Gen Y: The search for flexibility and independence

Across all business sectors it is becoming increasingly important to consider the implications of a grown up Generation Y (Gen Y). This unique group, aged 25-34, will make up one-third of the workforce in three years time, and a large proportion of such will allocate part of their incomes to property purchases. It is therefore important that real estate agents understand how to effectively market and sell to this demographic.  

 

Two words should always be considered when analysing the real estate priorities of Gen Y:  independence and flexibility.

 

In a world increasingly dominated by economic fluctuations and uncertainty, many Gen Y’ers are becoming hesitant to take on long-term financial commitments. This hesitance does not, however, preclude most from seeking out independence, autonomy and personal growth - just like the generations before them.

 

The following tips should be considered when marketing and selling to Gen Y:

 

·         Although Gen Y’ers will often seek to use the real estate market to create flexibility and independence, this does not mean that they are completely risk adverse. Take the time to explain and crystalise different property options;

·         Be aware of what Gen Y’ers might look for in a property; for example: technological capacity, modern design, innovative storage and easy parking;

·         Ensure that you capture and cleanse data relating to Gen Y for market research purposes; this can help you to develop marketing and selling strategies that appeal specifically to the demographic.

·         Look to engage Gen Y’ers on their terms: This means utilise technology – social media, mobile Apps, viral marketing and audiovisual content are the way forward.

Gen Y’ers, although confident, are also receptive to advice. Focus on open, efficient and consistent communication to  facilitate an outcome consistent with their needs and wants. 

Posted by Reality Bytes - Real Estate Training Blog on 25/07/2012 at 12:26 PM | Categories:

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