Millennials prefer ‘influencers’ over agents when it comes to real estate
A majority of Millennials rely on “influencers” to make purchasing decisions — and a whopping 80 percent said they would consider hiring one as a real estate agent, according to a new study by Engel & Völkers released Tuesday.
Among more than 1,000 survey takers born between 1982 and 1999 with a yearly income of more than $100,000, 84 percent of so-called “High Earners, Not Rich Yet,” or “HENRYs,” confirmed that “influencers have impacted their decision to make purchases,” while 80 percent would consider hiring one as a real estate agent, according to the study.
“We hear the phrase ‘be a digital mayor’ often in our industry, but that’s not enough anymore,” said Engel & Völkers Americas President and CEO Anthony Hitt. “While you have to have the neighborhood knowledge, you also have to have a niche or distinguishing factor that blends this knowledge with entertainment or aspirational value that will make you a center of influence — building your following and referral base as a result.”
While the study’s themes are broad, casting a wide net across consumer electronics, automobiles and even hair styles, the research does narrow in on real estate preferences that could affect the housing market.
When asked to define what makes for a luxury brand, a whopping 80 percent of respondents cited “superior quality,” while 64 percent cited reputation as the top factor. Meanwhile, only 47 percent of HENRYs surveyed consider premium price as indicative of luxury property.
Read full article at Inman