Top 5 Things That Attract Millennials to a New Real Estate Project

Change is the only constant in real estate. The needs and preferences of different generations are constantly shifting. Designs, features, and marketing tools that worked earlier will inevitably run their course and developers who ignore this maxim do so at their peril.

Recently, a growing number of millennials have been looking to invest in real estate projects. And inevitably, according to the National Association of Realtors, millennials have surpassed baby boomers, becoming the largest group of home buyers at 38%.

Now the largest living generational cohort, millennials have some unique characteristics and priorities that real estate firms must study to capitalize on this lucrative market segment.

So, what are the top things that attract millennials to a new real estate project?
What can mid-sized firms do to cater to their growing demands and stand out in the highly competitive real estate market?

Understanding the Millennial Mindset

In contrast to previous generations, many millennials have always prioritized personal and career development instead of embarking on traditional milestones like marriage and purchasing real estate properties. However, as they finally reach the stage of property investment, they showcase peculiar characteristics that need special consideration. Here are a couple of aspects that define the millennial mindset:

1. Sustainability:

Sustainability and eco-friendliness are among the top considerations for millennials while looking for property investment. They are more likely to prioritize energy-efficient homes and those that rely on renewable energy sources. This generation also prefers green spaces that promote basic health and well-being and proximity to schools, offices, and public transportation to reduce their carbon footprint.

2. Flexible Financing Options:

As millennials look to make calculated property investments, they seek projects with competitive pricing and flexible financing options. Since they typically finance around 90% of a home’s purchase price, they prefer living arrangements that evolve with their changing lifestyles and prefer pocket-friendly renting or co-living options. Properties with a high potential for investment growth and returns are also a prime requirement for most millennials.

3. 3D Walkthroughs:

As the first generation to be raised with smartphones, millennials look for real estate projects that offer immersive experiences. These buyers prefer to engage deeply with project information, right from an early stage in their exploration. Virtual tours and 3D walk-throughs are very impactful. They allow young (and digitally-savvy) buyers to walk through the property room by room virtually, see the layout, and even place and move furniture virtually. Many buyers will only progress to the next stage of connecting with specific projects only if this stage captures their imagination and allays their lingering concerns.

4. Insight into Neighborhoods:

Convenience is a top requirement for the millennial generation, and most opt for modern amenities such as smart home technology, high-speed internet, fitness centers, swimming pools, and more. Many also look for proximity to cultural centers, such as a concert hall, community park, or a popular restaurant.

5. Personalized Floor Plans:

Millennials are drawn to real estate projects with easy-to-customize floor plans within the living space. Large open rooms functioning as shared spaces are often preferred, as they provide more natural light and clear sightlines while giving the look and feel of a visually enlarged space. This means that while researching projects, they want the flexibility to change things around in the plans and designs to “see” how the home would look when molded to their specifications.

Ultra-realistic Walkthroughs:

Immersive 3D interactive walkthroughs for villas, apartments, and commercial properties provide accurate scale, dimensions, and ultra-realistic textures. Offering such an experience of a real estate project even before it physically exists can create a compelling selling point, captivating first-time visitors' attention while igniting their interest to know more.

Mood Boards:

Mid-sized real estate developers must enable meticulous attention to detail by providing conceptual drawings and mood boards for prospective millennial buyers. These mood boards can harness the power of visualization, bring concepts to life, and enable a rich and engaging experience that resonates with millennial vision and aspirations - without expensive onsite photography.

Interior Configuration:

Another compelling way to attract millennials is to offer immersive interior configurator tools. This tool allows millennials to envision interiors with different furniture options, paints, and other interior artifacts. Millennials can also visualize real estate spaces with and without furniture for various areas like utility, kitchen, bedroom, etc., and toggle between day and night views.

Layout and Floor plan Visualization:

Offering millennials a way to visualize floor plans and measurements in 3D is a great way to enhance their home-buying research experience. This can help them get a better idea of the layout and furniture placement in each area/room while exploring different aspects of the exteriors and interiors of the project on mobiles and desktops.

Maps Integration:

As millennials prefer to stay connected to urban facilities, integration with Google Maps can lead to sound investment decisions. Radial distances to essential landmarks, restaurants, hospitals, schools, offices, airports, and metros can aid decision-making.