Millennials and the younger Gen Z cohort are showing an increased interest in moving. Once first-time buyers, they are now ready to become first-time sellers. Forty-four percent of Gen Z and 35% of millennial homeowners say they are preparing to sell their homes in the next 12 months, according to a new Coldwell Banker and Harris Poll survey of more than 2,000 U.S. adults.
“With more than two in five Gen Z and over a third of millennial homeowners planning to sell their homes in the next 12 months, reaching these generations is key to unlocking inventory in 2022,” says Ryan Gorman, CEO of Coldwell Banker Real Estate LLC.
How do you attract this new crop of sellers? Having a strong social media presence is key, the survey finds. Sixty-five percent of millennials and 59% of Gen Z say they think more highly of a real estate agents who have a strong social media presence. Sixty-one percent of Americans expect good real estate agents to use social media apps like Facebook, TikTok, and Instagram to promote themselves in real estate or to post home listings, as do 60% of baby boomers and 58% of Gen Xers.
Growing desires for this great sell-off have prompted Coldwell Banker to revamp its website with its Dream ad campaign. The effort includes a CB Estimate, which offers instant estimates of their current home; a Move Meter, to evaluate moving from one place to another; and a Seller’s Assurance Program, including renovation and staging services as well as cash offers on eligible homes, all intended to help sellers feel more confident in the process. The campaign aims to get homeowners to “dream” about moving to that place they’ve always desired.
Source: Coldwell Banker