Millennials are social in both the digital world and the real world, which impacts everything they do.
A survey by the American Press Institute found that millennials consume 88% of their news from Facebook, while 83% cited YouTube and 50% cited Instagram. So, it makes sense that when they are looking at new properties, millennials will consult their favorite source of news before making a decision about investing in their new living situation.
The three most logical and conclusive reasons why millennials rely on social media for finding new properties are:
- Because the digital age has already been integrated into every aspect of their life
- Millennials like to make decisions based on interactions with people and businesses that they trust
- Social media is a one-stop shop to gather all the information they need to make a decision
Millennials Have Always Been Digital
Millennials have grown up in the Digital Age and most of them don’t remember a time where social media didn’t play a major role in decision making. Whether they are asking their friends for their opinion on a new hairstyle or they are deciding where to live, they turn to technology, ergo social networking to do so.
While millennials don’t know a better way to do this, it makes sense because there isn’t a more efficient way to do this. While they are on break at work or riding the train, they are easily able to look up new properties and explore their real-estate options in their free time from their mobile device.
Instead of having to talk to someone in person, they can quickly share a link on their social media platforms to receive the feedback and advice they’re looking for.
Plus, by sharing their interest on social media, they could easily network to find out more about the property and who is renting or selling it. This could lead to opportunities that they never even knew were possible, all from one post.
The Decision-Making Process
Due to the constant digital contact and the legitimizing nature of a well-used and review-regarded Facebook page, millennials tend to make decisions based on who and what they know. Whether they are getting advice from friends and family, or they are researching a post or a business on Facebook, if the name and the information seem legitimate, they are more likely to trust it. On the flip side, if something seems off about a property or property manager’s Facebook page or there are bad reviews, they will think twice about trusting the business.
Even if they have never actually been to a business, if millennials can find information about that business and property by following it on social media, they feel as though they know it. After all, the social media presence of a business is considered to be a good indicator of the business itself. Therefore, they trust social media to give them the right impression before making a decision.
Social Media’s One-Stop Shop
Instead of looking at a stationary ad with only a few pictures, social media allows millennials to ask questions, seek advice, and even take a virtual tour of the property.
Millennials base their decisions on quick and accurate information, from people they trust. Social media platforms allow them to gather all of that important information, on a personal level, all in one place, from the comfort of their own home.
For a millennial, having a blind date with a property is a waste of time and effort. Social media allows millennials to get enough information about new properties so that they can only visit those that give them the confidence that they are right for their unique situation.
Millennials rely on social media as an important digital first impression, a way to trust their decisions and to do so with exploring a range of factors, all from one trusted source.
It is a crazy world out there, but it seems that millennials have found the quick and efficient way to search and find new properties that best fit their needs.
Contact us today for more information on how to take your social media presence to the next level, and to learn more about what your property management business should be doing to grow your audience and enhance overall sales.