Navigating generational preferences for better sales
Category From Our CEO
One of the best things about real estate is that it is always changing and adapting to meet new needs and reflect shifting lifestyles, with the latest trend to emerge being the increasing segmentation of the market along generational lines.
Baby Boomers and Gen X buyers have very different property preferences, for example, to Millennial and Gen Z buyers, and what is most interesting at this point is that their choices are not only being driven by affordability or age as they have always been but also by the exponential lifestyle changes that these various broad groupings have made in the past three years, not least because of the rise in remote working and studying.
For example, Millennials or Gen Z buyers who used to love trendy urban areas and apartments have been moving back to the suburbs en masse since Covid-19, but are still keen on the smart home technologies, energy-efficient features and open floor plans associated with their generation.
In contrast, 'Boomers and Gen X buyers who were renowned for their larger, trophy homes are now often more focused on living closer to family and being able to travel more easily, and quite happy to scale down to a smaller and lower maintenance home - usually in estates or secure complexes - as long as they don't lose any level of comfort and as long as it has a home office, or even two.
Meanwhile, with fuel prices staying high, everyone appreciates proximity to the amenities they need, from shops and schools to healthcare or medical facilities, restaurants and entertainment or sports venues. And with electricity in short supply in SA, there is also a growing general preference for a solar power system with storage batteries.
And all of this needs to be taken into account by homeowners who are trying to attract prospective buyers, which is why it is important to work with a property professional who understands what buyers from different generations want, and what might cause their preferences to shift from time to time so that we can help our clients craft nuanced marketing strategies that really resonate with the most appropriate demographic.
In addition, it is vital to appreciate that different generations tend to use different communication channels and platforms and to ensure that your property professional is able to offer a comprehensive marketing effort that extends across many channels and types of media, including social media platforms and online listings, as well as an effective local and international referral network.
Author: Chas Everitt