Millenials and Real Estate Challenges

Millenials are a whole new breed of buyers, they don’t think like our predecessors.

They are growing up in a world that never existed before. A disconnected observer might only see “kids these days”, with their eyes glued to phone screens, but those of us that grew up alongside these evolving systems, see an entire second plane of existence, parallel to the physical.

Within this alternate dimension, we’re provided with immediate answers to all of our questions, and instant gratification whenever desired. Our individual minds have been networked together in webs, of continuous social interaction.

Depending on our mood, we can mingle with a diverse cast of characters to challenge our beliefs, or we can retreat into ideological echo chambers to reinforce them.

People will always need physical places to live and work, so ¿how could technology have any serious impact, on supply or demand in the marketplace?

The shortest way of expressing it might be to say that, they’re pursuing experiences much more than the acquisition of property. While their parents and grandparents sought to buy land, houses, and cars, millenial´s generation lives mostly in cities, rents modest housing, and gets around by way of public transit and ride services like Uber and Lyft.

They just want to experience people, places, and things, and they tend not to care about exclusive possession of them. In other words, they want access, not ownership.

They often prefer to share an experience with a thousand other people, than keep it all to themselves. They’d rather spend years living temporarily in different interesting places, than buy a single house of their own.

They’d rather pay an infinite series of small fares or lease payments, than buy a car that depreciates and incurs maintenance costs.

They also want the freedom to upgrade regularly, as new and better options become available.

While generations past saw real estate as an asset worth owning, millenials tend to see it as a sort of liability, a trap to be avoided. It could be said that this is because they value their time and freedom more than they value security.

While their parents saw their house as an asset, they see it as a black hole, that sucks up their money, as well as an anchor, that comes with responsibilities and requires care and attention.

More and more people are thinking and reaching beyond the borders of their countries of origin. The idea of being locked down to a single home, is losing its appeal, and as time marches on, all forms of real estate will be thought of more and more as being destinations.

No matter what sort of destination we develop, the successful ones will be the ones that stand out on social media, and make people want to take selfies at them.

Residential destinations, on the other hand, will have to offer even more, in order to be “sticky.” They’ll have to not only attract people, but offer them a source of recurring value to retain them.

Besides the attractive amenities and creature comforts, a community’s stickiness comes down to the culture. Scenery, architecture, weather, and convenience are all well and good, but at the end of the day, it’s the people that matter most.

Whether it’s conscious or not, most people are constantly trying to find their tribe, people that don’t have to explain themselves to, or walk on eggshells around. They just want to feel comfortable around their neighbors and know that if they need a helping hand, there are always plenty of them around.

Marketing to Millennials may be challenging, but it’s worth the effort. To successfully grow the real estate business, remember to focus at least some of your real estate advertising efforts, toward this powerful target market.

Learn how and where to find Millennial real estate prospects online. Then, make an effort to connect with them in meaningful ways. Once you find the most qualified Millennial prospects, you can start building long-lasting relationships that will hopefully lead to lots of new referrals down the road.

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