Y Gen - the who, what and Ys

By Sara James and Kaitlin Beck [ Fri, October 09, 2015 ]

A new breed of buyers 

Before I even begin I know what you’re thinking. Y Gen this, Y Gen that. What is it about all this Y Gen talk?

Let's follow on from last month’s PRIMOLife article where Perth Style Co. were featured as forceful Y Gen business chicks on the Perth property scene. Being Y Gen ourselves means we know the Generation Y aka ‘The Millennials’ and a lot of you need to know us particularly when it comes to this new breed of property buyers..

WHO are they?

Millennials are the offspring of the Baby Boomer generation born between 1980 and 2000.

WHY are they so different?

They have grown up with technology which means they are extremely tech savvy and always, always always online. Millennials are extremely socially connected: Facebook, Twitter, Instagram, these are everyday survival tools for your typical Millenial.

WHY do they matter?

There are 2.5 billion Millennials worldwide, making them the largest generation yet. They matter because these 2.5 billion technically savvy high achievers heavily impact consumer brands and trends all over the world with an influence like no generation before them.

More importantly, they have all now entered the workforce and are the new up and coming breed of property buyers.

As Baby Boomers near retirement and Gen X settle into their family home while their kids grow, Millennials, with their extremely high expectations are on the hunt for their dream homes.

Of course they search for property on line 24/7, they share their findings with their social networks to seek validation and this is rapidly influencing the way real estate is marketed.

MILLENIAL mentality

You know the saying, ‘Well, back in my day...’?

There are many many stories of economic hardships shared by generations before us, but the truth is Y Gen’s have been lucky enough to experience nothing but good times.

Have you also heard of the term ‘Spoilt’?

In a way, the good economic weather Y Gen’s have experienced growing up has result in materialistic behaviour and/or expectations.

When it comes to property the search criteria of a Millennial is so vastly different to what their parents looked for in a home. Number of bedrooms, block size. No chance. Millennials look for individuality, lifestyle, modern trends they can identify with and the big one – in short, how the house makes them feel.

HOW do we turn them on?

Well let’s just say the signboard out the front of a property is not going to seal the deal for a Gen Y. You'll have to start thinking like a Millenial to appeal to one:

a)  Where are the social icons to like or share?

b)  Where is the drone over the suburb and video paired with funk beats?

What you need to understand is that these buyers are the future and their demands will shape the real estate market for the next decade.

We have made it our business at Perth Style Co. to understand the psychology of an array of consumer demographics. When presenting and marketing you home for sale it’s critical you know how to engage buyers through your marketing campaign.

So here are OUR TOP 10 TIPS to help you engage with Millennial buyers;

  • When appointing an agent ensure they are digitally savy.  It’s important that your agent has an active electronic database and marketing methods that incorporate all social media networks. How many followers do they have? How active is their Facebook, Twitter and Instagram? Are they aligned with any bloggers? Will your property reach the right people?  
  •  Call Perth Style Co. for a pre-sale consultation, we will help you hit the market with a bang! We know Millennial buyers.
  •  Grab a roller - Paint white white and only white – don’t even think about leaving that feature wall. 
  • De-Clutter – From personal photos to multiple accessories. If it serves no purpose or is not on trend in 2015 it must go!
  • The devil is in the detail – From book titles on display to soap ware next to the sink, use hot brands buyers can relate to. This will create desire. 
  • Create Sexy Visuals - Grab yourself a trendy home magazine and take note of their table accessories and linen trends. 
  • Rockstar artwork – Oversized artwork brings personality to any home, draws the eye and captures attention. Not to mention photographs brilliantly in your marketing campaign. Check out our online store for affordable options that rock any space.
  •  Invest in a creative professional photography that can capture the lifestyle your home has to offer. Also strongly consider a professional video that can be seen online, worldwide, 24/7
  • Ignite the senses – A strong aroma such as a scented candle burning for a few hours before your home open is a great touch but a funky playlist is our expert tip..
  •  Invest in digital marketing package that gets you listed on all the major real estate sites. Some agents even offer an individual landing page from your home.
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