Technology and modern design elements have undoubtedly influenced what first time buyers, especially millennials in the under 35 category, deem attractive. Access to tech hubs, Wi-Fi coverage and fibre optic connectivity, as well as taking green innovations into consideration are all characteristics millennials are looking for.
Millennial buyers are a force to be reckoned with in the local property market and many sellers are realising the potential of penetrating this market, especially considering South Africa’s large young population.
If you are selling your property in a geographical location with a high demand from millennials there are certain features this demographic are enquiring about more increasingly and you need to make your property appeal to these buyers.
Firstly, what you need to understand is, millennials view property in a completely different way. Many of them are first time buyers and are often managing very strict budgets so added costs like high levies are going to undoubtedly influence the property’s marketability.
Firstly, find out what the Wi-Fi coverage is like in the area, as well as if there is any fibre optic connectivity. A young family buying into a long term commitment want to know if access to digital spheres is going to be a hassle or not.
Evaluate plugs and nearby shelves in bedrooms that could double as a home office. The trend for many millennials is to have a work station at home and many are now also based full time at home offices. These buyers are going to want to know how easy it is to set up tech hubs in certain rooms of the home. Also, scan your gararge and take note whether the room can be made into an office as well.
Open spaces, like open plan lounges and kitchens are very popular under young buyers, make sure these spaces are presented in a manner that can be seen as a great place to have friends over. In the same breath it is important to add that in the late twenties to mid-thirties category buyers are often starting a family or plan to start one in the near future, therefore the interior and exterior areas must seem applicable to young children and pose no safety risks.
Similarly, take stock of the surroundings in the suburbs and observe the neighbourhood looking for parks for kids to play in as well as other amenities, like restaurant clusters, that wil be appealing to young families.
Lastly, the emphasis on building a sustainable future is a sentiment closely guarded by millennials and we’re seeing more and more enquiries about renewable energy and solar powered facilities come in to play. If you have a solar geyser or external lighting powered by the sun then this is something you need to include in your marketing material. More importantly if you’re thinking of making these additions it is a step into the future for not only you and the buyer but the entire property market.
Statement by: Richard Gray
Harcourts Africa Chief Executive Officer
