Marketing to millennials is something that was mastered over a considerably complicated period of time. Trials and errors, patterns, and laughable failures from fluffy marketing techniques were all part of it. But as we welcome change and the courage to enhance and tweak real estate and marketing techniques to changing audiences, we have one more group to consider: Generation Z.
An overview
Who are ‘Gen Z’s’? In simple words, Generation Z or the ‘Zoomers’ roughly belong to the ‘1997-2021’ category. As time goes by, we are essentially looking at the new market in the real estate industry. Although millennials still form a hefty chunk of the market, by 2025, 75% of the workforce is expected to consist of zoomers. That leaves us with only one option: buckle up and switch up the marketing strategies before you hit a serious dead-end.
Know the difference
Millennials and Gen Z’s differ in quite a number of ways. Organizations in the past have hit quite a few speed bumps especially, due to their common misconception that these two are the same.
Wrong.
Up until now, if there was one sure-fire way to reach out to millennials, it was through social media. For millennials, their phones are their sanctuary, it’s their source of connecting, brainstorming, and relaxing. According to a recent Google study, 91% of millennials reach for their phones for ideas. Their ideal decision-making lies in a logical process of pros and cons. Although Gen Z’s share a lot of these characteristics, their ambitions are deeply rooted in authenticity. As a generation that is always looking for something more than just money. To them, it’s all about your purpose and your message.
Stay true to marketing an experience, while at the same time showcasing a way your organization has a positive impact on the community.
Embrace a new regime
With income rates superseding the previous generation, Gen Z’s are looking to make more money than their predecessors. Take advantage and consider carving out specialized approaches for this new market. Here are some absolutely stellar ways to attract Zoomers:
Know your Audience
Aside from the desire for authenticity and independence, these market segments treasure stability in an almost non-committal way. What we mean is, the youngest Gen Z is currently not even 25 years old. This points out the obvious fact that long-term rentals and homebuying at this point are clearly not ideal. For this reason, gauge your audience specifically through flexible options.
The Power of Media and Endorsements
It is no surprise that social media is a powerful tool. Its impact may even be everlasting, as experts assume. Take control of your brand’s message and image conveniently through social media including celebrity endorsements. In fact, they have more of an impact than you might think.
Fixer-uppers are the new trend
Yup, you read that right. Fixer-uppers or renovated homes are all the rage these days. We are talking about a whole generation, who cherish DIY’s and practically grew up watching crafty YouTube videos. In fact, Bank of America’s research indicated that 82% of Gen Z’s are more likely to choose a fixer-upper than a brand-new home. So, here’s your chance to make some cost-efficient choices while getting through to the trickiest market yet.
Amenities are key
Gen Z’s prefer communal spaces and sociable spots rather than staying holed up in their room. Being ‘tech-y’ and the need to self-adapt are key characteristics that make them different. They value friendships and relationships both current and prospective. For this reason, convenient locations, buildings, or neighborhood amenities are among some of their must-haves.