Just like any demographic, people are in varying stages of their life. They may be in a position of saving money, investing, paying off debts, renting, or a combination of circumstances. I have experienced the same phenomenon with millennial buyers: each buying party had a unique desire and reason to purchase under various financial circumstances. While their circumstances may have varied, they shared some common traits which I would like to point out below.
Millennials are very intelligent. They can read complex documents and ask intelligible questions. They have undergraduate degrees or higher and are mid-level/seniors in their careers, making them battle-tested with an education to back it all up. They research aspects of the property very efficiently and are often cooperative and understanding. They use Google effortlessly. This sort of “independent intelligence” is something akin to a savvy baby boomer investor– the drive exists to purchase, the decisions are data-driven versus arbitrarily driven (emotions, or intuition, on the other hand, play an important role in homebuying, particularly in having a good impression about a home), and the follow-through is flawless.
How does my role change, if any, when I have very independent clients? As a Realtor, I follow them with all these steps and I still present them with all the reports and analysis they need to make an informed decision, even if these data are redundant of the conclusions they have derived for themselves. So at times I will be their expert but also an echo chamber. In other instances I will challenge their understanding on points they haven’t considered or respectfully disagree with them when perhaps they hold a view that is against their best interest or going to cost them down the line. When they are not privy to county customs, I try to catch them up on these customs so the purchase will go smoothly. There any many nuances of real estate that I will need to share with them that will only improve their home buying experience.
Despite these similarities, millennials’ financial positions vary greatly. Some will pay for cash for the house, others will ask parents for down payment and closing costs. Married millennials might have a double income and have high purchasing power. Others may be single and ready to buy a condo. In short, most millennials are driven and hard working, seeking to improve their lives in some way. None of the millennials I worked with fit the stereotype that Millennials like handouts or are highly dependent on an income source. I have seen the opposite is true.