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How to Market to the Newest Set of Home Buyers—Generation Z
Move over Millennials, because a new generation is about to enter the housing market for the first time. Generation Z—comprised of people born from 1995 to 2010—is coming of age, with "older" members of the generation entering their early and mid-twenties. While they share some similarities with Millennials, Generation Z is the first generation to truly grow up in the digital age. Now they're graduating from school, starting families, finding careers, and of course beginning the search for homes of their own. That means it's time to start thinking about how to market to a new generation of homebuyers, and we're here to help with a guide to real estate marketing for Generation Z.
Today, members of Generation Z are unique, because they don't remember a time without cell phones, high-speed internet, and social media. They are comfortable with rapid technological advancements and have come of age relying on the tools of the digital world. This impacts how they shop for homes, and how they interact with real estate agents.
- Owning a Home Is Still a Major Goal
While members of Generation Z may approach the process differently than prior generations, rest assured that they are still very interested in owning a home. However, the size of the home may be less important than its function, convenience, utility, and location. Members of Generation Z aren't just social online—they want a home where friends and family can gather. - Value Is Critical
Generation Z witnessed the most recent financial crisis first-hand, went to college in a time of high student loan debt, and understand the value that comes with shopping for the best deal online. All of these financial factors combine to make these young home buyers more likely to shop for a bargain, and more willing to wait until they find the right deal. As a real estate agent, your value proposition for Generation Z should reflect your ability to help them find the deal that's right for them. - Getting Social
You'll find plenty of social media users from every generation, but only Generation Z has truly grown up in the social media era. That means they're very comfortable with social platforms like Instagram, Snapchat, and Twitter, in addition to the other big names. They expect agents to be able to communicate through social channels and may respond to social marketing more than other digital tactics like email marketing. - Your Online Presence Is Crucial
Since Generation Z is fairly risk-averse compared to other recent generations, they will shop around for both the right home and the right real estate agent. That makes your online presence, including your website, blog, and MLS search, more crucial than ever. This generation is completely comfortable shopping online, and unafraid of moving on to the next option if they can't learn what they need to from an agent's website. - Financial Hurdles and Entrepreneurial Spirit
Student loan debt is the number one home buying hurdle for Generation Z, but this generation also has an entrepreneurial spirit. Members of Generation Z make the most of the big economy, and understand the value of saving rather than spending. Because of this, many members of Generation Z still expect to purchase their first home between the ages of 26 and 30.
Interested in learning more about how your real estate business can prepare for Generation Z? We're here to help. Contact us to learn more about real estate marketing strategies for the newest generation of home buyers.
