How millennials are reshaping the real estate industry
Today’s millennials are dominating almost every industry, and affecting buying and selling habits, through their choices and preferences. Millennials, a group of people, who’re born between 1981-1996, are shaping a new world by becoming an integral customer segment for every type of business. Their presence has redefined many industries over the last few years, one of which is the real estate industry, especially the housing sector.
Most millennials are living an incredibly good quality of life, with access to a variety of sources of information, and are not ready to settle for anything less, that’s for sure! So, they are a new group of home buyers, considering their unique preferences and expectations. They buy a home today, with no time to remodel it later, as per their specific housing requirements. Instead, many of them prefer ready-to-move houses, since convenience is one of their most considerable parameters.
With the significant rise in the number of millennials buying homes, it also demands a significant rise in the number of millennials working in the real estate sector. As a reliable real estate developer in India, we know there is a huge influx of millennials working at property development companies. They are redefining how to connect and interact with customers, considering the way millennials research anything and everything, with ease of access to technology nowadays. In fact, insurance companies are utilizing behavioural economics and artificial intelligence to make the insurance process more convenient for customers. Millennials rely heavily on their real estate developer’s online presence, particularly social media presence; so, agents are not only diving deep into advanced technology, like virtual tours, but also working towards building a strong online presence. Lenders are also playing a crucial role in this transformation by creating digital platforms online, so that people can easily apply for homes or handle their mortgages online.
Anyone who’s looking for a house these days, already has access to immense information online, because of which they have specific requirements and a solid idea of what exactly they desire. So, as a renowned residential and commercial property development company, it is essential for us not only to understand their specific requirements, but also to build immense trust and make them realize how unique and valuable our services are. Moreover, it becomes necessary, as one of the most considerate property development firms, to give buyers the right information and clear their misunderstandings due to excess information, so that they can make a well-informed decision.
Other than preferring a location that fits their lifestyle and provides unparalleled connectivity, millennials also prefer a sustainable space, considering there is an enhanced sense of responsibility of owning a home. Millennials are aware and mature individuals, with an eco-friendly and sustainable approach to life. So, solar panels have become a new norm in homes being constructed nowadays. In addition, they also feature a common energy grid via which energy usage can be controlled and waste can be minimized to a significant degree. However, since most home insurance schemes cover solar panels, it is likely to amplify insurance premiums.
Smart homes are being made with empty conduits to supply control and transmission cabling. These homes comprise high-end water detection, security systems, monitoring of electrical appliances, and humidity indicators, which prevent potential financial losses and damage.
So, it is incredibly important for us to ensure that we meet the specific requirements of millennials and provide facilities that are exclusively built, keeping the new consumer preferences in mind.