Nowadays, one of the greatest challenges ever experienced by some real estate owners and agents is how to advertise, market, and sell properties to the young market, particularly the millennials.
Millennials, also known as the “Generation Y” and “The Boomerang Generation” are the generation class born from the year 1980 to 2000, an era of booming technological advancements. As such, they are often characterized as technology-friendly individuals.
Due to the convenience brought by technology, they excel in multitasking, digitally connecting with other people, flexible in terms of work, and collaborative and transparent in terms of thoughts and expressions. However, they are usually ill-tempered and vague in terms of decision making process, the reasons why analyzing their psychology, especially their interests, can be a serious and crucial task for real estate agents to understand.
Here are some essential tips real estate brokers/owners can possibly consider in crafting their marketing and advertising strategies to target the millennial taste!
1. Convertibility is a major factor
Since millennials are often multi-tasking, they are not much lenient in cleaning big spaces and investing on huge sets of furniture. With practicality as their golden principle, they often rent on small spaces and rooms with convertible features. Sofas turning into a bed, a cabinet staircase, and a spinning wall compartment are some examples.
2. Proximity to School and Work
The very reason as to why millennials often rent or buy spaces in the metro is for them to easily get into their working places or schools. As a real estate broker/agent, you may recommend real estate companies to strategically set the construction of a millennial-friendly property on sites near workplaces and schools.
3. The Presence of Technology
Work doesn’t stop from offices and schools. As such, the presence of technology at home means a lot for every millennial!
Making sure of a faster and compatible internet connection, a wide access on variety of television channels, ample number of electric plugs and ready-to-use appliances would help them carry on their home-based office/school tasks and of course, to have some sort of entertainment!
4. Stylish and Multi-functional Interiors
Millennials often sought for a perfect place for mini-hang-outs with friends, colleagues, and families. A presentable and stylish room can entice and engage a meaningful conversation and comfortable accommodation with their invited guests.
5. An affordable yet satiating value
Always make sure that giving them affordable yet comforting and quality home away from their families can be a good asset to emphasize when marketing a property to them.
Most millennials are working professionals while some are students having limited budget and allowances coming from their parents, the reason why most of them are meticulous and practical in spending their money.
Understanding the psychology of millennials may be a tough task as the world gives them a wide variety of choices, creating various interests. But the best way to hit the bull’s eye is to be empathizing on their needs and have a thorough researching on new trends and their lifestyles.
No one knows, you might get the exact formula?!