What do Millennials think of Commercial Real Estate Practices.
Millennial's, those are people currently between the ages of about 18 to 30, born between the 1990s and 2010. Currently there the focus of many real estate agents, blog posts and real estate targets. Anything about commercial real estate and are they involved in investing?
Millennial's are all into technology, which is nothing new. We can do just about everything are smart phones these days including by real estate, get a mortgage, apply for a loan. We've all heard the millennial's of the next homebuyers and even though technology is the key to understanding the residential consumer as we head deep into 2016, we have to realize that this generation is extremely loyal to their smart phones, social media and technology. Efficiency is one of their top priorities in pursuing career goals and being self motivated is a highly desirable trait.
Commercial real estate has been somewhat behind the times in technology over the last decade. It has adapted from paper documents to online listings for many of these listings still display a single exterior image of the property with just a couple of stats. Millennial's demand more information. They want easy access and as much detail as required. They want more than simply a few photos; they want video tours, details on the property, maps and as many images as possible. These "bare-bones" listings are simply not making the cut and are getting overlooked by millennial commercial buyers.
Millennial buyers are demanding better and easier technology. With so many visual such as Bubl or Matterport, capturing video can be an easy task shared a variety of different ways. Listing agents don't need to be a professional to produce professional quality videos attracting a wide range of homebuyers and commercial buyers. 3-D interactive models to potential buyers of virtual walk-through the entire property and drone technology is providing a cost-effective method of capturing multi-angle exterior photography and video.
Millennial's will continue to push for easier ways to complete smaller and more detailed tasks. Millennial agents will answer and confirm listing questions by simple texts, photos and responses. Property tools will move online and be more compliant and social media will continue to gain popularity as we share, tweet, invest, "like" and value online information.
Millennial's have already started to build up some equity over the last five years and where they're going to invest is anyone's game. Whether they're investing in multifamily properties, commercial lots, land or simply a single-family house, technology will play a major part in their decision and their process. Online platforms, referrals, locations, contact information and more all these view well-organized, easy-to-use and informative.
The big key is that all this technology is easier to use and provides more information in a faster manner. Millennial's are some of the last generation to remember life before the Internet were certainly not going backwards. Making things easier and more efficient is the wave of the future and more and more millennial's will be cashing in to commercial real estate in the future.
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