By: Annisa Gita Putri – PR Consultant of Fortune PR
Half of Indonesia’s population are in Millennials aged between 18 and 34. They represent the fastest growing generation of consumers. As more Millennials continue to enter the property market, it’s important to understand what motivates them to buy and how they are different from previous generations.
To market houses to Millennials is a bit tricky. Millennials have different attitudes towards home buying than any other generation. While the Generation X might value stability and homes where they can live in for a decade or more, millennials are mostly looking for a budget friendly property close to the city center, connected to public transportation stations and recreation centers. They also tend to like houses with minimalist designs.
Moreover, the Generation X of home buyers purchased whatever their budget allowed and build their property up over time. Millennials, by contrast, would desire a finished move-in ready home. This might relate to their behavior in shifting jobs and locations far more frequently than their previous generation. So there’s not much time for home improvement or renovation. If you are looking to attract the Millennial market, you have to provide a move-in ready home.
The current economic situation added more challenges for developers and PR working in the property business to attract the Millennial home buyers. Research shows that only 17% Millennials today can own a house in Jakarta. This happened because their average salary is only around 6.1 million Rupiah per month, while the minimum installment of houses in Jakarta are around 7.5 million Rupiah.
If you want to help your clients in property business to market to Millennials, you must study their characteristics so you can think like a Millennial. Selling property to Millennials is like dating them!
Millennials rely on technology to stay informed, to communicate, and to make purchasing decisions. They also use social media as their primary tools for communicating with other people, engaging with businesses, and performing research that ultimately helps them make purchasing decisions. In addition, having lots of their friend living in your property, might also influence their purchase behavior.
Start using digital channels to market your property. Digital channels serve as an opportunity to connect and engage with tech-savvy Millennial buyers in channels where they already feel comfortable and spend most of their time. Selling property to Millennials with affordable prices (better under 400 million Rupiah) and let them know about available promos and discounts. Pay attention to peer influence as well. Lastly, forget the static brochures and flyers, use engaging videos or ads instead, and focus more on creating a creative, engaging, and up to date content marketing to attract more Millennial home buyers.
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