If you live or sell in an HOA community, you’re highly aware of shifting demographics in homebuyers across the nation.
Growing families are still a driving force in home sales, but HOA communities face a new problem. How do you create an HOA community for Baby Boomers, Gen X, and Millennials? What does your HOA community need to know about what this new demographic of homeowners wants?
IKO Community Management gives you an introduction to millennials and tips to attract these homebuyers to your HOA community.
Who Are We Talking About?
According to Millennial Marketing, a millennial is anyone born between 1977 and 2000. They're separated from other generations, as they're in-between the Internet and social media ages. They grew up with access to new technology, like home computers and the Internet. Yet, they're weren't raised with a smartphone in hand or scrolling through Facebook or Twitter.
Because of this, millennials are generalized as tech-savvy. They prize individuality, as evidenced by their unique online profiles. Thanks to the Internet and social media, this media-savvy generation is more aware of the world and what it has to offer.
They dream big and shy away from the traditions of their parents. This could pose a problem for HOA communities and their part in the old-school American Dream.
What Are Millennials Looking For?
Because they access millions of websites and news outlets at the touch of a button, millennials do a lot of research before buying anything. A home and community is no exception.
Here's what to know about millennials and their search history:
Millennials want to explore. Millennials have an innate desire to travel and explore. They want experiences over things, which means that HOA communities need to focus on location. A single-family home is good, but is it minutes away from a major city? Does your HOA community have access to restaurants, shopping, and other attractions? What's the nearest major transportation?
Millennials want easy access. One of the most difficult transitions is from renting an apartment in the big city to buying a home in the suburbs. It's permanent, so millennials want to ensure that it's the right decision. Make the transition easier by focusing on amenities in your HOA community. Talk about how these added conveniences are like living in their own city.
Millennials want something local. Millennials tend to be proponents of localization movements. That means Sunday farmer's markets and mom-and-pop shops are a huge factor when choosing an HOA community. Market the classic neighborhood feel with annual community events.
Millennials want environmental friendliness. Consider the sustainability of the homes in your HOA community. Most home builders use sustainable materials for energy-efficient homes, including sustainable lumber, low-VOC paint, and recycled carpet fibers. To attract this generation of home buyers, capitalize on the eco-friendly aspects of your HOA community.
What Are Millennials Avoiding?
Millennials are the generation of options. Permanency is scary for this generation. To combat nervousness about buying a new home, market a variety of home options. Single-family homes are always in demand, but include small options like condominiums and townhomes.
These smaller homes ease looming money concerns of millennials who grew up with recessions and hefty student loans. They also incorporate the eco-friendly aspect. A smaller lifestyle means less waste and energy use while retaining individuality.
IKO Community Management knows that change is challenging for HOA communities. If you want to entice millennial buyers to your neighborhood, consider how you market your community. Be aware of your buyers' preferences and sell accordingly.
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