Flexible. Pragmatic. Tech-savvy. Adventurous. Singapore-property hunters.
These are just some of the traits commonly attached to a typical millennial. But whether we are aware of it or not, millennials are no longer just students or newly employed individuals who are trying to get by in life.
Nope!
Millennials are now becoming established professionals, who are career-driven, family-oriented, and are quickly becoming the largest demographic group of real estate property venturers.
Here’s a look at how the millennial generation is influenced in their buying behavior when looking for property:
The Aspiration of Living Independently and with Quality
The tail end of the millennial generation are mostly still living with their parents or relatives.
But make no mistake about it: they want to move out eventually and have their own Singapore property to live in.
Often referred to as the selfie generation, millennials are veering away from the traditional notion that they should take care of their families once they are making a profit. Instead, this generation is inclined – and encouraged to – create their own path and walk in it.
In their process of planning to purchase an Singapore property, the common millennial takes into consideration their desire for a higher quality of life.
With the REI Method’s Evaluate phase, millennials can take advantage of applying the Science of Real Estate by carefully evaluating their past references. How many properties have they taken a look at? Do they know of other property hunters who have successful turnouts?
This means that they would eventually purchase their own Singapore property homes or condo, but not to the extent that the sacrifices to attain that goal include giving up modern conveniences
Millennials value work-life balance.
Their choice of Singapore property and location must be able to reflect this perception and preference.
Thus, Singapore property developers have looked into developing urban communities that have features suitable for the needs of the average millennial.
You will definitely see coffee shops, swimming pools, recreational areas and parks within newly developed properties.
Taking the Phrase “Buyer Beware” Seriously
The beauty of today’s commercial market is that everything can be tried out before purchasing.
Take any gadget, for example. You can spend hours googling which laptop is best, then spend another two hours at the store checking the actual product out, comparing specs, and making sure you get the best value for what you pay.
The same goes with millennial purchasing his own Singapore property. They would want to walk into a flat first, or check out the condo space and neighborhood. Singapore property developers and real estate agents recognize this behavioral preference and capitalize on the experiential need of millenials.
You can now try out a condo unit to see if it’s a good fit. Or if the millennial buyer can visualize living in this neighborhood after a few visits and walk through, he won’t be hesitant to make that down payment.
Stay-then-pay deals would not even exist in the past, but now you can buy a house much like how you buy a pair of shoes: you try it out first. Or if that arrangement isn’t experiential enough for you, why not rent a condo near Somerset before deciding to actually buy it?
Save for, of course, the fact that the unit won’t be reserved for you. But getting to actually rent the unit for a while before purchasing the property is favorable deal for a millennial.
This behavior is in keeping with what is being prescribed by the Identify phase of the REI Method. To be able to maximize savings and minimize risks for strong security, trying out a property first before actually buying is a very wise thing to do.
Nothing Is Unsearchable Anymore
With a laptop, tablet, or smartphone in hand, nothing is really unsearchable anymore for the common millennial.
Information is delivered right to your fingertips.
How hard is to look for rare artifacts, concert tickets, or even a house to buy and live in?
Being digital natives, millennials get all the information through search engines, reading reviews and comments, jumping from one link to another, watching video tutorials and crowd sourcing.
They utilize mobile applications like loan amortization calculators and budgeting tools to plan for their purchase of property. And yes, they are also not afraid nor stingy to pass the information on to fellow information seekers. Gone are the days when real estate marketing is done offline through sleazy and overzealous real estate agents. Google has forever changed the way products and services are marketed. Transparency is at its peak, and millennials are taking full advantage. They seek out property listings, flip through look books, check out the digital profiles of their agents, and background check the property developers.
Digital natives are already exercising the Review phase wherein careful consideration of the situation is done first prior to purchase or sale. And with the advent of technology and everything being digital, developers can’t really expect millennials to go out of their way to visit a showroom.
Instead, you can lure them to clicking on a link that brings them to a landing page or website for a virtual demo unit where they have the option to check out every corner and space available, as if they are physically there.
Going Green and Minimal
Especially in Singapore, this really goes without saying.
With high consciousness for environmental efficiency, and not a lot of space to go by, these two aspects are a must for a millennial property investor.
In Singapore, real estate properties cannot be sold without obtaining a green certification.
Two years ago, the Building and Construction Authority revised their criteria for regulating and certifying sustainable residential buildings in the hopes of reducing carbon footprint. Similarly, the B house in Bukit Timah is the first carbon negative home in Singapore, a trailblazer in the eco-friendly housing industry for ensuring carbon well-being as well as the health of its residents. Even HDB flats are aiming for sustainable development in its Punggol Eco-Town model
Efforts for going green would eventually result to going minimalist.
Living minimally prevents over consumption of resources and helps preserve natural resources. Not to mention the fact that Singapore’s real estate developments are creating mostly vertical communities due to land scarcity.
Still In Need of Expert Advice
This would probably seem to contradict the third point, but actually this fifth point supports the second point.
Though millennials are seen almost attached to their smartphones and what have you, if would be unwise to think that they wouldn’t want to engage in order to know more about their options.
Millennials actually do value the importance of conversation and relating to someone in order to exchange ideas, opinions and information.
In fact, Zillow’s recent research shows that millennials enlist the help of a real estate agent early on in the home purchasing planning process. Though they conduct all types of research prior to meeting with their agent, millennials still appreciate the physical contact and verbal confirmation.
This type of engagement among Singapore property agents and millennials result to high-potential referrals.
This is because millennials are very trusting.
If you’re in need of expert advice on purchasing property, we at Singapore Real Estate Insider would like to help. Through the Science of Real Estate, we can assist in finding the best and most compatible property to suit your needs and lifestyle. Feel free to reach out to us at (indicate links and social media platform handles). With us, you’ll always get the insider information.
