Gen Y real estate customers are unlike any previous generation. Many brokers have the mistake that the older the generation, the higher the real estate ownership rate. This concept is not wrong. However, today the new generation like Gen Y is different in thinking and action, highly possessive, and much more assertive than older generations.
This generation is incredibly tech-savvy, their ability to find anything perfect and their need for instant gratification is unparalleled. Jobs can be found by posting a status on a social media account, making purchases is as simple as tapping a photo, leaving a comment, and even dating is pre-designed.
Real estate brokers take advantage of the increase of young customers (gen Y customers) into the real estate market, needing to understand them better to be able to market effectively.
Gen Y customers, who are they?
Gen Y is the segment of the population born in the 1980s and 90s (ages 25 to 34), who are now more or less adults. They are graduating from college, entering the full-time workforce, renting and buying homes, and perhaps the most concerning detail is their earning potential.
Gen Y’s purchasing decisions are heavily influenced by word-of-mouth referrals, making them major brand advocates. If their friends have recommended a product or service, odds are they will make the same decision. In fact, 95% of millennials claim that friends are the most trustworthy source of product information, and only 6% consider online advertising trustworthy. Furthermore, 98% of Gen Y say they are more likely to see a post from a friend than a post from a brand. Take advantage of their online spending habits by engaging with them on social media – real estate agents will easily reach them in minutes.
In fact, 65% of renters in their twenties say their interest in buying a home has increased significantly over the past year. With this group of young tech home buyers emerging in the housing market, it is important that real estate professionals reassess their marketing strategies to connect with these customers.
How to attract Gen Y customers to participate in real estate?
Generation Y is currently the second largest group of home buyers, accounting for 28% of the entire housing market. Luckily for this crew, the combination of low interest rates and home values has made buying a home much easier. Another reason is that their parents are nearing retirement and have the ability to help finance their first home. Therefore, Gen Y somewhat takes less risk in buying a home than older generations.
If you don’t keep up with new technology trends, you won’t be their real estate broker
One thing every Gen Y potential customer has is enough knowledge about technology. As a real estate agent, this is extremely important to know because even if you are not tech savvy, they are obvious. More importantly, they will associate your lack of current technology with a lack of marketing skills. This can be a catalyst that motivates them to leave your service to find another partner. Therefore, always being aware of and updating advanced technology trends is an urgent requirement of every broker right now.
New technological possibilities always surprise us, and they can even develop a broker’s business capabilities. Maintain a strong online presence by posting regularly on social media, writing blog posts, and tagging like a pro.
Restrict phone calls and text messages
Gen Y grew up with texting and it is their preferred form of communication. Too many phone calls will make them feel frustrated and annoyed. Change the communication style to suit generation Y customers with a text message, including the necessary content to make them more comfortable when communicating with brokers.
Be honest in your approach
As a wise realtor, you should clearly understand how resourceful Generation Y is, and you will never lie to a potential customer if you understand the importance of honesty in real estate. . When talking to Gen Y, make sure all the information and data is correct, otherwise even a small mistake could jeopardize your real estate relationship with Gen Y. .
Serving the Internet generation
This generation is more likely than anyone else to use the internet to search for homes or follow trends in real estate news. More than 85% own a smartphone and the vast majority own or access internet technology on a daily basis. Additionally, more than half of Gen Y buyers use their mobile devices during the home search process.
What does this mean for real estate agents? If you want to target Gen Y consumers, agents need to be present wherever they are. This means:
- – Available on real estate applications and portals.
- – There is a website fully updated with the most advanced technology for brokers.
- – Make sure web properties are mobile-friendly. This makes them easier to use on mobile devices, so potential customers don’t have to do as much screen pressing to click or find things. Many people will go somewhere else if everything they do is too difficult.
- – Provide interesting, relevant content that entices them to contact you for more information.
- – Provide means of communication other than telephone. Many people may prefer email or text .
- – Be present on social media, but not in a spammy way.
Know what Gen Y prospects are looking for
A study shows that 63% of Gen Y live in suburban areas or surrounding areas not in urban centers.
- – They tend to live in areas about 10-15 km from urban areas
- – Place high importance on travel costs and convenience of location for work
- – There is a tendency to buy old houses or apartments focusing on value and price
- – Educational zones and convenience for schools if there are school-age children
- – On average, Gen Y is expected to live for 10 years
Building lasting relationships
Gen Y generation is the second largest group of potential buyers in the real estate market[/ caption]Due to the widespread use of social media to learn about real estate, Gen Y is more likely to buy from a brand recommended by a friend than from seeing another ad.
“Generation Y does not easily trust marketers’ efforts to sell them anything”
How does a broker gain that trust? Get a head start with helpful information delivered promptly, including on social media channels where customers can access the information. For example, if there is press information about negative changes in the real estate market, the agent can raise issues related to the local area, conduct an analysis of opportunities and Local market risks, at the same time, reflect national market trends.
Be aware of work
Being active online has become second nature to most of this generation, so it is no surprise to claim that they were born during the technology boom. The growing popularity and ease of access on mobile devices has made sharing information on the go as simple as updating a status. So, make sure the broker is providing its clients with the information they are looking for.
Connecting through social media has become the gateway to stirring up public opinion about your brand. Don’t forget that 98% of millennials are more interested in a friend’s review than a brand’s advertising, so don’t praise yourself, let your customers do it.
Take advantage of available communication channels, while everyone focuses on Facebook, think again about other means because young people are not limited to any one area. Young customers love variety and excitement. It is said that the information captured in one minute of video is equivalent to 1.8 million words, a picture is worth a thousand words. This is why YouTube and other video and image sharing Web sites serve as a source of outreach to the community. Videos and images that highlight the amenities most valuable to Gen Y customers will generate strong traffic.
If focusing on Gen Y buyers, brokers need to tailor their real estate operations to suit the customer segment. If it’s old and outdated, it won’t work in the niche of these customers, which means they won’t be interested in your brand too much. Understanding this will become the key to attracting new Gen Y leads to your real estate business.
