This might come as a surprise to some: A new survey shows that when it comes to choosing a real estate agent, the millennial generation’s mantra is, “local, local, local.”
CentSai, a financial wellness online community, surveyed more than 2,000 millennials (ages 18-34) earlier this year and found that 75% of respondents would use a local real estate agent over an online agent, and 71% would choose a local lender.
Survey respondents cited many reasons for their choice to go local, “including personal touch & handholding, longstanding relationships, local knowledge, and amount of hassle.”
Doria Lavagnino, Cofounder & President of CentSai said this:
“We were surprised to learn that online providers are not yet as big a disruptor in this sector as we first thought, despite purported cost savings. We found that millennials place a high value on the personal touch and knowledge of a local agent. Buying a home for the first time is daunting, and working with a local agent — particularly an agent referred by a parent or friend — could provide peace of mind.”
I absolutely agree with this! I help a lot of Millenials buy and sell houses and usually they look to me as a partner and an advisor in the process.
The findings of the CentSai survey are consistent with the Consumer Housing Trends Study, which found that millennials prefer a more hands-on approach to their real estate experience:
“While older generations rely on real estate agents for information and expertise, Millennials expect real estate agents to become trusted advisers and strategic partners.”
When it comes to choosing an agent, millennials and other generations share their top priority: the sense that an agent is trustworthy and responsive to their needs.
Of course, technology still plays a huge role in the real estate process — especially research. According to the National Association of Realtors, 95% of home buyers look for prospective homes and neighborhoods online, and 91% also said they would use an online site or mobile app to research homes they might consider purchasing.
Many wondered if this tech-savvy generation would prefer to work with an online agent or lender, but more and more studies show that when it comes to real estate, millennials want someone they can trust, someone who knows the neighborhood they want to move into, leading them through the entire experience.
As always, if you have any real estate needs — whether you’re a millennial or not! — I’m happy to help. Call me at 509-430-5342 or contact me online.
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