Katrina Tarrant, CEO Harcourts NSW on what the next generation really wants and how we need to change our approach.
In my role, I’m fortunate to have meaningful conversations with buyers about their journeys to finding a home.
Through these insights, it’s become increasingly clear that we, as property professionals, are on the cusp of a profound generational shift.
The new wave of buyers-driven largely by Millennials and Generation Z-comes with a distinct set of wants, needs, and desires that are rewriting the playbook.
But it’s not just about what these buyers want in a home; it’s about how we, as professionals, need to evolve our dealings to meet their expectations.
Transparency and trust over transaction
The next generation of buyers is sceptical of traditional sales tactics. They value authenticity and transparency over slick sales pitches.
They are more informed than ever before, often arriving with a wealth of knowledge about the market, pricing, and even specific properties.
What does this mean for agents? Shift from a transactional mindset to building trust-based relationships. Be upfront about property flaws as much as the perks.
Buyers appreciate candour, and in the long run, it will strengthen your reputation as a trusted advisor rather than just a salesperson.
Communication on their terms
Today’s buyers expect instant and clear communication, but they also prefer it to be on their terms.
Whether it’s email, text, WhatsApp, or even social media messaging, flexibility in how and when you communicate is key.
What does this mean for agents? Adapt to a multi-channel communication strategy. Be responsive, but also recognise the different ways buyers prefer to engage.
Avoid bombarding them with calls or emails-let them dictate the pace while ensuring you are available when they need support.
Personalised experiences and digital integration
The rise of digital tools has revolutionised the home-buying process.
Virtual tours, online property platforms, and instant mortgage calculators have become standard.
However, the next generation also craves personalised, one-on-one experiences that go beyond the digital space.
What does this mean for agents? Strike the right balance between technology and personal connection.
Use digital tools to streamline processes but ensure that your approach is still highly personalised.
Tailor property recommendations based on their unique desires and lifestyles and be prepared to offer face-to-face consultations when the moment calls for it.
Advisory role beyond real estate
Millennials and Gen Z expect more than just a transactional relationship-they want advice and guidance that extends beyond the property purchase.
They’re looking for professionals who can provide insights into lifestyle considerations, long-term investments, and community dynamics.
What does this mean for agents? Transition from being solely a ‘real estate agent’ to becoming a ‘lifestyle advisor.’
Understand the neighbourhoods, schools, and future development plans.
Provide insights into how property ownership can impact long-term financial goals and assist in making informed decisions that go beyond the bed, bath and car.
Cultural sensitivity and diversity
This generation is more diverse and globally minded than any that came before.
They are sensitive to inclusivity, equality, and understanding of different cultural backgrounds.
They expect the professionals they work with to share these values.
What does this mean for agents? Ensure your dealings are respectful of cultural differences and open to understanding individual needs.
Tailor your communication style and service offerings to be inclusive, whether that’s recognising diverse family structures, cultural preferences, or specific requirements.
Ethical considerations and corporate social responsibility
As ethical consumption becomes more of a priority, buyers are increasingly concerned with how the businesses they work with align with their values.
The new generation places weight on a company’s corporate social responsibility (CSR) and how their real estate agents contribute to their communities.
What does this mean for agents? Demonstrate that your agency operates with social responsibility in mind.
Highlight your community involvement, sustainable practices, and any initiatives supporting local causes.
Buyers want to know that by working with you, they’re supporting a business that’s making a positive impact.
Rethinking Relationships: It’s About More Than Selling Homes
Ultimately, the shift we’re seeing in property buyers is also about a shift in how we approach relationships.
The next generation values a deeper connection, both to the properties they purchase and the professionals they work with.
They want agents who understand their needs, communicate on their level, and act as trusted partners in their journey to homeownership.
What does this mean for agents? This means evolving from the old-school sales tactics to a new-school approach that’s collaborative, transparent, and above all, human.
