attention to these areas will never hurt.
When advertising yourself or a client’s home, focus on the eco-conscious features. If a home has been built with green building materials, let your potential buyer know! Everything from LED lighting to backyard composts can help woo a millennial.
#4) Concentrate Marketing Efforts Online
Watch a single female millennial as she walks down the street. Is she reading billboards or the local newspaper? Neither. She is most likely scrolling through her Instagram feed.
40% of millennial women say Instagram is the best way for brands to reach them- are you acting accordingly?
If you want to successfully capture this segment, you need to make sure you’re marketing in the right way. Instead of direct mail and television ads, think Pinterest, Facebook, and Snapchat.
#5) Find Your Millennial’s Home Style
Not every home you try to sell is going to be a millennial’s dream. In these cases, focus on what you can control instead of what you can’t.
A real estate agent has the ability to modify and stage a home in order to appeal to the wants and needs of a single female millennial. Simply by focusing on certain elements of a home, you can transform a boring property in the suburbs to a first-time home buyers dream.
If you have traditionally dealt with baby boomers, you may be accustomed to highlighting extra storage areas, two-car garages, and kitchens with vast amounts of counter space.
Single female millennials have a much different wish list which can include:
- Media rooms
- Stone, tiles, and hardwood floors
- Minimalistic design
- Open concept floor plans
- Restaurant style kitchens for entertaining
- New appliances and electronics
Think clean, spacious, light-colored, and uncluttered. Less is always more when staging a home for a millennial. Remember, clutter will give millennials flashbacks to their worst nightmare…their parent’s basement.
With these 5 prospecting ideas in your back pocket, you are now ready to connect with the single female millennial market.
Still need some help drumming up business in your neighborhood?
Apply to become a local leader with Parkbench and use the power of hyper-localized marketing to gain an edge over your competitors.