According to CNN’s Real Estate website, home ownership has dropped significantly for both Millennials and members of Generation X. It’s hard to miss the change in attitude toward home ownership, as more and more members of younger generations feel that it is out of their financial grasp, or doesn’t fit with their lifestyle plans.
Young families have traditionally been one of the go-to markets for real estate agents. In years past, as couples got together and started building a family, home ownership was an important goal. Now that that goal is changing in the broader real estate market, how will your business adapt? Here are a couple of ways to boost your real estate business in these changing economic times:
Connect with investors – As more individuals and families continue to rent, the rental market will continue to grow. New investors will come into the real estate rental market, and existing property owners are likely to expand by investing in additional buildings and homes. If you’re interested in finding more investors to work with as a part of your business, consider creating real estate flyers and brochures that are targeted specifically to landlords and investors.
Work with brokers – Networking with brokers can give you an advantage not only when they refer potential clients to you, but also when you are able to tell prospective homebuyers about a great mortgage broker who can offer them reasonable rates. The more relationships you have with brokers who specialize in specific areas, the more likely it is that you’ll be able to refer a potential client to someone who can make home ownership a reality for them.
Make a better case for homeownership – Millennials and Generation Xers may be sticking to rentals more often these days, but that doesn’t mean they never look at what’s on the market. Many of them still dream of owning a home. If you’re showing houses to a potential buyer and notice a lot of hesitation about the process, it can be a great opportunity to learn their concerns and educate them on the benefits of home ownership. A smart real estate presentation folder filled with helpful tips for first-time homebuyers is a great take-away that can help to calm fears once they’ve headed home from the showing.
Finally, remember that all markets are local. Broad national trends may show that homeownership is down for some segments of the population, all that matters is what you’re seeing in your market. There are a lot of ways to build your business, whether through being the best in your niche or diversifying your target markets. All that matters is the number of “For Sale” and “Sold” yard signs you’re able to put out there.