Millennials have grown up. Fast. Many have graduated from school, started their careers, and are now looking to buy their first home. Despite the harsh real estate climate, real estate sales will jump as Millennials reach their peak homebuying years.
To target this emerging demographic, you need to grab them with the right marketing tools. Video content is one of the best ways to accelerate the buyer journey of signing a mortgage, but you first have to understand how these young homebuyers inform themselves and make purchases.
Millennials are described as anyone born between the early 1980s and mid-2000s (although definitions vary), putting them in their mid-teens to mid-thirties. They are sometimes unfairly criticized for a lack of discipline, but the reality is they are more sophisticated than their infamous affinity for avocado toast and Snapchat.
Experts have dubbed Millennials as the most educated generation. Unfortunately, stagnating salaries and skyrocketing housing prices make it challenging for them to establish a foundation. They’ve lived through economic crashes (ie. 2008-09 recession), international conflicts, threats of terrorism and various other social troubles. All of these experiences have shaped their beliefs and purchase decisions. This also applies to the way they look for homes.
They’re “digital natives” - consuming news and entertainment online, spending much of their time on social media, and engaging with various types of content, especially video (which we’ll discuss shortly). They’ve grown up with smartphones, the internet and are seeing incredible new technology, like virtual reality, come to life.
Marketing to young homebuyers in their 20s and 30s is tricky because of the challenges they face, but you can meet them in the middle. There are three key aspects to remember here, which video marketing can help you address:
Millennials spend plenty of time on their phones, often on sites like Instagram, Snapchat and YouTube. Video is a preferred content medium, often used to learn about complex topics such as home ownership and finance.
Reaching these young folks is tricky because they ignore irrelevant ads and content, search directly for what they want, and watch only what most captures their interest . Half of the battle is simply providing them with content they prefer (ie. Video) on a platform they frequent. That leads to the other half of the battle, which is our next point.
Content involving mortgages can easily get confusing, technical and overwhelming, but you can use video to overcome obstacles. For example, you can debunk myths about mortgages or offer financial suggestions to cash-strapped Millennials. Another way to reach this audience is to tell stories of how other young people have successfully bought homes. The possibilities are endless.
The more questions you can answer and the more insights you can provide, the better. Younger homebuyers will see you as a helpful source that addresses their concerns while buying their first home.
The ultimate takeaway from our insights on Millennials is this: personalize your content. Young adults tune out companies who care more about sales than people. They gravitate towards brands that show a personal interest in them instead.
With our IndiVideo platform, for example, you can create videos that present helpful information, answers and knowledge to the specific concerns of a specific viewer. Personalized experiences keep Millennials engaged, especially when making weighty decisions about home ownership that are unique to their circumstances.
Millennials represent the next great wave who will soon dominate the housing market. However, they’re plagued with many challenges ranging from insurmountably high prices and, for many, a deficit of financial literacy.
The way they learn about mortgages and go about house hunting differs considerably from previous generations. Millennials rely on video and other digital content to stay informed and educated.
These elements are important for you to keep in mind when marketing mortgages to Millennials, and you should strive to meet this cohort in their digital playgrounds with helpful and engaging videos. Such content can reduce mortgage-reated stress and explain the methods associated with home ownership, so that younger audiences don’t feel as if they’re at a loss.
See how IndiVideo can help you reach your market.