There is a new generation of homebuyers coming to the market, bringing with them new expectations for buying a home. Millennials, commonly called "Generation Y," are creating new opportunities for real estate professionals to grow their business by obtaining these lifelong clients. This generation of first-time homebuyers, an estimated 79 million strong, are already looking into purchasing a home.

In fact, 65% of the "twenty-something" renters say that their interest in purchasing a home has significantly increased in the past year. With this younger set of techie home buyers wandering the housing market, it's important that real estate professionals re-evaluate their marketing strategies to connect with these clients. So here goes our top four considerations on connecting with this group.

1. Who are they?

The demographic following Generation X, millennials are between the ages of 25 and 34 that are described as being optimistic, handy, technologically savvy (almost dependent), and habitual multi-taskers. Generation Y's access to new resources and their unique characteristics have shaped them into homebuyers unlike any past generation.

Millennials' purchasing decisions are heavily influenced by word-of-mouth recommendations, which make them great brand advocates. If their friends have recommended a product or service, odds are they will make the same decision. In fact, 95 percent of millennials say that friends are the most credible source of product information and only six percent consider online advertising as credible. Furthermore, 98 percent of millennials stated that they are more likely to engage with a friend's post over a brand's post. Take advantage of their online spending habits by interacting with them on social media – we'll get to that in a second.