The oldest members of Generation Z turned 25 in 2022, and they seem to have their sights set on homeownership. In fact, 85% of “zoomers” say they intend to purchase a home, and 48% plan to do so before the age of 29.
What unique challenges do these aspiring homeowners face, and what can you do to better serve them?
What is Client Z looking for in a trusted expert?
Born between 1997 and 2012, zoomers are digital natives. Like previous generations, they’re struggling with student debt, inflation and rising cost of living. But they’re more diverse (nearly half are minorities), tend to be more socially conscious about their spending, and place a higher value on authenticity.
What can you do to better serve this generation?
1. Prioritize technology.
Gen Zers expect a seamless digital experience in all aspects of their lives.
Smart technology (e.g., thermostats, security, appliances) are must-haves that should be highlighted. Similarly, mobile-friendly virtual portals, remote tours, digital documentation and eSignatures are expectations rather than conveniences.
2. Embrace their values.
Gen Z tends to spend with integrity, and they are willing to forgo products and services that don’t align with their values.
For example, 76% are concerned about climate change, and 73% will spend more on sustainable products. A property listing that highlights sustainable construction and energy efficiency will appeal to this audience.
3. Provide education.
Most young adults aren’t familiar with the real estate process and may have unrealistic expectations, especially regarding costs and timelines.
You can earn their trust by creating and sharing educational content designed to build their knowledge, both for the homebuying journey and homeownership. Possible topics include the importance of credit scores, saving for a downpayment, mortgage options and maintenance costs.
If you’re interested in other ways to better connect with clients of all ages, let’s connect.