How to convince the “renter” generation to buy a home

It’s funny how things can get flipped upside down on its head. Take real estate for example. For decades, heck even centuries, the American Dream was to buy and own a home.

Get a little piece of land for yourself. With a lawn and a backyard where you can barbecue while the kids play on the swings. Pay off a mortgage after 30 years and own the property outright.

Well, there’s a new generation coming into the forefront. And to reach this generation, you have to talk to them in a language they understand. The SpatialMatch map-based real estate search tool and database can do just that.

The generation in question is The Millennial Generation. They are the ones now getting the great paying jobs. They are the ones about to advance up the salary ladders. They are the ones also about to start families.

This generation also has a whole different outlook on life. One that will have a tremendous affect on the real estate profession.

Because this generation is the renter generation. They are totally disregarding the whole home buyer concept that was a mainstay of American life for centuries.

Why? First of all, this is the generation that lived through the Great Recession. They saw the roller coaster their parents rode on as housing markets dipped and rose and then dipped and rose again.

They witnessed firsthand the fragility of that old accepted adage about how real estate prices will always go up and watched the price of their parents’ homes go down…and down…and down.

Plus, they are buried in student debt, trying to get that edge to get ahead.

Secondly, this is the generation raised in the suburbs. They hung out in the malls.  And they got bored of the malls.

The Millennials now prefer the urban life. To live the urban life with skyrocketing prices in most major metro areas, most people are only going to be able to rent, not buy.

So, there’s the rub. You have an entire new generation of potential homebuyers coming into their own – and unfortunately they don’t want to buy a house.

Wow. That’s going to be a challenge for every real estate professional.

But, the silver lining is that this is the technology generation as well. Millenials live, breath and are persuaded by all things digital.

So, when marketing to this group, use the latest digital real estate marketing tools. One of those tools is SpatialMatch, a map-based real estate search tool tied into local MLS listings.

Show Millennials screen shots of properties that are on the market that are located close to many of the amenities they might desire in a large city – cool restaurants, great sports bars, popular yoga studios.

You get the picture. Using SpatialMatch, paint a picture about a home located near major transportation systems such as a highway or train station, can be just as appealing as renting in a major metro area.

With SpatialMatch, there are more than 100 layers of hyper-local data you can apply to your paintbrush to create an image in the mind of a Millenial that maybe they should be a home buyer instead of a renter.

You can also use persuasive data such as  Recent Home Sales to show Millennials that hey, prices in this area are still low, it is a good time to buy. Or, prices in this market are on the rise, and this is a time when you MUST buy.

Use this historical data to show Millennials that despite the Great Recession anomaly, investing in a home is basically a solid long-term investment strategy as opposed to renting. They will be convinced by the numbers. With SpatialMatch data, you will have the numbers.

SpatialMatch is essentially an app. Millennials get the language of apps. Right now, they don’t get the idea of buying a home instead of renting. But with the right digital tools, a real estate professional can help them make the right decision.

To find out how you can add the powerful SpatialMatch map and data widget to your site, click here.

To read more about the “Renter Generation” go here.