Whoever works in the real estate market or is considering making investments in the area must always be well informed about the client’s behavior. After all, it is thinking about possible buyers and renters that trends, types of property, rising neighborhood or other characteristics are analyzed. With that in mind, a very expressive group that needs to be closely watched is that of the millennial consumer.
This young generation now represents a significant portion of society and the workforce, and they are consolidating in adulthood, in which many are looking for their own place to live. However, his buying behavior is far from being the same as that of his parents. This means that in order to win over this audience and succeed in sales, it is necessary to study their preferences, priorities and demands.
With this in mind, we developed this content so that you better understand the profile of the millennial consumer and learn how to reevaluate their strategies and business opportunities to attract them. Interested in better understanding the subject? Follow the reading!
After all, what is the profile of the millennial consumer?
The millennial generation comprises a range of people who were born between 1980 and more or less 1995. There is even a division between Old millenials – who lived their childhood in the 90s, in a pre-internet time – and the Young millennials – who were children in the decade 2000 and never got to know a world without an internet connection.
This means that individuals who are part of this generation are already reaching 40, and many are living in their 30s. One aspect that definitely marks this generation is the internet and the technological advances that transformed their childhood, adolescence and, consequently, their vision of life and relationship with people, work and consumption.
Because of this, they are people who, thanks to the availability of materials that the online world has brought, prioritize quality and authentic content and are well informed about their choices. It is a generation that also started to value information from non-traditional sources, which is why they seek validation about products and services in blogs, reviews, YouTube videos, among others.
They use social media heavily as a channel to communicate and engage with brands. In addition, they are dynamic, like technology and are constantly connected, and can even be impatient and immediate.
What to consider to attract this audience?
Now that you know some characteristics of the millennial consumer as a whole, it is worth understanding what your demands are when it comes to the real estate market. In fact, this generation differs from the others in a number of priorities. Below, check out the most important points that deserve attention in order to be successful with this audience.
Preference for urban centers
As we mentioned, the millennial consumer is dynamic and is very accustomed to the ease and speed of technology. Therefore, they usually solve things with more practicality and do not like to waste time. This is reflected in the trend that they prefer to live in places with greater mobility and close to key points in the city.
Unlike other generations, they are less likely to live miles away from work, for example. When choosing a property, prioritize the accessibility of urban centers and look for well-located neighborhoods with good transport infrastructure, commerce, schools, cultural activities, etc.
Compact and functional spaces
Practicality is an important keyword when it comes to the millennial consumer. Most of them will prefer to live in functional and smaller apartments in condominiums that offer differentials such as fitness, coworking and collective laundry than in large units that require more maintenance.
This is because this generation has a greater sense of collectivity and, unlike their parents who wanted to achieve great good, they focus on simplicity and usability.
Desire for rentals
Hooked with the previous topic, the dream of home ownership cultivated by previous generations is not exactly the same for the millennial consumer. Less attached to material goods, these people value well-being and prioritize the most intangible aspects of life, such as mental health and happiness.
Thus, in the real estate market, this is reflected in the fact that many prefer to rent rather than establish a greater commitment to the purchase of a property. Research shows that 80% of these consumers between 25 and 39 years old do not mind living on rent and having a more detached lifestyle, which is a great business opportunity for those who want to generate income through rental.
Interest in technologies
The millennial consumer grew up with technology, it was part of each phase of his development as a person. When choosing his home, he will certainly use digital media to search for apartments, contact the real estate agent or landlord and even close a deal.
In addition, it is quite possible that you are interested in modern developments that have optimized functionality and that incorporate technology into the routine of the condominium.
Healthy behavior, sustainability and contact with nature
The millennial consumer, as we have seen, seeks to add things to his life that make sense with his ideals. Well-being and quality of life are at the top of their priorities, which is why we comment that many people prefer, for example, to live in a smaller location that allows them to walk to work.
In this line of thought, attracting this buyer will be easier when thinking about integrating these immaterial elements into the real estate offer. Many already have a habit of exercising, so condominiums with a well-structured gym, sauna, spa, bike rack, among others, will draw your attention for practicality and comfort.
In addition, developments close to parks or with common green areas that provide greater contact with nature are a good bet. Sustainability is also a differential for this audience: efficiency in lighting, solar panels to generate energy, water reuse system, among others, will captivate them.
As you can see, the millennial consumer represents the age group of most buyers in today’s society, and their drive to consume is relevant. Therefore, mapping your behavior and understanding your needs is crucial to success in doing business with this audience. If your desire is to invest in the real estate market, be sure to keep an eye on this group, as the potential is great and, most likely, one of these people may be your next customer!
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