Millennials are expected to form 20 million new households by 2025, and the majority believe that homeownership is more sensible than renting both for lifestyle and financial reasons. If you’re a real estate flipper who’s not paying attention to the millennial market —it’s time to take note. Millennials are poised to make up the majority of homebuyers in the near future, which means attracting them to your flip is simply good for business.
As you consider your next flip, don’t forget these ways to attract Millennials to your property:
Tip #1: Sell the Neighborhood
Millennials are often more attracted to a particular neighborhood than a specific property. When marketing your flip, be sure to sell the neighborhood. What are the highlights? Can you walk to school or work? This generation prefers public transportation, wants a live-work-play lifestyle, and has an affinity for great places to eat. How does your property’s neighborhood stack up?
Tip #2: Be Techy
Perhaps the most defining characteristic of this generation is that they grew up with technology — being “plugged in” from the cradle. In fact, a recent BNC Technology report suggests that Millennial interest in smart home technology is growing due to improving technology and the ability to raise the home’s resale value. So, if you’re looking to attract Millennials to your flip, consider some smart home tech.
The same study also shows that, 77 percent of 18 to 35 year-old homebuyers want their homes “equipped with the technological capabilities they have grown accustomed to.”
Tip #3: Keep it Modern
Millennial homebuyers are attracted to clutter-free design, clean lines, and a modern aesthetic. Consider choices —such as hardwood floors, open floor plans and modern paint colors— that will appeal to this particular audience.
Tip #4: Don’t Forget Maintenance
Busy schedules and a desire to travel keep Millennials on-the-go. A home that is low-to-no maintenance will be attractive to this group. When outfitting your flip, consider low maintenance features and materials, as well as maintenance plans or home warranties to appeal to this group.
Tip #5: Provide Flex Space
Over the next few years, 41% of the workforce will be working from home and currently 13.4 million people work from home in the US alone. And Millennials, who recently surpassed Baby Boomers to become the largest group in the workforce, are more likely to expect working conditions to be catered to their individual preference.
To attract this group to your flip, consider adding flex space that can be used as a home office. While this will appeal to the work-from-home crowd, it’s also just a great feature to have in any home.
Tip #6. Don’t Forget the Appliances
Lastly, don’t forget the appliances. According to a National Association of Home Builders survey, home buyers —particularly Millennials— want energy efficient home features. In fact, when asked what features are most likely to impact their busing decisions, four of the ten top features mentioned had to do with energy efficiency: low-E windows, Energy Star-rated appliances and windows, and programmable thermostats.
Looking for funding for your next flip? Check out the funding options available to you on Patch of Land. For more information, be sure to contact us —we’re always just a phone call or inquiry away.
