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Real Estate:
A Millennial Perspective
Who are the Millennials?
 Generation Y
 Born between 1982-2000
 Nationwide: 76 million
 Minnesota: 1.5 million
 1 in 4 are a person of color
Millennials continued…
 High education level
 Based on education, MN millennials are ranked
7th compared to other states
 Poverty rates higher than previous
generations
 College loans
 Inflation
 Average salaries for 22-33 year olds
 $22,000-$40,000
Work Habits/Environment
 Multi-tasking
 Team-oriented
 Collaboration with leader/boss
 Fast-paced
 Foster social/creative interaction
 Provide learning opportunities
 Provide meaning in their work
What Do Millennials Look
For??
In Businesses…
 Corporate Social Responsibility
 It increases trust, loyalty and likelihood of
making purchases by 88%
 Affects where they choose to work and invest
 Areas of importance
 Poverty and hunger
 Economic development
 Environmental Preservation
In Housing…
Top 5 aspects
1. Cost of Living
2. Atmosphere/walkability
3. Proximity to work/school
4. Transportation
5. Night life
Top Millennial Cities
 Current locations
 Minneapolis
 St. Paul
 Brooklyn Park
 Bloomington
 Burnsville
 Plymouth
 Preferred Locations
 Minneapolis
 St. Paul
 Minnetonka
 Eden Prairie
When House Shopping…
 What resources do they use?
 78% will go to the internet
 33% will utilize a realtor
 19% would get parental advice
 16% will canvas neighborhoods
Mortgage
 Parents tend to be involved less than 25% of the
time
 They may not have credit, but you can set them
on the right path
 Prequalifying through loan officer
 Identify plan to become eligible for mortgage
 School can count towards work history
 Ability to focus on something full time
 Perfecting a talent
 Loan programs with as little as 3% down
Preferred Communication
The Tech Generation
 Technology is the Millennial way
 Smart phones, tablets, computers, game systems
 Methods of communicating:
 Text messaging
 Social media
 Instant messaging
 Facetime
 E-mail
 Phone calls
 Voice chat
Purpose of Social Media
 Engage with friends and customers
 Sharing events and pictures
 Promoting your business
 See what is trending
 Communication
 Get news
Content Rule of Thumb
70% fun and engaging
30% work related
Facebook Marketing
 Create a business page
 Multiple important features!
 Make sure logo is in cover photo
 Engage with others with similar interests
 Connect page with other social media
 Be consistent!
Facebook Content
 Vary content to gain traffic
 Utilize the content rule of thumb!
 Visual content is the most effective
 Pictures, videos, infographics
 Be wary of copyrights and video formatting
Twitter #Marketing
 Content should be succinct and creative
 Use links to personal content and retweet
others
 Interesting facts about location, food, atmosphere
are popular
 Use pictures and videos to display listings
 Do not only post listings!
 Be social!
 Utilize fun content
 Hashtags - #EdinaRealty
Instagram
 Connect to other social media
 Follow the content rule of thumb!
 Engage with the community
 Utilize Instagram Direct to send content to
specific people
 Use the Photo Map to show connection to
your community
 Use short videos to show off listings!
Pinterest
 Great for visual content!
 Connect to other social media sites
 Use high quality pictures and good keywords/hashtags
 Have different boards to:
 Attract buyers
 Attract potential sellers
 Display personal interests
 Promote business
 Engage with people in your area or with similar
interests – Pin it!
 Advanced users utilize Rich Pins
Snapchat
 Pictures or short videos
 Last from 1-10 seconds
 Placing in story will store them for 24 hours
 Can send useful information to clients
 Can type or draw information on images
 Post pictures and videos of listings
 Show personal interests
 Post Snapcode to other social media
 One of the top downloads for apple and android
 Promote contests
Social Media Platforms
 Facebook
 Youtube
 Snapchat
 Instagram
 Twitter
 Pinterest
 LinkedIn
 Google+
Hootesuite
 Manage social media from a dashboard
 Connect multiple platforms
 Schedule posts
 Analyze traffic
Panel Participants
 Carlos Salinas
 B.S. in Respiratory Therapy
 Respiratory Therapist
 Chris Whitley
 B.A. in Business Admin - Operations & Supply Chain
 Operations Specialist
 Kevin Moturi
 B.S. in Biochemistry
 Mobile developer
 Samantha Baker
 B.S in Psychology and Family Studies
 Shift Supervisor/Residential Supervisor Assistant

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Millennial Perspective

  • 2. Who are the Millennials?  Generation Y  Born between 1982-2000  Nationwide: 76 million  Minnesota: 1.5 million  1 in 4 are a person of color
  • 3. Millennials continued…  High education level  Based on education, MN millennials are ranked 7th compared to other states  Poverty rates higher than previous generations  College loans  Inflation  Average salaries for 22-33 year olds  $22,000-$40,000
  • 4.
  • 5. Work Habits/Environment  Multi-tasking  Team-oriented  Collaboration with leader/boss  Fast-paced  Foster social/creative interaction  Provide learning opportunities  Provide meaning in their work
  • 6. What Do Millennials Look For??
  • 7. In Businesses…  Corporate Social Responsibility  It increases trust, loyalty and likelihood of making purchases by 88%  Affects where they choose to work and invest  Areas of importance  Poverty and hunger  Economic development  Environmental Preservation
  • 8. In Housing… Top 5 aspects 1. Cost of Living 2. Atmosphere/walkability 3. Proximity to work/school 4. Transportation 5. Night life
  • 9. Top Millennial Cities  Current locations  Minneapolis  St. Paul  Brooklyn Park  Bloomington  Burnsville  Plymouth  Preferred Locations  Minneapolis  St. Paul  Minnetonka  Eden Prairie
  • 10. When House Shopping…  What resources do they use?  78% will go to the internet  33% will utilize a realtor  19% would get parental advice  16% will canvas neighborhoods
  • 11. Mortgage  Parents tend to be involved less than 25% of the time  They may not have credit, but you can set them on the right path  Prequalifying through loan officer  Identify plan to become eligible for mortgage  School can count towards work history  Ability to focus on something full time  Perfecting a talent  Loan programs with as little as 3% down
  • 13. The Tech Generation  Technology is the Millennial way  Smart phones, tablets, computers, game systems  Methods of communicating:  Text messaging  Social media  Instant messaging  Facetime  E-mail  Phone calls  Voice chat
  • 14. Purpose of Social Media  Engage with friends and customers  Sharing events and pictures  Promoting your business  See what is trending  Communication  Get news
  • 15. Content Rule of Thumb 70% fun and engaging 30% work related
  • 16.
  • 17. Facebook Marketing  Create a business page  Multiple important features!  Make sure logo is in cover photo  Engage with others with similar interests  Connect page with other social media  Be consistent!
  • 18. Facebook Content  Vary content to gain traffic  Utilize the content rule of thumb!  Visual content is the most effective  Pictures, videos, infographics  Be wary of copyrights and video formatting
  • 19. Twitter #Marketing  Content should be succinct and creative  Use links to personal content and retweet others  Interesting facts about location, food, atmosphere are popular  Use pictures and videos to display listings  Do not only post listings!  Be social!  Utilize fun content  Hashtags - #EdinaRealty
  • 20. Instagram  Connect to other social media  Follow the content rule of thumb!  Engage with the community  Utilize Instagram Direct to send content to specific people  Use the Photo Map to show connection to your community  Use short videos to show off listings!
  • 21. Pinterest  Great for visual content!  Connect to other social media sites  Use high quality pictures and good keywords/hashtags  Have different boards to:  Attract buyers  Attract potential sellers  Display personal interests  Promote business  Engage with people in your area or with similar interests – Pin it!  Advanced users utilize Rich Pins
  • 22. Snapchat  Pictures or short videos  Last from 1-10 seconds  Placing in story will store them for 24 hours  Can send useful information to clients  Can type or draw information on images  Post pictures and videos of listings  Show personal interests  Post Snapcode to other social media  One of the top downloads for apple and android  Promote contests
  • 23. Social Media Platforms  Facebook  Youtube  Snapchat  Instagram  Twitter  Pinterest  LinkedIn  Google+
  • 24. Hootesuite  Manage social media from a dashboard  Connect multiple platforms  Schedule posts  Analyze traffic
  • 25. Panel Participants  Carlos Salinas  B.S. in Respiratory Therapy  Respiratory Therapist  Chris Whitley  B.A. in Business Admin - Operations & Supply Chain  Operations Specialist  Kevin Moturi  B.S. in Biochemistry  Mobile developer  Samantha Baker  B.S in Psychology and Family Studies  Shift Supervisor/Residential Supervisor Assistant

Editor's Notes

  1. Hi I am Beau Roberts, I have met a lot of you already but for those of you who I havent, I am a marketing intern from Winona State University. I will be giving you a presentation about Real Estate: A Millennial Perspective, I will be going over a lot of information and I am hoping you come away with some useful tips. For the sake of the time allotted please save your questions for the end of the presentation. I will try to save some time before I introduce our guest panel.
  2. Google generation, Tech generation. Fastest growing segment of workers today. In Minnesota they are the largest population at 28%, followed by Baby Boom at 25%, and Gen X at 21%. In Minnesota 24% of millennials are people of color second only to the Digital Generation of 29%. 16% of millenials are foreign born or first generation Americans
  3. 40% age 25-33 have a bachelor’s degree or higher. With the high rate of college attendance many millennials are well educated but have built debt due to college loans. 80% of people surveyed say they have student loans. Incomes are about 24% lower than the previous generation for ages 20-24. it costs 225% more to go to a public 4 year college than it did in 1985.
  4. Happiness, passion, sharing, collaborating and socializing. On top of that we place a lot of emphasis on diversity and by this I don’t’ mean just skin color but also the way people think and the lifestyles people live. We believe in limitless possibilities and that we can change the world! This stems from our parents who from the beginning taught us everything and gave us everything. They let us know that if we do anything if we tried hard enough. From little league to college they supported us and made us believe that we could accomplish anything.
  5. Multi tasking from an early age we would be doing homework with the TV and our music on. They want to feel as tho there input is valued, be receptive to new ideas. Reference Edina Realty Plymouth office. New offices are being built where the work areas are bunched together, with areas for recreation, nap time, and social interaction throughout the office. Going out for a drink or food after work. Events for bdays. We want to continue learning and have professional growth, so provide seminars and learning opportunities but don’t just make it mechanical learning, create experiences and adventures that will get the employees more excited for work. They are the biggest brand promoters you will have. They want to believe the work they are doing is contributing to society or helping them reach their goals, emphasize a shared vision that will encourage them to work harder.
  6. Mention survey
  7. CSR is a companies dedication to uphold ethical standards and that try to further some social need. 77% of survey participants say CSR makes a company more appealing. The biggest area the Millennials want to see change is Economic development however compared to other generations they have more of an interest in poverty and hunger. 78% say it affects where they would like to work and 64% say it affects where they invest.
  8. I asked Millennials to rank what would be the most important things they would look for and of the 9 options these were the top 5. *DESCRIBE* They like tend to like smaller and urban locations with they can be active and get to things they need. Tend to want a more modern look with wide open spaces that are cost and energy efficient and allow the most room for socialization
  9. Metro area?
  10. *based off multiple choice survey* They do not tend to go to a pro immediately, they will look for ideas online then share the info with their friends to get quick feedback. more than 50% will search on their phones and around 25% of which will buy a home they find.
  11. Most important thing is to demonstrate ability to make payments by making deposits into savings account on a regular basis without dipping into it. Parents are are involved less than 25% of the time. Programs with as little as 3% down on down payments. School goes to work history, if not stable hours at a job then they need 2 year work history to figure out the payments that can be made. If cant qualify off income you go to cosigners, 3 primary types of financing FHA(need to have income to make payment but can rely on parent for cosign) VA(veteran no cosigner execpt spouse) and conventional(little boost can use a non-occupant cosigner). Every person should figure out where they are at the moment and build it up, get prequalified.
  12. *describe game system communication* Emails, phone calls, text messaging and in person are the top methods of communicating for business purposes As you may realize that the younger your clients are the more you need to rely on text messaging and e-mails
  13. Fun and engaging – focus on getting likes, comments, shares and retweets. You want to post information about your community, show off your personal side and that will get peoples attention.
  14. Talk about building a brand w/ fb The most popular social media site Strongest social marketing tool
  15. 90% of surveyed millennials use facebook. Do not use a personal page, it is unprofessional and doesn’t have the same features (call to action, manage sections, schedule posts, similar page suggestions should be enabled, events, featured likes allows you to display business partners on your page, page owner link, view traffic on your page as well as competitors, see when your fans are online, and see what posts are most effective). Cover photo is the first thing people see, add logo and something appealing
  16. Content: . Don’t rely on just text for all posts a lot of people will skip past a post if it seems too long, pictures are much more inviting and quicker to soak in and has a much higher conversion rate and is more likely to get some one to pause to view your post. Do not copyright material and videos may not play right away and will not have audio unless clicked on, it could just show up as a black video box that will be overlooked. But it can still be very useful for virtual tours where talking may not be necessary.
  17. This form of SM takes more time than others because there is a lot of content to compete with but it is a booming marketplace! It is one of the top 10 most visited sites in the world. You should post on Twitter multiple times a day. After awhile do not be afraid to repost some of your content. Engage with other peoples feeds: retweet, favorite, comment on other peoples tweets, they will be more likely to return the favor. Do not only post pictures, videos and information about listings, this is dry and may lose some followers, put in fun content and interesting content that people will be likely to share, this will build new connections. Be careful when using videos, they are not the most effective because they may not autoplay or have audio until clicked on. Hashtags are keywords that are searchable and will bring about more traffic if used correctly. Only use relevant hashtags
  18. Can be linked to FB, Twitter, Tumblr, and others. Instagram is owned by Facebook, if you post from instagram to facebook you should have a higher chance of getting a better position on the feed. Post multiple times a week. Can use Instagram direct to reach just your client. Show people behind the scenes (happy clients, the work getting a house ready, open house moments, staging etc). There are ways to put the photomap onto your website. People do not want to waste 5 mins watching a whole video walk thru give them the key points or a couple seconds of each room. Show pictures of your sold listings.
  19. Pinterest drives more traffic than linkedIn, Google+ and Twitter to websites combined. Can connect pinterest to FB, twitter and Google+ to get more traffic to your page. Content: about you, products, blog posts, quotes or tips. Post multiple times a week Boards to attract buyers – community posts, home décor tips, landscaping tips, dream homes Boards to attract sellers – home improvement, organizing, repurposing and staging Business – homes for sale, sold, happy clients, good articles Rich Pins – they include extra info on the pin: app(links to itunes store only), movie, recipe, article(include headline, author and story descript), product and place(map, address and phone number)
  20. In 2014 snapchat users were sending over 700million photos and videos per day. One of the most popular downloads in the apple and android app stores. After downloading you can go through your contacts and see who already has an account. Millennials are highly involved in this network. Snapcode is the specific code you receive from your snapchat account it looks just like the snapchat icon except it has a bunch of little dots around it that the app recognizes as a personal identification. You can now customize your snapcode by adding a selfie or a video to it. You can now download your snapcode form the snapchat website and post it to your other social media platforms so others can add you.
  21. I know this was a lot of information all at once. We have a few extra minutes here. What kind of questions can I answer for you before I introduce our panel guests?
  22. Do any of you own real estate or ever owned real estate? What are you looking for in a realtor that would prompt you to hire them? What types of service? You currently live with your parent, what is your ideal living situation when you are ready to move out? Chris What your reason for not purchasing real estate up to this point? Is there something a realtor could do to assist you? Carlos You are currently renting in the uptown area, what made you select this area? Kevin You have recently purchased a home, how did you select your realtor? How does the home compare to what you were hoping to buy initially? Samantha Are you likely to rely on your parents for a cosign when it comes to purchasing a house or maybe a car?