Generation Z are poised to enter the realty market. How to make them tick!
Are you still fashioning up all your real estate business ideas focusing on the millennials? Wake up, fellas! Gen Z has already shown up and is ready to hit adulting milestones like buying a home, getting married, or having kids.
Also known as iGen or Centennials, this cohort of freshly baked adults like to be independent, run their finances on their own steam and have homeownership on their mind early. They have an entrepreneurial bent of mind, are well-educated about their finances and are goal-hungry. In fact, almost 97% of Gen Z folks expect to purchase their first home between the ages of 26 and 30.
However, this generation is largely defined by technology. They have grown up in the smartphone age where convenience and instant gratification rules the roost, where technology is the ultimate medium to interact with the world, and where half of the Gen Z population will use their phone to scour good deals, reflecting their existence in a digital society fused with technological innovation and seamless connectivity. When it comes to buying homes, 90% of the Gen Z population plan to ink a deal online.
What are Gen Z folks looking for
Gen Z are tech-savvy and forged by the fire of the digital. Social media is their playground, and they are always on the lookout for reviews, ratings and comments before making a purchase. When it comes to buying a house, they will favor social media platforms and will prefer convenient e-commerce-like websites or apps that enable them to buy homes from their couch. Though they will most likely choose smart homes, Gen Z gives more importance to the neighborhood, which will weigh heavily in while coming to a deal.
How to cater to the Gen Z
As a realtor, if you want to harness this mushrooming Gen Z buyers’ potential, prep yourself up with the latest real estate technology, be visual-focused and use marketing tools that are flexible enough to incorporate with today’s social media networks. Without that, you will be left in the rearview.
1. Be Mobile-Only: 90% of the mobile time of GenZ folks is spent on apps rather than internet browsers. That gives you a solid reason why having a mobile app to attract the attention of the Gen Zer is important since you can reach them directly and send messages to their phones. On the other hand, it will allow them to shop for properties, enjoy interactive real estate content on the go without the need for chunky laptops or desktops. They can also have a direct line of contact with you where they can share their experience about your content, something which they value highly.
2. Offer an eye-pleasing, intuitive virtual experience: They say, a picture speaks a thousand words, but audio-visual content speaks a billion. For a generation raised on technology and primed in the virtual world, using virtual tours and 3D walkthroughs as a marketing tool will create instant appeal to them. Habituated to shopping through their smartphones, while lying on the couch, such real estate digital models of properties can reduce the number of trips needed, allow finicky Gen Z shoppers to visit and evaluate a building multiple times via a highly immersive experience and thus form an emotional connection with a place. And if you customize the tour further to appeal to a certain category of customers, that serves as icing on the cake.
3. Create a bulletproof online reputation: Having an impressive online reputation to boot is a must-requisite for a real estate business since it can create a profusion of benefits including referrals, leads, new contact, relationships and of course sales. To improve online reputation and digital footprint, real estate businesses have to spend some time building online reviews from happy customers and pushing them on various online platforms. And yes, don’t forget to keep your SEO strategies updated, so that potential Gen Z customers can see your name first whenever they think about buying a real estate property.
4. Be Social: Gen Z folks are social media addicts. They are the most technologically connected generation ever. It is important to note that this generation is slowly moving away from the likes of Twitter and Facebook to more visual platforms including Instagram and YouTube. So, as a real estate leader, you must have a professional Instagram account to showcase beautiful visuals of properties to attract them and generate leads. Stories can be used for advertisements. In the same vein, YouTube can be used for uploading 3D videos of properties or give real estate tips like “How to buy a home?” or “How to find a good home?”
Real estate leaders will have to move over millennials and connect with the huge, tech-savvy Gen Z population fast approaching their homebuying years if they want to lead the next leg of growth in the future. Since this cohort has fiscally more responsible attitudes than previous generations and consumes new tech tools to experience real estate including virtual reality and 360-degree views of properties, real estate agents should man up their real estate strategies, update their value proposition to appeal to the needs and desires of this upcoming generation. Resonating with Gen Z in a manner that suits them best is key to unlocking a windfall in sales.