Millennial Survey - content.harstatic.com · Recommendations from friends and family HAR’s Client Experience Ratings on HAR.com Online ratings on property search sites e.g. Zillow

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CONSUMERRESEARCH PANEL

Helping shape the future of real estate in Houston.

April 2019

Millennial Survey

Provided by the Houston Association of REALTORS®

CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019

Houston Associationof REALTORS®

Millennial Survey

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Understand unique characteristics of Millennial consumers (age 23-38) in the process of home

buying/selling to identify what types of help and services Millennial consumers require in the process.

Survey Objective



Millennial Survey

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Methodology

Consumer Panel Size - 9,823Number of Respondents - 2,432

Response Rate - 25%

***All of the following survey questions were answered only by Millennial respondents who are homebuyers, sellers, renters or owners.

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2/3 use online ratings

43% used REALTOR® performance ratings when choosing an agent

2/3 say REALTOR® performance ratings are important in choosing agent

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34% are aware of the HAR.com feedback page2/3 of those who are aware of Client Experience Ratings looked at the ratings

34% are aware of the HAR.com feedback page

2/3 of those who are aware of Client Experience Ratings looked at the ratings

No59%

Not sure7%

Yes34%

Are you aware that there is feedback from past clients on HAR.com?



Millennial Survey

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Recommendations from friends andfamily

HAR’s Client Experience Ratings on HAR.com

Online ratings on property search sitese.g. Zillow

Social Media Content

Online Video Customer Reviews

91%

37%

36%

21%

6%

What are the most valuable methods for looking for an agent? (Choose all that apply)

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Email and Phone communications are STILL viable

92% prefer text

86% prefer email

78% prefer phone

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Millennials EXPECT real-time response

Nearly half expect a responsein AN HOUR or less

85% satisfied with response time of their agent

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Millennials work with younger than average agents

45% of their agents are 30’s and younger

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Renterstransitioning to homeownership

15% of respondents


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32% of renter respondents have been renting for over

10 years

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47% spend $1500 or MORE per month

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Homebuyers31% of respondents




Millennial Survey

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73% of Millennials want

to own their own home

and build equity

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68% of Millennial homebuyers prefer to search for homes through combination of online search and asking for agents’ help

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Millennials are confident in their home search;

STILL need agents, but to a lesser degree than others



Millennial Survey

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A lot Some Not much None

38%45%

17%1%

How much help do you need from a real estate agent to buy a home?

Nearly 2/3 do not need much help from agents

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86% of millennials want down payment assistance support from real estate

agents

81% believe they can afford to buy

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Lack of Savings, College Debt slowing down purchase for 19% who cannot afford to buy



Millennial Survey

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11% 89%

Are you aware that you can find down payment assistance programs on HAR.com?

Yes No

89% are unaware of the down payment assistance page on HAR.com

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71% of Millennials want a dog-friendly property

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Millennials like properties that do not require a ton of work



Millennial Survey

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97%

50%36%

23% 16% 12% 6% 2%

Where do you prefer to search for properties? (Choose all that apply)

97% prefer to search properties on HAR.com



Millennial Survey

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2/3 of homebuyers are interested in receiving education

Pre-recorded webinar

Educational articles about buying and…

Tips and tricks shared by my agent during…

Live webinar/ Livestream

One on one discussion with my agent

Overview of entire process delivered by my…

Brochures

Live class/seminar

Podcast

Other (Please specify)

61%

60%

48%

42%

42%

39%

34%

30%

26%

1%

Please tell us the most important factors when purchasing a home (Choose all that apply)



Millennial Survey

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Long-term family home - Planning to stay here as long aspossible

Investment - Will live in the house for a couple of years andthen sell/rent it

Not sure/Don't know

Investment - Will not be living in the house


58%

28%

10%

4%

2%

What is your purpose for buying a home/owning a home?

28% of Millennials want to buy a home for investment

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Homeowner/Sellers43% of respondents




Millennial Survey

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57% of the homeowner/seller respondents bought houses for investment purposes

Investment – Not living in the house

Long-term family home - Planning to stay here as long aspossible

Investment – Wanted to live in the house for a couple ofyears and then sell/rent it


57%

38%

4%

1%

What is your purpose for buying a home/owning a home?



Millennial Survey

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HAR.com

Zillow.com

Open House

Yard signs

Social media

Realtor.com

Word of mouth

Trulia.com

My community website e.g. Next…

Broker/Agent websites

Facebook Ads

Instagram/Facebook videos

Advertising on Realtor.com

Mobile Apps. e.g. Homesnap

Direct Mail piece in neighborhood

95%

66%

55%

45%

43%

43%

38%

30%

27%

25%

22%

14%

11%

10%

8%

What are the best ways to promote a home for sale? (Choose all that apply)

95% of homebuyers/sellers say HAR.com is best way to promote a home for sale

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Most important needs for listing presentations

1. Active listening

2. Show realistic home price

3. Prepare for highest sales price

4. Plan for smooth, stress-free transaction

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For All Groups(Buyers/Renters/

Homeowners/Sellers)




Millennial Survey

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Transparency, comprehensive/accurate information, and ability to listen to what the client wants are important to homebuyers/sellers

“Be more transparent about pros and cons of properties.”

“Be upfront and honest, and don't give into speculation.”

What advice would you give to REALTORS® trying to improve the way they service and support home buyers and sellers?

“High-quality, professional photos for properties really pay off. Accurate room dimensions.”

Continue to add features to site in order to make it a one-stop-shop for buyers and sellers, providing

everything they need in one place so that they don't need to go to any other sites for information.”

“I need a realtor that listens to my desires and does their best to make those happen.”

“Don't try to talk me into something I don't want. Either buying or selling.”

“Don't try to push the boundaries when someone gives you a firm budget .”

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Top 5 Recommendations


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Continue to increase REALTOR® engagement in Client Experience Ratings Program

More aggressively promote Client Experience Ratings to consumers on HAR.com and town-specific Facebook pages

Create Training class on using Client Experience Ratings as a lead gen and listing presentation tool.

1. Agent Ratings

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2. You CAN afford to buy campaign



Millennial Survey

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PR campaign to promote Consumer’s Preference to search and sell their home on HAR.com

3. Promote power of HAR.com

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4. Training Curriculum:Serving the Needs of Millennials

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Documents

Millennial Survey - content.harstatic.com · Recommendations from friends and family HAR’s Client Experience Ratings on HAR.com Online ratings on property search sites e.g. Zillow