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Millennials prefer ‘influencers’ over agents when it comes to real estate

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A majority of Millennials rely on “influencers” to make purchasing decisions — and a whopping 80 percent said they would consider hiring one as a real estate agent, according to a new study by Engel & Völkers released Tuesday.

Among more than 1,000 survey takers born between 1982 and 1999 with a yearly income of more than $100,000, 84 percent of so-called “High Earners, Not Rich Yet,” or “HENRYs,” confirmed that “influencers have impacted their decision to make purchases,” while 80 percent would consider hiring one as a real estate agent, according to the study.

“We hear the phrase ‘be a digital mayor’ often in our industry, but that’s not enough anymore,” said Engel & Völkers Americas President and CEO Anthony Hitt. “While you have to have the neighborhood knowledge, you also have to have a niche or distinguishing factor that blends this knowledge with entertainment or aspirational value that will make you a center of influence — building your following and referral base as a result.”

While the study’s themes are broad, casting a wide net across consumer electronics, automobiles and even hair styles, the research does narrow in on real estate preferences that could affect the housing market.

When asked to define what makes for a luxury brand, a whopping 80 percent of respondents cited “superior quality,” while 64 percent cited reputation as the top factor. Meanwhile, only 47 percent of HENRYs surveyed consider premium price as indicative of luxury property.

Read full article at Inman 

Millennials Prefer Influencers’ Over Agents

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About The Author
Sanjeev Advani

• Hundreds of Investment Real Estate transactions successfully closed • 350+ Units currently under Property Management • 3+ Years of Construction Management Experience • Certified Property Manager, CCIM (In Progress) • Bachelors in Finance • Bakersfield, CA Native Deep Dive: I have been licensed in real estate for almost 10 years, and I have been specializing in investment and commercial real estate for the past 6 years. Through the years I have worked with Real Estate Developers, Investors, Average Joes, and many more. I am a Bakersfield native, and my educational background is in Finance. I have just completed the CPM (Certified Property Manager) certification which is one of the most prestigious designations in the Property Management Industry, with less than 1800 members world wide. I am also the President of the Board for Habitat for Humanity Golden Empire, the Vice President of the Board for Income Property Association of Kern County (IPAK), and Vice Chair of the Commercial Investment committee at the Board of Realtors. I look forward to working with you towards your real estate investment goals. Sunny Advani California Agent Lic# 01869863 | California Broker Lic# 02012941 Email: Sunny@RE-Synergy.com | Phone: +1 661 235 5726