Are agents prepared for the new type of homeowners entering the market? A recent report by Century 21 delved into the statistics surrounding the latest group of potential clients – young Millennials and Gen Z. These buyers are not just looking for a home with the right amount of space, but also one that is located in a neighborhood and community they can be a part of.
The right agents are actively involved in their communities and demonstrate to potential buyers how they can do the same
“The right agent doesn’t just know about the nearest parks and schools, but they are actively engaged in their community,” Todd Shyiak, EVP of CENTURY 21 Canada, explains. “Many of our C21 Canada brokerages support local sports teams and organize events to bring people together in the community, which is a source of pride for our brand.” Agents who can show potential buyers how they can integrate into the community may find themselves becoming the go-to agent for young buyers and receiving referrals as more of their friends enter the market. Understanding the emotions and goals driving their home needs is key.
Provide reassurance and showcase your community connections to attract new clients
As younger buyers start looking to settle down and purchase their first home, the Century 21 survey reveals that 50% of Gen Z homebuyers feel joy about their move, while only 36% feel hopeful. Shyiak advises, “An agent looking to attract new clients needs to be a source of reassurance. By demonstrating their community connections, they can attract buyers who value local expertise.” The report highlights the increasing importance of community in homebuying decisions, especially for Gen Z who are considering mental wellness and combating loneliness.
Being close to family and friends: Surpassing traditional moving considerations
The Century 21 study shows that “being closer to family” is the third most common reason for moving, with “being close to friends” ranking fourth. These reasons are prioritized over traditional factors like cost of living and job opportunities, indicating a shift in mindset among this new generation of homebuyers. They are not just looking for a community to live in, but one they can actively contribute to, with many planning to engage in local politics, school committees, and entrepreneurship.
With these goals in mind, they will seek an agent who not only understands the neighborhood market but can also serve as a guide to the community through personal experience.
Building authentic community ties as an agent
What does authentic community involvement look like for a real estate agent? It could involve participating in local activities or serving on the boards of charitable events. 65% of potential homebuyers consider “getting involved in the local community after moving” very important, and an agent who can offer suggestions on how to do so is demonstrating their value and laying the foundation for a lasting referral relationship.
Shyiak emphasizes the importance of agents being known in their community: “To earn trust, you need to engage, participate, and connect with people. This effort gives agents the credibility to guide newcomers and ensure they find the right place for them.”
With younger buyers prioritizing a strong sense of community connection, it is likely that their bond with the agents who helped them find that community will be enduring. By showcasing their love and knowledge of the local community, and their role in shaping it, agents can leave a lasting impression on buyers.
As the needs of Millennial and Gen Z homebuyers evolve, forward-thinking agents can position themselves to benefit from these initial impressions and turn them into long-term client relationships. Authenticity is crucial, so agents should not just talk the talk but also actively engage with the community and understand the people who call it home.
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