Why Millennials Rely on Real Estate Agents to Buy a House

October 27, 2016

7:00 pm

This may be surprising, but technological advances have made real estate agents incredibly important, particularly for Millennials. This revelation was made in an international study conducted by Coldwell Banker, which also pointed out that, in parallel with the new technologies, these professionals have a more important role than ever in the process of purchasing a home.

According to the study, more than 70% of respondents said that real estate agents are more important than ever, and almost two thirds of them said they would never consider buying or selling a home without the help of these professionals. More than 50% also said that real estate agents are more important in the process of house selection, than friends, family, or digital resources.

The lack of experience in the Millennial generation is what’s leading the cause of this study. The aforementioned digital resources are important, as they provide useful information and tools for those who are not aware of them. Great examples of this are this complete mortgage calculator, taxes and other Government-related information, or general information about a given location.

Technology also plays an important role in this transactional dynamics as, according to the study, the ability to respond quickly to contacts is viewed as essential by Millennials. So, other than reputation, experience, knowledge of the transactional process ,or homes in a certain area, speed is important because Millennials expect this quick response.

It;s also worth noting that this young generation cares a lot about the information found on social networks, namely the reputation and critics made about real estate agents by other customers. The results of this study clearly indicate that, despite the overwhelming proliferation of new technologies, the “good old” real estate practices are still a safe source of market knowledge, essential to achieve a good business. To real estate agents living in the past, though, these results are a warning message – there is an absolute need to follow up with today’s trends and tendencies.

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25 y/o, born and living in Portugal. Majored in Biology, but tech and computers were always a passion. Wrote for sites like Windows.Appstorm and MakeTechEasier.

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