And we will be for the foreseeable future. In order to market commercial real estate to Millennials, the 20-34 year age group, you have to understand them.
A good place to start is the government report, 15 Economic Facts about Millennials by The Council of Economic Advisers, issued late last year. Some facts stated are:
- 15% of that age group were born in a foreign country
- They are technologically connected
- A study found half of those surveyed expressed interest in starting a business
- They are a third of the labor force
- They stay at early-career jobs longer
- Women have more labor market equality
- Millennials get married later
- They are less likely to be homeowners
- They are more likely to live in urban areas
Millennial Nicole Weinburger gives her perspective in a National Real Estate Investor article. Some of her key points are: You have to keep up with technology to close sales; millennials will demand more information; video tours of commercial real estate listings will become more prominent; online leads will outpace referrals. Ms. Weinburger writes: “Millennials that have started to build up some equity and need to know with whom to invest their new, hard-earned money……Millennials who are first generation investors that don’t know who to trust will immediately turn to the internet as their first source.”
Photo: Death to the Stock Photo
Reinhart Commercial 