Commercial real estate can be a very profitable enterprise if you know how to identify the right customers and pinpoint their exact needs. These days, one of the most important steps you can take towards success is understanding the millennial mindset.
Millennials Are A Huge Presence In Commercial Real Estate
While Baby Boomers were once the most important presence in commercial real estate, their time is fading. That's because they are aging and either getting out of the market or simply passing away. While other generations after them have some presence in commercial real estate, millennials are quickly becoming the most important.
That's because this often maligned generation is a hard-working and intelligent one that is quickly adapting to changing times. As a result, they are making a heavy impact on commercial real estate that must be understood by anyone who wants to get into this field.
How They Are Transforming The Market
Commercial real estate is a competitive market and millennials are transforming it based on their own preferences and business needs. For example, most prefer living in larger cities that have public transportation. They also enjoy a workplace that is fun and livable and which is close to a variety of useful areas, such as restaurants and various shops.
The lighter and more playful personality of the average millennial doesn't mean that they aren't serious about business. It just means that they want an office that is comfortable and relaxing. As a result, you need to tweak your business approach when selling commercial real estate to these professionals.
Logic, Not Emotion, Often Appeals To These Buyers
In the past, commercial real estate was often a game of appealing to the emotions of buyers. There were many types of marketing and advertising tactics that you could use to touch their emotions and get them to invest. Unfortunately, millennials see past marketing tactics and will actually react negatively to them if they feel like they are being manipulated.
As a result, it is important to approach a sale with a millennial in a logical way. Simply listing the location of the office building, the businesses around it, and its advantages and disadvantages is a great way to sell. That's right; you should list the drawbacks of a property. Millennials are also obsessed with honesty and will appreciate you discussing a few issues.
Following these simple tips should make it easier for you to appeal to millennials and sell commercial property. And as this generation ages and Baby Boomers continue to fade away, these tips can guarantee long-term success. For more information, contact your local commercial real estate broker today!Share
20 March 2018
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