Agents, sellers, landlords must adapt

THIS generation of buyers, when they do get to this state, are also likely to be more entrepreneurial with many in freelance, high-tech and professional jobs.

This means they will have their fingers on the pulse of what is happening in the property market, says JP Ricketts, sectional title agent for Seeff City Bowl. “They will be plugged into the latest news and trends and will be very smart about areas, prices and so on. Sellers and landlords must be mindful that with so much info, they need to provide the right product at the right price.”

Warren Emett, also with Seeff City Bowl, says generation Z is likely to be smart with their money and will want to invest in areas and properties that will appreciate in value.

“In South Africa we are in the early phases of high-rise apartment living which is likely to accelerate for generation Z buyers and tenants.”

Affordability is going to be a challenge for this group and developers will need to ensure they “bring the right products in the right price ranges to market”.

Craig Algie, an agent at Seeff Woodstock, Salt River and Observatory says: “For this generation, affordability will be a issue given that property prices rise quite rapidly in high-demand urban areas, where they are likely to want to live. The basic cost of living is rising and puts further pressure on the young generation when it comes to renting and buying. They are therefore likely to co-rent and possibly even co-buy during their first 10 years.”

Adrian Goslett says agents are going to have to use videos, virtual tours and short texts rather than real-life showings, coffee updates and phone calls.

“The advice for home staging is also going to shift. This generation is likely to prioritise smart-home features and high-speed fibre internet connections over backyards and dining rooms,” says Goslett.

Rawson’s Tony Clarke says the market should invest in market research to pick up trends and better understand this target market.

Clarke also predicts that smart apps, videos and virtual reality tours will be used more when interacting with generation Z.

Paul Stevens, chief executive of Just Property, says this generation want to access info easily, and in bite sizes.