Millennials. A generation that is eight million strong in America and worth $200 billion in annual spending has become the most targeted, most talked-about consumer group in virtually every industry. Now, their influence has reached the commercial real estate market, making it easier, better and faster to buy and sell properties.
Ranging in age from 18 to 35, the millennial generation is the last to remember life before the Internet, and technology has become integral to they way they live. They connect through social media, are rarely without cell phones and are quick to adopt new apps, programs and advancements. In work, they prioritize ease and efficiency – a preference that will carry over into a more user-friendly real estate environment.
Commercial real estate professionals can watch for the following changes to come about as a result of the Millennial influence in the market:
A more complete listing
Single images with basic property stats and pricing won’t cut it any longer. Millennials demand more information in order to answer their make-or-break questions, and that includes interior and exterior photos as well as video. Companies like Bubl and Matterport have already launched technology to make these listings easier and more affordable.
Millennials place a high value on their time, so they’ll find ways to minimize the back-and-forth between agents and brokers. Expect a text-to-confirm standard to become more common in initial property vetting, along with automated scheduling through online or mobile app interfaces such as the one provided by Showing Suite.
Social media will be instrumental in publicising commercial offerings, as Millennials will share articles, and publish property listings or requests. But, beyond that, tools like iBeacon technology will allow for relevant, local marketing through smartphone interfaces. The commercial real estate market can capitalize on this generation’s constantly connected world.
Access to and organization of information must be simplified yet robust for agents. Companies like CompStak and CoStar already streamline commercial real estate information, so professionals can consult a single, user-friendly site for comparables. In addition, sources like CoreLogic evaluate decades worth of data to determine trends in the market. More options are likely to emerge as Millennials seek to determine which property is the right investment or track which brokerage strategies are effective.
By bringing a user-friendly approach to commercial real estate and the technologies it uses, Millennials have the potential to make the market faster, easier and better for all who invest in, develop and broker properties. And, by tracking these trends and the latest tech developments in the commercial real estate field, Intelica can help you make the most of it. Contact us today to learn more.