Helping Millennials Find The Best Homes To Rent

Millennials, also known as generation Y is the name given to people born at the dawn of the 21st century – new millennium. Born into the early stages of the digital revolution, Millennials are largely referred to as digital natives across the world. For better context, millennials are those born between 1982 and early 2000s, currently within the ages of 22 – 40yrs but in this article, our focus is the mid to early end of this age bracket who are currently within the ages of 25 to 35.

These are upwardly mobile individuals who form a bulk of the generation entering into the peak of their earning years. With technology and the emergence of cross border economic activities, many millennials are exploring opportunities of increasing their earning power geometrically. Consider the gig economy, indicated by the rising number of millennial freelancers, the rapid growth of well-paid tech jobs, earnings in forex and more. These factors combine to influence their lifestyle choices and effective demand.

Consequently, as more millennials seek independence, an income increase will prompt them to change accommodation. Either the younger ones who are just moving out of their parents houses or the older ones who have more income to afford larger apartments. Their growing needs, improved financial position and generational lifestyle make them of quality value to the real estate market.

According to Goldman Sachs’s Millennials coming of age  “Millennials are poised to reshape the economy; their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business for decades to come.” Understanding these lifestyle requirements as a real estate agent would help you anticipate their needs and guide you in selling and upselling properties to them. As they say, “who no like beta tin?”

In our research, we have classified three major areas to note are:

  • their lifestyle influences,
  • the decision-making process and
  • limitations they may face when as it relates to renting.

Lifestyle Influences

Trend are a big part of a Millenial’s life, the fear of missing out is a huge deal. As new money enters, they want to identify with the latest, what is most up to date. A key angle for you as a real estate agent would be to present your properties in light of the hottest new trends. The digital space offers insight on new trends. Are you promoting properties in digital spaces where they hang out? What are the hottest new locations catching their fancy, have you got properties in those locations? When on social media, how well do you manage your direct messages? You can create automated responses so that they see you are also tech savvy and can keep up with their fast pace.

The decision-making process

Millennials are usually very specific with their demands. They know what they want. While it may be trending, it also has to fit purpose. For instance, they definitely don’t want to be trekking for miles to locate a property or be in an area with poor internet access. Major life events like getting married, changing jobs, etc. all play a role. Millennials also love status. Does your property fit their desired status in society? Preferably, consider posting relatively affordable housing in areas closer to the center of town where they can easily access things of interest like hangout spots, shared working spaces and such. If power supply is by chance unsteady, does your property offer a matching alternative?

The limitations they may face

Time. This is a major constraint. Who has time to browse so many properties and call a different agent every time for specifications and inquiries? Worse still, who wants to trek for miles to inspect a property? It would support your cause if you posted properties in groups of relevance to target audiences. Try to be so precise that the photos you post are exactly what’s available on site. Also, properties with caveats like “must be married” or “no single people allowed” or “only people of a particular tribe” are a wrong fit. While you need to be upfront with such hidden rules, it causes a big limitation with this target sect. They love inclusion and do not like discrimination in any form. Offer them properties free of such requirements.

The platforms where you post properties also has to be reputable and make property search easy. Photos, descriptions and other vital info need to be clearly spelt out. Have you posted properties on buyletlive.com? We offer you automatic property descriptions that are detailed. You get to save time and can post more properties while attending to enquiries. We also have package benefits that are very helpful to your career progress and connect you to the target audiences you need.

Find out more when you sign up on buyletlive.com

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