No matter the line of business, a company’s goal is always about being able to sell an idea and the most efficient way to do so is by understanding the market they are targeting.
New generations have set the path for several different industries, and in the case of the real estate sector it is no different. Right now, we are witnessing how a generation with new characteristics and demands can generate great changes.
Millennials (people born between 1981 and 1996) are a generation that as of today cover 30% of the population in Latin America and, according to a projection made by Deloitte firm, by 2025 this group will represent 75% of the world’s workforce.
Basically, the future of the real estate industry lies in the hands of this generation, and whoever fails to understand it and adapt to its needs won’t be able to survive the change.
What makes this generation different?
Millennials are a group of young adults who are already making home buying decisions. In this sense, it’s important to acknowledge that the generation that’s about to start investing is very different from that of their parents and grandparents.
This group of people face a different economy and another way of seeing the world. The way in which they develop in terms of relationships, personal growth and job performance varies widely, according to completely life plans completely different than those of other generations.
Before, people’s lives revolved around work and not much importance was given to the pleasure of doing things, as the main goal of life was to develop stability and earn a fixed income. In addition, these generations were driven by the motivation of creating a family and settling in comfortably, leaving very little room for leisure time.
On the other hand, professional motivation is essential for new generations, and in turn they consider personal time to be just as important as work time. Finally, they highly value being able to enjoy leisure activities, and they do not prioritize nor have any rush to start a family.
This means that these changes in priorities and interests will also be reflected in the type of place they choose to live, since they will have a greater inclination to homes that go according to their lifestyle.
What do they look for in a home?
It is necessary to emphasize that new generations have other needs and seek different spaces, so when planning out a new development, you must have knowledge of what it is they’re looking for and understand that offering the same things that were offered to previous generations will not be profitable.
The following are some of the elements that must be considered to adjust your offer to new generations:
Of course, for this generation the use of technology is crucial, so it is imperative that their home is equipped to respond to this need. Aspects such as excellent connectivity, energy saving systems and even home automations systems will be of great interest.
Small and integrated spaces
Unlike past generations looking for large spaces, this one favors apartments, therefore space must be limited to what is essential and functional. In addition, they are looking for homes that offer various services and amenities, such as security, gym, terraces and social areas.
Through these facilities they wish to create experiences and adopt a more favorable and profitable lifestyle.
It’s not the property, it’s what’s around it.
It is a generation that highly values the proximity to both their workplace and to places of interest. Therefore, real estate developments that are better connected to commercial areas or any social gathering place will be more capable of attracting their attention.
Lastly, according to an analysis from the portal Vanguardia, millennials have a 35% higher rate than other generations in terms of cohabitating with a pet. This fact cannot be left aside. A pet-friendly home is at the top of their priorities when comparing options.
The way of selling has also changed
If you’re not selling the same thing, it’s logical that you’re not going to sell it in the same way. Before, sales were made through the use of billboards, internet advertisements or scheduled visits to the property. Today there’s a different reality.
We have tools within our reach that allow us to tell a story and take real estate sales to another level.
This strategy is intended to tell a story that appeals to the consumers’ emotions and manages to capture their attention in order to generate sales.
For this tool to be successful, it must be able to hook the user in so that they want to keep up with the narrative. To achieve this, the story must come out naturally and it must be exciting.
Within the real estate industry, doing storytelling is all about telling the story behind the property and the lifestyle it seeks to promote, accompanied by images and short videos that convey that idea.
To reach the desired market, the story must be told through different platforms, with posts and stories on Instagram, posts on Facebook and even through Twitter threads.
Virtual reality, architectural images and videos and virtual tours are tools that are part of architectural hyperrealism and propose an innovative way of presenting a property.
What new generations want is to instantly meet their needs, and that’s exactly what these tools facilitate. By using them, it is possible to appreciate the interior of a house that has not yet been built
It’s not just about speed, but also about ensuring a quality image that fully represents the property once it is finished.
When looking for housing, people take the time to compare different options, so having these elements not only offers a different experience for the client but also becomes an essential way to stand out from the competition.
Purchasing trends are being set by the new generations, therefore it is the duty of the real estate industry to change as well. it is no longer possible to maintain an old mindset and hope that it works. On the contrary, it is time to get informed and adapt. Today is about excelling. Tomorrow will be about surviving.