Real estate professionals can use technology to boost engagement with Gen Z buyers, renters, and investors. As the “Zoomer” generation enters young adulthood, they’re getting ready to begin buying and renting real estate. Appealing to this generation requires a strong focus on digital channels and a clear understanding of what motivates Generation Z. Gen Z’s Relationship With Real Estate Gen Z is a complex generation when it comes to real estate. Most of Gen Z cannot afford to buy a home today. Rising student loan debts may mean that a large majority of Zoomers won’t be able to own a home until they are over 30 years old. Young people simply don’t earn as much income to save for a home as previous generations did. To make matters worse, home prices continue to rise. The average home as of 2023. Of course, Gen Z individuals are likely only interested in less expensive “starter” homes. Higher average prices make it a bigger challenge to find available homes in that range, though, especially since Gen Z is also competing with Millennial first-time homebuyers who have more money available. price in the U.S. is over $430,000 The youngest members of Gen Z, born around 2012, won’t be in their 20s for another ten years. However, the oldest members of Gen Z, born in the late 1990s, are already out of college and moving out of their parents' homes. These older Zoomers reveal some early real estate trends among this generation. For example, Gen Z wants good value for their money, whether they’re renting or buying. They appreciate the availability of good amenities at rental properties, such as gyms, community spaces, and good parking. However, becoming debt free is a common goal. They’re more likely to choose a home they can afford rather than an expensive home with more features. Sustainability is also a big concern for Gen Z, and it impacts every aspect of their lifestyles, including where they live. The availability of features like renewable energy or electric car charging will be highly attractive to Zoomers. Using Technology to Boost Engagement How can real estate professionals use technology to spark conversation and connection with Zoomers? There are a variety of strategies industry pros can use to connect with Gen Z, both as homebuyers and as potential investors and property managers. Technology and Gen Z Real Estate Professionals Many young people discover careers they’re passionate about online. Real estate professionals can attract new talent to the industry by offering them digital tools that clarify the market and investing. This could take the form of free online guides and tools for understanding industry basics. Many newcomers to the real estate industry haven’t learned how to (GRM) for a property and determine if it is a good investment. GRM is vital to understanding the overall value of a real estate property. This is the kind of foundational information Gen Z is looking for right now. calculate the gross rent multiplier Real estate pros can appeal to Gen Z’s interests in investing and smart finances by delivering industry basics in an accessible way. Social media is by far the best channel for accomplishing this. For instance, a real estate investor could create a TikTok profile featuring short videos explaining different concepts in real estate and investing. These more futuristic corners of the real estate industry can also pique the interest of Zoomers who are looking for a tech career but may not want to be programmers or engineers. For instance, someone who is passionate about IoT could explore using smart home devices. A Gen Z sustainability enthusiast could get involved in real estate by learning about ways to integrate renewable energy in homes. ways to optimize properties Technology and Gen Z Homeowners Gen Z is still young, so appealing to them as potential homebuyers may seem challenging at first glance. However, Zoomers could be high-value homeowners, even competing with their older Millennial peers. Research shows that while than Millennials, they save more for retirement and prioritize paying down debt. Gen Z has 13% more student debt These qualities indicate that Zoomers are building healthy credit practices that will allow them to develop a good credit portfolio. This opens the door to getting a mortgage and buying a home, despite the obstacle posed by student loan debt. Real estate agents can appeal to Zoomers by focusing on affordability and location. Gen Z is in American history. Many Zoomers want to live in places that reflect the diversity of their generation. This means they gravitate towards cities and suburbs for both buying and renting. the most diverse generation As a result, real estate agents should make digital advertising for urban properties a priority if they want to reach Gen Z buyers and renters. Consider including things like digital home walk-throughs and videos in property listings. Share these videos on social media and consider partnering with an influencer. Zoomers respond best to authentic content rather than traditional advertising. Real estate agents may be able to connect with hesitant Gen Z homebuyers by reminding them that a home isn’t just a purchase. It’s an investment, one that can grow in value over time. Use digital tools and media formats to demonstrate how the value of a home grows over the years and decades someone owns it. The Gen Z Real Estate Market Most of Gen Z are still living with their parents, in college, or just starting to rent homes. The real estate industry needs to start getting ready for this generation now, though. They can do that by connecting with Gen Z online, particularly through social media. Focus on sharing informative content that appeals to Gen Z’s desires for financial well-being and sustainability.

The is an opinion piece based on the author’s POV and does not necessarily reflect the views of HackerNoon.

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How Technology Can Get Gen Z More Involved in the Real Estate Industry

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