Millennials grow as the “natives of the digital world” because they have used technology from a very young age. That’s why most of their activities depend internet connection.
The millennial life style that is very different from the previous generation that it changes the market, including the property market. On a daily basis, for shopping for example, millennials tend to shop online for their clothes, body care, furniture, even homes.
Thus, it is not surprising that millennials shop in a way disntinct from the previous generations. This article will discuss how millennial characteristics are and how they change the property market.
Millennial understands their dream home
Many millennials have just graduated from college or just a new employee. Therefore, having to renovate a house after the purchase is not quite a proper choice.
Millenials seek a house that must have a kitchen and a bathroom that works well. They look for a house with an open floor plan, work space, and equipped with technology. In fact, some of them are trying to have a house that use a solar panel in order to be environmentally friendly.
Millennials prefers small houses and close to urban areas, offices, and schools. Most of these young people work at home and they often go out for a recreational activities. Therefore, houses close to open fields are highly sought after.
For this generation, finding a strategic home will reduce other additional costs. Living in a place close to important places is indeed a good approach.
The priority of the millennial lifestyle is different from that of their parents. Millennials have more expenses such as internet fee and smartphones that were once considered luxury. Increasing the cost of millennial living makes them more difficult to buy a house.
A very selective generation
Most of the Y generation are looking for a modern and affordable home. It means, they choose houses with rooms and workspaces, prefer wooden floors to tiles, and open spaces to entertain their guests – all at an affordable cost.
Therefore, the millennial generation is very strict in choosing a house. They will match a house that covers their needs and the right price.
Don’t be surprised if millennial buyers come and come back repeatedly without any confirmation whether they will buy the property or not. They are just selecting carefully.
Millennials do research with their smartphones
Millennial life is almost entirely dependent on their smartphones. They also choose homes and find out their home needs through the smartphone.
Property businesses must be able to adapt here. Marketing targeted properties is not enough just to print photos and show them off on certain platforms. Advertisements must also be so targeted at digital platforms, especially social media.
Advertisements in this digital world must be truly honest and true. Millennials will really do research if they find fault or lies.
How to work around this?
A property agent, sooner or later will be approached by a client from millennial generation. Millennials steps into the property market starting from this year and it means it offers property agency a golden opportunity soon.
How to handle is by following the millennials way of shopping. Try to digitize all property-related processes. Property agents can advertise properties for sale with a good quality and instagrammable photography.
Changes must also be done in the properties for sale. Property agents must be able to compete in price, location, and availability of facilities, considering the millennial lifestyle is quite different and depends on technology.
Give the best service when buyers come to the property offered. They will ask a lot of questions and property agents should be clear and honest in answering. In addition, help millennial buyers understand how the information that property agents provide can describe the property actual condition and try to give them advice on properties that are worthy to be pursued.
Millennials are fairly new in the property market, but their lifestyle has changed dramatically in the business market. Property agents, be prepared for change.
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