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millennial at workAnd 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