If you’ve entered the real estate market, as a buyer or a seller, you’ve inevitably heard the real estate mantra, “location, location, location” in reference to how identical homes can increase or decrease in value due to where they’re located.
A recent survey shows that when it comes to choosing a real estate agent, the millennial generation’s mantra is, “local, local, local.”
CentSai, a financial wellness online community, recently surveyed over 2,000 millennials (ages 18-34) and found that 75% of respondents would use a local real estate agent over an online agent, and 71% would choose a local lender.
Survey respondents cited many reasons for their choice to go local, “including personal touch & handholding, longstanding relationships, local knowledge, and amount of hassle.”
Doria Lavagnino, Cofounder & President of CentSai had this to say:
“We were surprised to learn that online providers are not yet as big a disruptor in this sector as we first thought, despite purported cost savings. We found that millennials place a high value on the personal touch and knowledge of a local agent. Buying a home for the first time is daunting, and working with a local agent—particularly an agent referred by a parent or friend—could provide peace of mind.”
The findings of the CentSai survey are consistent with the Consumer Housing Trends Study, which found that millennials prefer a more hands-on approach to their real estate experience:
“While older generations rely on real estate agents for information and expertise, Millennials expect real estate agents to become trusted advisers and strategic partners.”
When it comes to choosing an agent, millennials and other generations share their top priority: the sense that an agent is trustworthy and responsive to their needs.
That said, technology still plays a huge role in the real estate process. According to the National Association of Realtors, 95% of home buyers look for prospective homes and neighborhoods online, and 91% also said they would use an online site or mobile app to research homes they might consider purchasing.
Buyers are Smart to work with Location Specialists
Many wondered if this tech-savvy generation would prefer to work with an online agent or lender, but more and more studies show that when it comes to real estate, millennials want someone they can trust, someone who knows the neighborhood they want to move into, leading them through the entire experience.
I have set up the entire team at Fresh Look to focus their individual efforts on becoming Specialists. All Fresh Look Brokers are trained to become either a location specialist or a strategy specialist.
Location Specialists hone in their expertise to 1-3 areas grouped together. Area experts are instructed to do the following:
- Monitor + report on day to day real estate trends in the area - New actives, pendings & solds
- Monitor + report on major real estate trends - compare year over year changes
- Monitor + report on local news, development plans, ordinances, transportation changes, school events, and local political issues
- Monitor + report on local happenings
- Remain familiar with local amenities including local business, park, and other community features
- Keep active list of preferred local contractors and vendors that can service people buying or selling a home
Why Work with a Location Specialist?
If you are considering buying a home, you should work with an agent that specializes in the area you are shopping in. They will give you information and insight unavailable to the average agent, they will be able to tell you quickly if a house is under valued (a deal!) or is over priced.
Because Fresh Broker's are active in their area of expertise, they have readily available, Off Market opportunities for buyers and sellers.
Contact Fresh Look Main Office today to be connected with our team of Location Specialists!
Call or Text: 206-966-4404