Millennials and Real Estate: A Meant-To-Be Relationship Facing Ignorance From The Industry
If surveys are to be believed, millennials have already given up on real estate or were never interested, to begin with, but this is not the truth. It is a notion that millennials are of renting age but there has been a seismic shift in the real estate industry and millennials are a prominent factor behind it. It is high time now that stereotyping should be put to rest with millennials because they might like to spend on avocados than on a car but surely they are the potential buyers who shouldn’t be ignored and here’s why!
1. Millennials are Tech-Savvy
Millennials know how to use the rapidly developing technology efficiently for their benefits. Instead of trusting realtors blindly, they check online listings and try to grab the best deal by contacting the owner directly. There is no fooling them and if you play honestly with them they could become the most loyal customer who will be willing to do business with long-term association.
2. Millennials Know Their Priority
This generation is crystal clear about what they want. It is assumed that walkability to bars and restaurants, commute time, and proximity to family and friends will be their choice but the reality is that they keep the safety of neighbourhood and good school proximity first. The millennials are in an age when the family becomes their first priority and the same factors are applied while they are looking for a house.
3. Millennials are Tired of Renting
This generation is the most educated in history and earns more generously than any other generation. They can afford to buy real estate but due to some challenges, they used to choose to rent which is not suiting them anymore. With family coming up and unbearable work pressure, they are looking for solace in their own place which they can call home. Renting doesn’t provide that comfort and besides, the hassle of counting days to pay a hefty sum to the landlord every month for the accommodation is getting too much now.
4. Millennials Are The Driving Force
They expect a prompt response to any complaint because they show the speedy revert to any problem. The technology is their best friend and they expect the other person to make use of it. If you are a landlord, you need to match their pace and if you are a real estate agent then the field is open wide for you on the ways to approach them. They are pretty intelligent to know what’s working for them and they have been changing the face of real estate so fast that it becomes hard to keep up with them but if you wish for a booming business with the help of millennials, you need to grab their nerve in their own way.
Millennials are famous for destroying one industry after another when really what they are doing is to take it up a notch which seems too fast to older generations and irrelevant to younger but when it comes to real estate, millennials are the biggest potential market for all those who wish to make a mark in the industry. Choose your audience wisely, they can take you to the top of your career.