PROPERTY NEWS - Real estate agents are finding both challenges and opportunities in the wake of this non-traditional and tech-savvy generations' increasing buying power.
“The millennial market is huge,” says Schalk van der Merwe, a Rawson Property Group franchisee based in the Helderberg Basin. “They make up 26% of our entire population, and are now at an age where they are having an increasing influence in the property market.”
FNB statistics place 44% of South African property buyers in the under-40 age category – prime millennial territory.
“As agents, this is a massive opportunity,” says van der Merwe, “but it does mean that we need to adjust our approach to suit the needs and attitudes of a new kind of buyer.”
Increasing use of technology
One of the most obvious changes happening as a result of this evolution is the increasing use of technology in the property industry, with buyers relying heavily on digital content for both information and advice.
Far from reducing the importance of an estate agent, however, van der Merwe believes this digital revolution has actually increased the need for a 'human touch' when it comes to sales.
“The role of the estate agent is shifting from being a supplier of information to being an interpreter of information,” he explains. “Buyers – and sellers – need help cutting through the noise and overload of the online property world to make sense of what they’ve learned in relation to their own needs and lifestyles.
Having real experience, genuine neighbourhood knowledge, and the ability to give insightful opinions and advice is more valuable than ever. We estate agents need to become trusted advisors, not just salesmen – that’s where our future lies.”
