Market eyes needs of millennial relocation home buyers
While relocation home buyers certainly span the generations, there has been a significant uptick when it comes to millennials over the past several years. This has contributed in part to the rise of millennial home buyers in the marketplace.
According to the National Association of Realtors’ 2018 “Home Buyer and Seller Generational Trends Report,” millennials represent the largest share of home buyers today, at 36 percent.
So, as young professionals continue to move to Houston for new job opportunities and career advancement, they generally want to work with a Realtor who they can relate to, and who they feel is an expert in the local market.
Caroline Schlemmer, a Realtor with Greenwood King Properties, said that in her experience, younger relocation home buyers are looking for specific expertise in their agent.
“I have a strong knowledge base in relocation, and what it means to relocate from one city to the next,” said Schlemmer. “So I think that it’s about understanding the ins-andouts of relocation, as well as having a strong expertise in the neighborhoods that they are looking for.
“Younger relocation home buyers want an agent who will be able to educate them on the market, and share their expertise, so that they feel comfortable going through the process and making decisions for themselves.”
At the same time, many relocation home buyers today do much of their research ahead of time, and come to Houston with some general ideas about the areas and neighborhoods where they would like to begin their home search.
Even so, Schlemmer pointed out that online research provides limited information, and that Houston real estate can vary drastically neighborhood by neighborhood, and even block by block.
“The Internet is a great tool and can provide a lot of information, but I always stress to my relocation clients that there is no substitute for going out and looking. That really gives them a good idea as to how far their money will go in a particular area. It also gives them a good sense for what the neighborhood is going to be like and what their life would be like living there,” Schlemmer said.
When educating her younger relocation clients to the Houston market, she said that it’s also important for her to understand what their personalities are like. For example, some clients might be driven by statistical data, while others might be more concerned with trying to visualize themselves in a certain house or neighborhood.
“I think we just have to see who they are, and provide that unique experience to them. I think that’s what millennials are looking for, and so we need to meet their needs and figure out what it is that is going to help them make a decision. So, we have to customize our approach based on what they need,” said Schlemmer.
Likewise, Zar Garcia, a Realtor at Coldwell Banker United, Realtors, said that he thinks that most millennial relocation clients prefer to work with a Realtor who is personable, accessible and quick to respond.
“I think a big part of what they are looking for is 24/7 accessibility in working with an agent. Receiving and answering text messages at 11 p.m. or 5 a.m. is pretty much expected and just part of the deal, especially in relocation,” Garcia said.
And while he agreed that millennial relocation buyers generally do a lot of independent research about the Houston market, he pointed out that much of that information can be inaccurate or out of date.
For that reason, Garcia said that he spends a lot of time verifying information for his clients and ensuring that they are looking at websites such as HAR.com when doing their home searches.
“I also try to add some of my intimate knowledge of the market they are looking in,” he said. “I think that’s where we really provide value for our clients, because no matter what they can find online, we are out there in the field and we are making the offers and we see the market shift daily.
“I think overall that millennial relocation buyers come to Houston very well-prepared. They’ve done a lot of research, and because of the types of houses they’re looking at online, their expectations are very high as far as the homes they want to find when they get here.”