New generation with new needs
Catering for property buyers of future requires the right steps be taken now
RIGHT now South Africa’s adult population of generation Z is either embarking on or completing tertiary education studies, or working in their first jobs, and members are probably living with friends or family, or sharing rented homes.
But in a few years this generation, the born frees, will be looking to purchase their first properties, and the property industry would do well to anticipate their future wants and needs, and start preparing now, say the experts.
Demographers and researchers classify generation Z individuals as those born between the mid-1990s and the mid-2000s, which would make them aged from 13 to 23.
Marketers, including real estate agencies, who want to ensure the longevity of their brands and win the consumer of the future, need to come to grips with what this generation wants and values, says the Institute for Growth for Knowledge (GFK).
Its research shows that more than 66% of South Africans are under 35 years old and 41% younger than 21.
From a property market perspective, says Adrian Goslett, regional director and chief executive Re/max of Southern Africa, agents have not yet dealt with too many generation Z customers. Generally the only interaction has been through its rental services, and via parents paying for their student accommodation.
But this does not mean they should not be taking note of their influence, and thinking ahead to meet their needs.
When it comes time for this generation to own property, Goslett says real estate agents are going to have to adapt the way they conduct business.
“Growing up in the era of Snapchat and 15-second Instagram stories, this generation has shorter attention spans than millennials. Agents will have to create marketing campaigns that get straight to the point if they want to be effective on this generation.”
When generation Z does enter the property market, Greeff Christie’s