The Millennials, also referred to as Generation Y, are the upcoming generation into the real estate market. These young adults, whose generation is defined by technology savvy and a craving for social media, are about to be the newest buyers in not only residential, but also commercial real estate. However, not only do we see these 20 to 30 something’s entering the market as buyers, they are also coming in as career professionals and real estate agents.
So what will the Millennials bring to real estate? New technology, and a desire for more information, more efficiently. Photo tours of houses will soon become extinct, and video tours will be the norm.
The use of text messages will also make conversations between brokers, buyers, agents, and sellers more efficient. Time can be saved asking quick questions by just sending a text.
Social media also speeds up the information flow, and already has. Twitter and Facebook are just two examples of how articles and information are spread widely and quickly.
Incoming Millennials will not be using referrals as much, and will instead turn to the Internet to research their real estate needs.
Contact RE/MAX Paradise today to enter the ever changing and growing real estate market that has so much to offer in Miami!