Here’s the truth: Millennials are currently taking over. It is their time to shine after all. They have the buying power, platforms, and ideas on how they should look for their own property.
But who are Millennials and why are they so important. According to a TIME magazine article, the Millennial generation is born between 1980 to 2000. They are currently the generation that’s shaping the world of local real estate for the better. Below are some formidable reasons why you shouldn’t take the Millennial generation for granted:
- Millennials are huge part of the population: Did you know that Millennials currently hold a quarter of the Philippine population? Fifty percent of this population are workers, making them powerful when it comes to the financial side.
- Millennials are now getting married: People in this age bracket are now in their mid twenties, the best time to get married for most Filipinos. Getting married means that they now have to buy their own property and live independently from their parents.
- Millennials are tech savvy: Seventy percent of Millennials are internet users. They buy most of their things through the internet, including properties. That’s why online property portals are in range and becoming more and more popular in the coming years.
Now that you know why Millennials are important, it’s time to find out how this generation choose their property. Here are the most important things that you should take note:
1. To rent or to buy
Millennials who are still starting out prefer to rent first before buying. Filipino Millennials are waiting for the right time to buy property and that time is when they are financially stable and ready.
2. Location
According to studies, Filipino Millennial home buyers consider the location as the most important factor to remember when choosing a property. Thirty-three percent choose to live near to their work while 40% opt places that are near to key facilities like shopping malls and entertainment centers. The survey also reveals that 47% of the respondents think thatCavite, but they still prefer the fast-paced urban lifestyle that the Metro offers.
3. Type of property
These modern home buyers still prefer the traditional house and lot. According to research, half of the respondents want to buy a house and lot. Meanwhile, only 38% prefers condominiums.
4. Luxury versus comfort
When asked if they’re willing to sacrifice floor meters for the sake of luxury, most of the respondents said yes. Mixed use developments will continue to grow thanks to this Millennial mentality.
5. Reviews are important
Filipino millennial homebuyers ask the advice of their parents when it comes to real estate. They also rely on online reviews. They check out the reviews of a portal or a property before inquiring or using it.
6. Mode of payment
Millennials save up for their down payment and rely on loans like SSS or Pag-ibig to pay for the rest. This can help them achieve their dream house earlier than saving up for it and live in it later.
Millennials are just like any other generation – just a bit more ambitious and adventurous. Focus on selling properties near in the Metro to the Millennials, if you want to generate a sale. Becoming involved in the digital world won’t hurt either in keeping in touch with the young ones.