A few Tips when Selling to Millennials

With an estimated $200 billion dollars spent each year and expected to double by 2020, millennials need to be paid attention to. As Gutfreund put it, "They watched their parents work, work, work, buy the big house, and then lose their pension and have it taken away from them, They're looking at that model and thinking, 'I want to do this differently." So the question is, how do you sell to millennials? That process is still being analyzed, but here are certain trends that will most definitely help sales personnel reach their audience (http://www.businessweek.com/articles/2014-04-25/millennials-are-careful-frugal-shoppers-who-buy-for-the-long-term).

The Internet is your friend: Before you even have a chance at speaking to a millennial, understand that they have already done their homework online. The kind of web presence you have, combined with the amount of supporting information you have supplied means that you have already started the home selling process. If a millennial lands on your doorstep, it means that they have already made the decision to start thinking seriously about buying a home and are now weighing their options.

Respect the Individual: As much as many millennials would hate to admit it, they have many characteristics in common with early baby boomers, particularly in that they like to feel like individuals. Understanding your consumer has never been more important and selling them through their own unique experiences in the home is highly advised. Just like their cohorts in the 60's, millennials are notoriously visual and have a whole set of unique ideas and principles they want to express in their homes. The difference is that they happen to be far more frugal and will want to express their creativity on a budget. So when selling to this particular group, it comes highly advised that a salesperson focus on how to customize the home.

Get to the point: No millennial wants to feel they are getting the run around, spend too long on your pitch and that is exactly what will happen. Speed is key in selling to a millennial and the sooner you're able to get your point across the better. Learn to speak the language that appeals to them in a short amount of time. This is the age of sound bites, so understand that a long winded speech or need to explain unneeded details will lead to losing a sale.

With almost 80 million strong, millennials will soon hold the majority of purchasing power in the housing industry. Although sluggish in past years, home sales will greatly increase in the course of the near future. The question is whether or not the market will decide to participate in product adaptation as well as selling technique to sell to millennials. As CEO David Rice said during a recent interview with Fox Business News' Jeff Flock: