Millennials Prefer Advice of Influencers Over Real Estate Agents
A new study by Engel & Völkers revealed that most high-earning millennials rely on “influencers” to make purchase decisions and roughly 80 percent said they would hire one as a real estate agent. The survey included more than 1,000 millennials born between the years 1982 and 1999 with a yearly income of more than $100,000, called “High Earners, Not Rich Yet,” or “HENRYs.”
The topics of the survey covered a range of consumer habits. For the real estate investment portion of the study, the rise of the “real estate influencer” is significant given that 84 percent of HENRYs confirmed that “influencers have impacted their decision to make purchases.”
The study also found that 98 percent of HENRYs rely on social media or review-based websites, such as Yelp, in order to make purchase decisions. However, HENRYs do not only rely on online information and social media influencers when it comes to choosing a real estate agent.
The top three factors for HENRYs in selecting a real estate agent are referrals from friends and family (59 percent), reputation within the local neighborhood (53 percent), and local neighborhood expertise (50 percent).
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