If you are not a Gen Yer yourself, you may think that they are a 'funny' bunch, hard to understand and demanding. It's not that at all, like every generation before them, they have been born at a particular time with particular influences. The influence that drives Gen Y is technology and that determines how they view the world and how they also do business. So their 'needs' in a residence are somewhat different to Baby Boomers.
Much of the housing industry has been focused on what Baby Boomers like - formal living rooms, dependence on cars and soaker tubs. But Gen Y (Millennials) are not interested in any of that. They want something different, and with an estimated 4.7 million people in the Gen Y group in Australia, it's time to start listening and catering to their needs if you want their business.
At this point Gen Y is reluctant to jump into the property market and take on a mortgage, as found out by a recent survey. A drop in interest rates is not enough for them to take the leap into the market. Interest rates will need to be cut a lot deeper if this segment of the market are going to start considering it. So Gen Y will sit tight in their rentals and boost their savings.
So what do Gen Y's look for in a rental (or if they do purchase)? Usability and speed. This means they want to live within walking distance to amenities, they don't want the burden of lawns to mow (but outside paved living space set up like a living room would be great).
They want to communicate fast - text messages is their communication of choice, so don't call them to make appointments, text them! They are very connected and can find information fast so when they show up to look at a place (especially if they are in the market to buy), they have done a lot of research.
So what specific things do they look at in a place to live?:
They want usable space, it doesn't have to be big, but it has to be thoughtful. Rather than a formal living room, is there space in the TV viewing area to use their wii?
Get rid of the landlines, there's no point having them. Gen Y's are attached to their mobile devices, so offer free wifi in their rent instead. Make sure there is good cell reception (of course this is based on the service provider, so maybe in the marketing give a run down of which services work best.)
No Sigining, No offices - Do everything on your iPad from anywhere. When committing to a contract, do it digitally, and at the local cafe, rather than in an office.
Multi-purpose spaces - Millennials often have the entrepenueral/creative spirit, so rather than using a garage to store a car (which they often don't have), convert the garage into a workshop/office or what some call an 'urban garage'. Put in good lighting, heating, worktable or bench, this way they can use it as an office or a creative workspace.
These ideas may sound like light years away from what our parents wanted, but we have to adapt to attract this market. Soon enough we are going to have to think about what Generation Z will be after in a property!
So what features would you consider doing to your property to entice Gen Y's to either buy or rent?
No comments:
Post a Comment