Millennial purchase demand is solid and rising. According to the most recent Ellie Mae Millennial Tracker, these buyers received 61% of all purchase loans, an increase of five percent over the previous month. At the same time, interest rates for all loans closed by Millennials dropped to the lowest level reached since Ellie Mae began tracking this data.
COVID-19 has changed Millennials’ priorities. In a September 2020 study, industry analysts at Point2 News found that Millennials are now very interested in spacious, single-family homes — and less concerned about being close to work or having the latest updated features.
In other words, demand is high, interest rates are low and Millennials are looking for exactly the types of homes Boomers currently live in. How can Active Adult marketers capitalize on these cross-generational trends?
1. Recognize and respect the difficulty of change.
As we explored in our article What Do 55+ Consumers Want Now?, Boomers are sick of feeling isolated and bored in this pandemic, rattling around a house that doesn’t fit their lives anymore. Still, moving away from a longtime home filled with memories is not a choice Boomers take lightly. Proceed with compassion and understanding, using tactics that make the prospect of selling and moving as do-able and desirable as possible.
2. Help reduce the stress related to selling their existing home.
The more actionable, bite-sized information you can provide, the better. Create helpful content you can share on social media as well as your website. Downloadable checklists and worksheets branded with your logo are great. Build a library of materials focused on topics such as:
- What to update in an older home/how much to spend
- How to downsize and declutter while preserving your memories
- Staging ideas (and what to put in storage)
- How to safely show your home in the pandemic
- Planning a stress-free move
This is also an opportunity to get creative with experience marketing. Maybe you can host a Zoom workshop on decluttering and invite both current residents and interested buyers, or create a series of Facebook Live videos with quick tips on home staging from your own design experts.
3. Increase the social incentive to buy at your community.
Being part of a strong, connected community is one of the most attractive selling points of Active Adult Living. It’s even more compelling in our post-pandemic culture right now. Emphasizing your community life and folding potential buyers into the fun can help ease their concerns and boost their excitement about joining the neighborhood.
On your website and social feeds, surface content that stresses all the efforts of your community life team, before and after the pandemic. Share how you’ve pivoted and/or expanded activities to keep neighbors both safe and connected. Invite interested buyers to join in any socially distanced or online events.
For example, top Lifestyle Director Michelle Pearl from Pardee Homes’ Altis in Southern California, turned their VuePoint recreation center into a Virtual Clubhouse. Residents and prospective buyers now enjoy virtual — and sometimes hybrid — events together, including cooking nights with guest chefs, comedy shows and more. (You can hear more fantastic marketing ideas from Michelle, Wick Marketing’s Barbara Wray and industry expert Deborah Blake in our webinar, “WHAT YOUR 55+ CONSUMERS WANT NOW.”)
As an Active Adult marketer, you can truly make a difference for the 55+ buyer who’s feeling isolated and frustrated by the pandemic, and looking to make a positive change. Moving them along the path to purchase simply takes dedication, empathy and creativity. You’ve got this!
Looking for fresh strategies and tactics for attracting, converting and retaining Active Adults in your community? Wick Marketing is here to help.
For more than 25 years, our agency has served builder and MPC (master-planned community) clients in markets from California to Florida — including some of the nation’s premier age-restricted communities. We’ve got the experience and the expertise to move you forward. To get started, contact barbara@wickmarketing.com or call (512) 479-9834.
