The A-Blast

Gen Z and Millennials are changing the real estate industry

Casey Nguyen, Casey Nguyen, and Casey Nguyen

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Arrogant. Entitled. Disrespectful. Addict. These are all features that many regards in Gen Z and Millennials today. Nevertheless, what they do not understand is that these same arrogant and entitled brats are like ink: plain and black on the outside, but when water touches, bright and colorful colors emerge. These new generations are composed of ink, filled with potential, possibility, and brilliant ideas.

Gen Z and late Millennials appear to be self-identified technology addicts due to their complex upbringings with the releases of iPhone X smartphones and PS4 Pros. They were born when the Internet existed, and for this reason, they do not know a world without it. Compared to previous generations, such as Gen X in the 80s or the Boomers in the 60s, they spend a lot more time communicating electronically and less time in person.

However, despite their addiction to their digital devices, these young generations will reform the system. Now with young generations in play, the game has evolved. One significant shift will be through its advertising methods. Back in the day, real-estate agents made flyers and used hammers to pound signs into the ground to announce houses were for sale.

But, it is projected that shortly this will all change. Instead of physical labor and physical means of advertisement, social media sites will be used as a medium for promotion and purchase. There will soon be pictures of homes on Instagram, where users can see estimate prices and join bidding wars online, such as eBay.

This correlates with the known fact that all Gen Z and Millennial generations value modern technology and social media. Social media sites, such as Instagram and Twitter have hundreds of millions of active users monthly. And who are its primary users? The young 21 and 22-year-olds who are fresh out of college, ready to make a change in the world of real estate.  

In addition to this change in the real estate industry, it appears that all Millenials and Gen Z generations have the same taste: smart and stylish. These are necessary characteristics to catch the eyes of the new generations. This can be concluded through their actions in everyday life, where they tend to not think twice before buying the latest gadgets or designer label clothing.

For this reason, they seek homes that are built with new and modern styles. Unlike past generations, Millennials invest in homes are newly-constructed. They want picture perfect homes that are equipped with up to date technology and smart home systems. Generally speaking, they are also looking for homes that overlook vibrant and busy cityscapes, as opposed to the suburbs. Additionally, they want homes that allow them to live in style and luxury. It can be concluded based on the multitude of changes already made in communication, medicine, and education, changes in real estate will soon come.

 

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The Online Edition of the Annandale High School Newspaper.
Gen Z and Millennials are changing the real estate industry