Before we jump on to what you need to know about millennials as realtors, let us have a quick fact check.
- According to recent reports from the Central Statistics Office of India, millennials contribute 34% of India’s population, which is nearly around 440 million people in India.
- Easy access to home loans for aspiring millennial homebuyers, the contribution of millennials in sales of properties has jumped from 50 % in 2020 to 54 % in 2022.
- The real estate business is expected to grow by over 1 trillion dollars by 2030, contributing 18-20% of India’s GDP.
You would be happy to know this…
In the initial phase of life, the older generation used to rent homes, and then after a certain age, they used to buy their dream homes. But it’s not the case with millennials; they refuse to compromise and aspire to buy their own home. While choosing the dream home, the millennials expect their homes to be integrated with modern amenities that would be at par with global standards.
Now let’s dive deep into some critical points about what realtors need to know about millennials!
Millennials prioritize health & hygiene
When we say “Health is Wealth”, millennials actually mean it.
Millennials make a basic necessity to have renewable energy through solar panels, conserve water through rainwater harvesting, wide-open green spaces, and safely disposable domestic waste through organic waste management systems, to live a healthy and sustainable lifestyle.
Modern homebuyers seek real estate developers who adhere to global environmental standards and hold certifications as environmentally conscious builders. Realtors must understand that clean and tidy property is highly attractive to millennials.
When buying/renting a home, the millennials would be concerned about property conditions, smart environmental amenities, and convenience with affordability. By predicting the future, eco-friendly and sustainable materials used in constructing properties would have huge demand and boost real estate sales at a higher level than ever.
Millennials are digitally connected & tech-savvy
Is your real estate property digitally connected to reach tech-savvy millennials?
If not, your upcoming projects must be equipped with trending technologies, and homes should be accessible through a single tap on smartphones. From the start, while hunting for dream homes/offices/shops, the millennials prefer listings of properties online, 3D images and virtual tours of properties, instant calls/chats from chatbots/brokers, and many more. For in-depth knowledge, you can read or blog Real Estate Marketing Through Virtual Tools.
Furthermore, millennials should also get features of comparing properties, calculating prices, and EMIs through loan options.
Leading real estate developers have incorporated thoughtful amenities and IoT technology into their residential and commercial projects. This allows appliances and switches to be controlled through smartphones or tablets, and Virtual Reality enables visualizing furniture placement and home renovations efficiently.
As a real estate broker, you should be updated with trending technologies to enhance customer journeys and attract more millennials who would be happy customers of your real estate asset.
Millennials desire spacious & smart homes
With today’s increasing population, finding spacious and luxurious homes in India is tough. In metro cities of India, real estate developers are allocated limited plot sizes, and due to this, the developers fail to offer space, luxury, and comfort in one apartment.
Even if the real estate developers provide spacious and smart homes, they are also expensive according to location.
Thus, in search of better space and convenience, millennials are shifting from metro cities to small towns/outskirts/suburbs of cities and buying their dream home at affordable rates, which increases the chances of realtors to grow in such areas.
Millennials want easy payment options for properties
With a significant increase in purchasing power and an indefinite desire to achieve a modern lifestyle, millennials are investing in integrated real estate properties.
Again a fact check!
More than 79 percent of the millennials have 9 to 5 jobs, and every homebuyer desires an affordable home convenient to their workplace.
So, even though millennials’ dream homes are expensive, they would still arrange their finances through easy EMI loan options and grab their spacious home. Therefore, government, private, and cooperative banks attract many millennials with affordable home loan options. You can also offer your client any loan through easy services offered by Homesfy Loans.
Millennials look for essentials nearby
While seeking the perfect dream home, millennials look for ease and convenience. For a peaceful living, modern homebuyers want a stress-free life, which comes with easy travel to their daily locations, i.e., office, city markets, schools, banks, hospitals, etc.
Nowadays, as India is upgrading their infrastructure by constructing highways, building metros, introducing e-buses, bike taxis, and so on, considering the location is one of the significant factors for the decision-making of many aspiring modern homebuyers.
Remember!
Realtors should understand the growing demands of the millennials. You should invest in technology and digital marketing to upgrade your business and offer unique features to attract more millennials to buy homes from you. As a broker, you should be well versed with the listings of particular real estate developers and adequately explain every detail of the proposed properties.
Being first-time buyers, the millennials would seek help from different brokers and thoroughly research various properties using the Internet. Therefore, brokers should gather information and stay updated on current trends in the real estate market.
Well, mymagnet can come in handy to fulfil your real estate broker’s duties. You only need to DOWNLOAD the mymagnet app and be our Magnet Partner!