A recent PropertyGuru article dated 25 June 2018 cited a HSBC survey, 54% of respondents aged between 21 and 36 years old are residential property owners. 24% of these people already have more than one property. One of the most striking findings of the survey was that 43% of millennials hope to own multiple properties.
What does this mean to you, as a real estate agent?
Based on national statistics, there are 4 million residents in Singapore, of which 2.8 million are between 20 and 69 years of age. About 800k of these people form the millennials, almost 30% of people likely to transact in property.
This presents a huge market for real estate agents which may potentially be underserved as they are also the same demographic likely to use DIY portals like the HDB resale portal without third party assistance.
How can you better target and serve this market?
- Social Media: Many millennials are not on Facebook. You may need to start using Instagram or Snapchat to reach out to them.
- Start Early: Some of them may not have the financial resources to purchase a property early in their careers. However, it will give you a huge edge if you start chatting with them early on financial planning to achieve their property aspirations. This may be an early lead not utilised by many other agents.
- Geographical Targeting: It is well known that new estates like Punggol and Seng Kang have a very high proportion of millennial residents. It would be a good strategy to focus on millennial marketing campaigns in these estates.
- Tech Savviness: Many millennials grew up with technology and are usually very tech savvy. You should make the best use of technology tools to support your recommendations and execute your transactions.
- Knowledge and Professionalism: Millennials might also be well read and might do a lot of their own research online even before engaging you or having viewings. Therefore, they are likely to have higher expectations and expect you to know your stuff.
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