RE Blog
Millennials: The Next Generation of Real Estate Power
06 / 20 / 2017

Millennials.  Often characterized as narcissistic, lazy, self-absorbed, and the most digitally and socially connected generation to date.  As with each preceding generation to the one that follows, most don't see eye-to-eye.  There are gaps borne from the inherent desire to be different from our parents and the drive to be better than those before us.  Different clothes, different social norms, different values, and have you tried speaking with a millennial via text?  OMG BTW WTH, SMH.

But to the Millennials' defense they were given a job market and economic disaster post 2007-2008's Great Recession and so were relegated, seemingly, to find a way to connect and do business in ways that fit with the times and conditions they were presented with.  Ride sharing.  Socializing.  Dating.  Shopping.  Any of these activities bring up any companies prevalent today?  Millennials are the next big consumers and with currently $2.5 trillion in spending power they will account for nearly half of the workforce by 2020.  And Millennial working life, albeit a different way of life from generations before, won't change drastically regardless of how many generations pass.  Still needed are physical businesses, services, and residential and commercial real estate needs.  Where are you going to sleep and store your goods for sale?  Can't do those in the cloud can you?

Companies have to be sensitive to their values and so corporate social responsibility (CSR) is a big motivating factor behind where and how Millennials choose to work.  Between 85 to 89 percent of Millennials want to know about a company's CSR commitments, want to provide feedback and be heard about their ideas in regards to CSR commitments and activities, and want to take part and be hands on in the company's goals in achieving them.  And 75 percent of those Millennials were willing to even take a pay cut to work at a socially responsible company versus a non-socially responsible one.  Clearly they are keen to their values and their decisions on where to work, live, and play are centered around the things that matter to them.  Case in point: the rise of independent brands, companies, and services that are simple, have lasting quality, authentic/honest, and are creative and tech savvy.

With regards to real estate, we're seeing more and more Millennials getting into the market as first-time buyers of homes or commercial buildings as business investments.  And with the widespread availability of technology and information, nearly everyone is savvy and knowledgeable.  Gone are the days of how our predecessors bought and sold real estate.  Faxes, phone calls, and writing out contracts have given way to texts, pictures, digitally signed documents, and cloud-based forms programs.  And that's how it should be as technology advances in favor of the Millennials.

TLDR?  The next generation of real estate buyers and sellers are beginning to shun the large corporate real estate companies and are losing more ground to the smaller boutique firms that are more agile and provide a more personalized experience for its clients.  The real estate transaction hasn't changed much as generations past but for those real estate companies that are unable to offer the specialized attention Millennials need and so desire will only be left behind as the new generation comes to power.

CPGI has been custom tailoring its services for all of its clients since 2004 and has done business with the full spectrum of generations.  If you require specialized and detailed real estate services send us a text, email, or DM us through Facebook or Twitter.  Even our name is Millennial ready!  CPGI FTW!

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