Millennials are the most significant part of today’s population. They are tech-savvy, creative and multitasking individuals with clearly defined goals in their minds. Alone Pakistan’s population is composed of young people from around the world. This segment includes those individuals born between the mid-1980s and mid-1990s.
Instead of the financial hit caused by COVID-19, the real estate industry is on a growing stage now and serving its evolving consumer base should be a priority to expand its businesses further. Millennials are important consumers for all the brands in all industries, so real estate is not an exception. They are globally ranked as the leading segment of real estate consumers, particularly since the prime age of first-time homebuyers lying between 26-35. Even the demand for rental places has gone high, such in major cities specifically homes for rent in Islamabad are at an all-time high just because of this young demographic. Therefore, the real estate industry must cater to this demographic effectively.
What Can Real estate do?
COVID-19 initially slowed down the property sector, but on the other hand, pandemics forced real estate professionals to develop new technologies to gain an edge. As a result, these technologies are highly effective in meeting customer demands. Thus, we must develop modern tactics to engage young customers in the real estate market. We have listed some of the techniques to keep up with millennials in the real estate industry which are
- Digital Consumer Experience
- Technology Friendly homes
- Changing layout preferences
- Pricing strategy
Digital Consumer Experience
The most prominent change that can be brought about is the adaptation of technology in the property sector for the rising millennial consumer base. These technological adaptations should incorporate into the industry’s processes, products, models and strategies.
While real estate remains one of the slowest industries to adopt technology, adaptation has revolutionised the house-hunting process. Recent technologies in the property industry include Proptech (Property technology) which utilises information technology to assist people to invest, buy or sell the property. Furthermore, Big data and artificial intelligence algorithms can help to personalise customers’ experiences.
Most importantly, these technologies are operated to target the customers more effectively to attract the millennial market. In this way, real estate companies seem more competent and up-to-date than contending industries.
Millennials are also very detail-oriented and strive for more information to make informed decisions. It is imperative to deliver them with as much relevant material as possible. They tend to utilise the internet to search for properties or hire rental agencies. Thus, real estate companies should improve online listings and include high-quality photos and videos, detailed property information, interactive maps, or any additional perks.
In addition, real estate websites should be mobile-optimised, and mobile applications should be launched in the market. Besides, providing virtual tours allow your purchasers to view your property and set you apart from your competitors. Millennials are heavily influenced by online reviews and testimonials, so adding these to your portfolio can be a huge advantage in inclining the appeal of your property. Even though the means of communication have changed, they prefer communication through digital standards for follow-up questions. In this regard, real estate companies need to extend the standard of their technologies to capture the young generation.
Technology Friendly Homes
As the young generation grew up in the digital world, hence, their preferences are quite different from the foregoing generations. Social media platforms transparently dictate the choices of residents where and how they want to live. Millennials are familiar with the terms comfort and convenience and any outdated property features would only turn them away. So, keep in mind that it is necessary to be aware of the modern technology trends and implement them in newly built homes. There are various smart devices prevailing in the market that will be utilised to offer security, safety, energy efficiency etc. Furthermore, these devices are voice-activated and equipped with an automated security system. Implementing anything that can be a solid distinguishing feature of your home as compared to other houses of the same range can greatly enhance your chances of making a sale. Therefore, if you are looking to provide built homes for new millennials, it is smart to invest in these technologies.
Changing Layout Preferences
Home preferences have been changing drastically for the millennials market throughout the coronavirus. For example, millennials now mostly prefer to work from home, and they also tend to take up more freelance work. Thus, they might prefer more office space in their potential home.
Recently, research data has shown that size does not matter as much to them as much as the additional benefits. These benefits include open home layouts as they are easy to maintain, and the space can be used for multiple purposes. The real estate industry has to change the layout from traditional to modern as millennials prefer compact, independent space that is more practical for their modern lifestyle.
Millennials are the largest generation of homebuyers today, but that doesn’t mean they have a high budget. It is because most of them are first-time home buyers. But an effective strategy can be helpful for the real estate sector to keep an affordable budget for them. This can be adjusted by leaving upgrade expenses up to them. Millennials are becoming a major part of the real estate sector, which is why it needs to shift to accommodate their wants and needs. Millennials are just entering a new stage of life by starting their families and accumulating their capital means that this is only the beginning of the millennial housing demand.
The real estate sector needs to understand the needs and wants of millennials as they are becoming the major consumer base for the property industry. Therefore, with these details stated above, now millennials seek real estate companies like Graana.com to help in negotiation and facilitate the process for them in a fast-paced world.