(3 min read)
After Generation X comes Generation Y, called the Millennials. If you are born between the 1980’s and late-1990s, you are called a Millennial. Just like other cultural generations, Millennials, are people of the same age group, who will probably have similar attitudes, ideas and problems. Like any business, it’s important to build an online brand that accurately and positively reflects the quality and capability of your business. But in real estate especially, image is everything, and one wrong turn can equal lost commission or sales.
Millennials are buying a home
Today, Millennials have changed the Housing Market, worldwide. Younger Millennials refer to adolescents around their twenties and older Millennials refer to young adults in their thirties. Being better informed about the housing options on the market, Millennials have a lot of buying power in today’s real estate market. They do a lot of research when it comes to buying a house and the majority of the home buyers bought a house after seeing it online first.
Millennials have an eye for lifestyle, rather than settings
Generation Y has been considered as the generation that prefers city over suburbs, but multiple studies have shown that living in the city only appeals to a small number of people. If we are talking about rent, they definitely prefer urban locations.
But, the setting is not the main issue here, how a home “lives” is much more important for them than any other feature or characteristic. They want modern, smart and stylish homes.
Their vision of lifestyle is much clearer than any other previous generation and they are known for having very specific interests.
Millennials like High-Tech Add-Ons
From recent studies, we could conclude that what matters the most to Millennials when shopping for a home, are the technological and new appliances. More than 50% of their expenses go to solar panels, energy storage, luxury kitchen and some other high-end interior design. They are clearly interested in smart home technology.
A recent study conducted by Wakefield Research showed that 86% of the Gen Y are willing to pay for a home or rental property if it has smart technology. In other words, they are willing to pay an average of 20% more a month in order to secure a home with smart technology.
Being the largest living population today, smart technology such as electronic access, keyless locks, mobile-controlled security systems, smart thermostats and much more, has made a giant debut thanks to the millennial influence. The smart technology installed in home adds instant value to a home and puts the selling process of a home in advantage. Smart technology is just starting..