Most of the millennials in the United States are unable to afford to buy a home of their own no matter where they live in the country. This is especially true when it comes to luxury condominiums located in Miami. However, just because it might seem as if millennial buyers are a nonexistent market, you need to look a bit deeper.
Who Is Buying?
At the Asian Real Estate Association of America 2017 Global Luxury Summit, there are some people who fit into this age demographic who are actively looking for homes. In fact, they are looking for properties located in South Florida. The millennial buyers who are interested in purchasing properties are not from the United States, though. Many are from China.
A study from the HSBC found that many millennials in China – 70% of them – already own homes. Many of these owners were educated in the United States and have then gone back to China to buy real estate and to pursue their careers. However, they also happen to realize that buying real estate in the United States, and South Florida in particular, is a good investment.
Connecting With the Potential Buyers
Those real estate professionals who have been working with the international millennial buyers have found that they are looking for a high standard with not only the properties, but the brokers themselves. They have a good idea of what they want, and they are looking for a broker that can add value and help them find the property they want to buy and not just to throw a bunch of listings their way.
The foreign buyers want to make sure they understand the different financing and payment options available, and they want to get the most from their home ownership. Being able to help these millennials make the right choice, and to show them why it is the right choice, is essential. Another essential element for working with millennials is knowledge of social media.
Many millennials around the world have Instagram accounts, and real estate professionals are finding it advantageous to start their own. This social media site is all about photos and video, and it provides an ideal outlet for real estate. After all, people who are interested in buying a property want to know what it looks like to see if it might fit their wants and needs.
Having an active account on Instagram and posting videos and photos of the properties will make it easier for real estate professionals today to work with millennials whether they are international or from the United States.
More International Investors and Millennial Buyers
Over the past decade or so, South Florida has seen quite a few investors from other parts of the world, such as South America and the Middle East. China and other Asian nations have been buying as well, and with the millennials from Asia being so bullish on South Florida real estate, we can expect to see the number of international buyers rise even further.