Crisis or no crisis, the demand for real estate will always be great, after all, even with the market facing constant fluctuations, housing continues to be the need at the top of the priority list of any population. However, the ways in which real estate negotiations are handled can change constantly and this is due to the behavior of the new generation of clients that are present in the market.

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The real estate market moves through sales and leases and has a very diverse audience, but what is most present is Generation Y, the famous millennials.

The purpose of our post today is to present who this new generation of consumers is and why real estate companies should look to this audience. To complete, let's present what are the main peculiarities of the new generation in the search for a property.

Interested in learning more about the subject? So stay with us!

Who is part of the new generation of customers?

It is easy to know that each group of customers has its particularities, therefore, it is very important to know as best as possible all types of customers, so it will be easier to conduct contact with each one.

According to the age criterion, there are 3 basic classes of customers, they are:

• Baby Boomer Generation: people born between the 40s and 60s;
• Generation X: people born between the 60s and 80s;
• Generation Y: people born after the 1980s;

The generation of new consumers, also known as millennials or Generation Y, are the youngest consumers who are actively present in the market.

This generation is considered the most influential generation in relation to other age groups. They are restless and are always looking for new things, they never settle down, let alone defend those brands that do not represent them.

Millennials prioritize experiences over material purchases and have access to a wide range of information, which consequently does not make it easy to convince them through advertisements, advertisements or speeches.

It is important to point out that they are demanding and attentive, a purchase for a millennial is not just a purchase of a good, it means following ethical values, which they want to pass on to their circles of contacts, using or not social networks.

Why do real estate companies need to start looking at this audience?

As already mentioned, this generation is considered the most influencer of all times, so monitoring their behavior is very important if you want to be successful in your business.

Knowing what their characteristics are and what they are really looking for when buying a property is essential for you to create a relationship of harmony and trust with your customers.

We cannot forget to point out that Generation Y is active and can be successful in the market, so it is important to keep in touch and get to know this audience well.

What is the behavior of the new generation?

Leave home later

Millenials take longer to leave home compared to the previous generation, while Generation X left their homes in their 20s. According to the IBGE, one in four young people still live with their parents or relatives.

The fact of leaving the house later directly influences the real estate market, as at this age their parents were already making their first loans in order to buy a property, while Generation Y seeks to invest in education and life experiences.

Prefer to rent

The probability of a member of Generation Y renting a property is much greater than that of buying. This is due to the demand for flexibility or even lack of resources.

For real estate companies, this has a meaning: it is necessary to adapt to this behavior, as the reality is a greater volume of searches for rental properties.

sells faster

Generation Y takes longer to buy a property, but that doesn't mean they will keep it for a long time. As soon as they acquire a property, they already have in mind that they will not stay in that place for a long time – unlike what happened in past decades, where people bought real estate with the intention of keeping the same generations within the family.

It is very important to understand and enter into this vision that millennials have. Creating loyalty at these times is very good, because if a real estate agency has a relevant number of clients who are part of Generation Y, the probability of them selling the properties is very high.

Therefore, if you build a relationship of proximity and loyalty with your customers, greater will be your satisfaction, so the chances of buying a new property in your hands will be greater and also of negotiating the current one through your real estate agency.

Search for newer properties

As a millennial does not have the culture of staying in the same environment for a long time, he does not intend to invest money in renovations, this is one of the reasons they prefer to purchase new, ready-made properties that are more or less to their taste, so that no extra investment is required.

Therefore, real estate companies should pay close attention to this point if they are focusing on Generation Y consumers.

Pursuit of convenience

Another very important point to be taken into consideration by real estate companies is that young people from Generation Y prefer convenience to luxury.

Offering properties that are close to work, with large commercial, technological and financial centers are some of the strategies that can gain this audience at the time of a sale.

Values ​​****mobility

It is not difficult to say that most millennials are connected almost all the time on the internet with their smartphones, which makes real estate companies have to invest in mobile strategies if they want to sell and reach this audience.

Prefer experiences over material goods

Accumulating assets and building an empire as heritage are certainly not priorities for millennials.

This is one of the biggest obstacles for the construction industry, therefore, it is essential to understand the behavior and thinking of this generation of consumers to use as an aid to the approaches that will be carried out for this audience.

Saying that a property will yield stability and increase in value over time is not attractive for Generation Y, however, showing what experiences will be generated with the project can be a good approach.

Uses social media and networks a lot

This topic could not be left out of our list, Generation Y is actively involved in practically all existing social networks and spend a good part of their time connected to them.

In addition, they want to relate in ways where they feel more comfortable, so entering this environment is essential for their success.

Source: Tajarat.com.pk

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