The generation Y home buyer might be the most challenging, but also most rewarding demographic to sell to today.
There are several buyer traits that make this generation difficult to sell to but if you can figure out an effective way to present the value of your product on their terms, you will enjoy this flourishing market.
One of the most important attributes that Gen Y is looking for in a home is walk ability. If you are selling or renting in an urban setting, odds are that easy access to shopping and public transportation are high on your consumer’s list of wants.
The generation Y consumer is smart, young and frugal. At the same time, they desire high quality finishes that will stay inside of their budget. This presents an interesting challenge for homebuilders and sellers. How do you satisfy a desire for high style while also staying within their budget?
The answer is to choose your finishes carefully. This generation of buyers wants something that looks high style but doesn’t have to be the top of the line. I guess you could say that looking good goes a long way with this buyer.
Many would advise builders to avoid the luxury the clichés, which include the fish bowl looking bathroom sinks. Instead go for a clean, modern look with less distraction. It’s all about simple, modern, and clean.
Another thing that Gen Y buyers will be looking for is a certain level of technology within the units. Many believe that tech is not a want for Gen Y, but a need. Even the most basic units are starting to incorporate built-in media systems with iPod docks and pre-wired surround sound systems.
Maybe the most important selling point for generation Y is the price. I am not saying that they want just the lowest price, but they do want the best value. This group is smart and they will negotiate to the end. It’s not that they are cheap, they just want to get the most out of their money and that means we must present a product with high-perceived value.