Over the next 10 years, 700,000 Millennials plan to move out of their parents’ basements and into their own home. With Toronto’s booming tech industry, many young buyers are relocating closer to the city, placing new demands on the pre-construction market. Developers and agents need to integrate new technology into their sales models in order to compete for this new generation of home buyers. It’s been proven over and over again, millennials shop differently, and real estate is no exception.
Here are a few of the ways millennials are influencing the way pre-construction homes are sold:
Visualization technology reigns supreme
Before reaching out to an agent, millennial home buyers have already done their research and found a few properties they’re interested in. Information about neighbourhoods, floor plans, and pricing should always be easily accessible and mobile-friendly. Modern sales agents regularly release new content that caters to millennial buyers, helping them make a decision about a property — this includes 3D floor plans and adopting visualization technology like augmented reality.
“In a 2017 report, the NAR found that over 95% of buyers searched for their new homes online or through apps, and over 50% found the homes they bought online first.”
The new sales centre is on mobile
From banking to shopping for groceries, millennials are extremely comfortable making financial decisions via mobile app or website. Buying a home is no different. In the pre-construction market, augmented reality allows potential buyers to explore every inch of a property from anywhere in the world. Developers are using this technology to bring the sales centre experience directly to the buyer. Through platforms like Kavtek, sales teams upload 3D floor plans and invite their clients to view properties in AR on their smartphone.
Client experience is everything
Millennial home buyers are much more likely to trust the opinion of friends or family instead of brands. Offering an amazing buying experience can lead to exponential business through referrals and online reviews. Think about your client’s journey and how you can impress them at each and every touch point. For better or worse, millennials’ attention is on their smartphone — pushing highly engaging mobile content and 3D floor plans to potential buyers are a logical step towards getting more leads and referrals.