What millennials who want to buy housing expect is that their real estate agent uses the technology to make the operation faster and without complications, process the information to expedite procedures and anticipate possible problems. Real estate agents under 35 will increase their influence as clients in the real estate sector, by centralizing 30% of operations in 2019. In the case of purchase for the first time, they exceed 60%.
PROPERTY OWNED OR RENTED
One aspect that has changed in millennials compared to other generations, such as baby boomers, is that they live in rented homes or rooms, in some cases by vital decision, in many others, out of necessity. 30% of the population, millennials, prefer to be owners, but have difficulties to achieve it. 60% of them, who live on rent, would like to own property and invest in their own assets, but cannot afford it.
The problem of rent is that the price has risen 25% in the last 10 years, which makes it difficult to access a mortgage loan, due to lack of savings.
The tendency despite this is to increase the percentage of rents, reaching 23% of tenants (four more points in the decade, according to Eurostat5 data).
MILLENIALS AND THE REAL ESTATE BUYING AND SELLING PROCESS
Young people assume a more active role in the buying and selling process, hoping that their agent will take advantage of technology so that everything is faster and smoothly. They spend more time researching and selecting their real estate agent in Noida, reviewing opinions and their social networks, and interviewing 3 agents on average before deciding on who will represent them.
THE EMOTIONAL ASPECT IN THE SEARCH FOR HOUSING
The “emotional hexagon” report shows that the search for housing is not a satisfactory process; 6 positive and negative attributes have been used to assess the experience:
- Bland vs. Exciting;
- Complicated vs. Simple;
- Tired vs. Comfortable;
- Distressing vs. Quiet;
- Frustrating vs. Satisfactory;
Only in one of the six attributes of the emotional hexagon do they see their positive side: the search seems more exciting than nondescript. In the rest, they are more negative than members of more mature generations.
THE EXPECTATIONS OF MILLENNIAL BUYERS
The millennial generation differs from others in how they deal with the real estate sales process. They assume a more active role, ahead of the real estate professional in tasks that years ago were exclusive to the real estate agents in India, as determined by the list of homes to visit (buyers) or determine the price to market (sellers).
The access to information has led to documenting the process, but still rely on the figure of the counsellor to guide them in times of difficulty and solve complex problems.
48% of Millennials review opinions and testimonials made by clients of real estate agents; a percentage that doubles the baby boomers generation. One of the biggest problems they face is that the acquisition means a financial problem, needing help from family members to face the financing, since they do not have enough savings. Therefore, they seek help to find that financing and resolve fiscal questions.