"Everyone" talks about Generation Z (often abbreviated as Gen Z) and Millennials. They are often referred to as one homogeneous group. Which they certainly are not! In 2023, Gen Zers are between 11 and 26 years old. Millennials are from 27 to 42. Just that alone is a huge gap, and in practice, it's Millennials and a few older Gen Z individuals who are interesting in this context. There is still a big difference in age, interests, and life situations. Nevertheless, let's try to look at some facts and commonalities.
A digital generation
Millennials are digital. Some are more digitally curious than others, but digital they are regardless. They have grown up with technology as an integral part of life and experience the digital and physical worlds merging into one. Generally, they expect to be able to seek information, make purchases, and communicate with others in the situation they find themselves in.
To reach them, you cannot avoid having a strong presence on digital platforms.
Concerned about the world
The question is, which world? The big one or their own? Generally, interest in the environment and sustainability has drastically declined among the younger generations in the past couple of years. Especially among the youngest, as demonstrated by recent school elections.
For many, it's likely a coping mechanism that kicks in. "Everyone" knows that our common planet is in serious trouble and that drastic measures are needed, but for many, it becomes almost too serious to handle. It's easier to engage in their own little world and shut out the problems.
Nevertheless, we believe that young potential homebuyers as a group will increasingly focus on sustainability with each passing year. Both out of personal interest and because it benefits the whole, the environment!
Environment and Conscience
Marketing towards Millennials should therefore clearly communicate how the property contributes to reducing environmental impact. Highlight eco-friendly features such as solar panels, energy-efficient appliances, and good public transportation options. Anything that reduces fixed monthly expenses while simultaneously providing a cleaner environment and a clearer conscience are good qualities to talk about!
Social consciousness and community engagement are also important for this target audience. Showing that your real estate business takes social responsibility can be a significant factor. Participation in local charity events, support for community projects, and other initiatives that have a positive impact on society can influence purchasing decisions.
Honestly!
Millennials don't want to be talked at, but rather involved. They appreciate honesty and transparency. Marketing should be accurate, informative, and engaging. Customer reviews and recommendations from previous buyers or tenants can help build trust.
The target audience can be engaged through interactive marketing elements such as surveys, question-and-answer sessions on social media, and customized property viewings.
Quick responses are also important. Effective ways to communicate with customers, such as chatbots, prompt email responses (which is a communication tool the target audience vastly prefers over making a phone call!), and accessible customer support, are essential to meet their expectations.
The Good Stories
Finally, if you have relevant, positive references and customer stories ready, it's never wrong to communicate them! Share success stories in a way that shows you understand the young generation's needs and values their choices.
When we tailor our marketing to their values and preferences, we lay the groundwork for a successful future in the real estate industry.
Because even if the newly established couple isn't in buying mode now, the experience you provide them today may be crucial for who they choose to buy a home from in a year or five!
