Customer Experience, Strategy

How to capture Gen Z homebuyers

With the oldest members of Generation Z now in their mid-20s, they’re entering the world of employment and home ownership. This opens up opportunities for property brands to capture this generation for the first time. But first, property businesses need to have a solid understanding of their habits, expectations, behaviours and motivators.

 

The Property Republic team recently read and unpacked GWI’s Generation Z report, which dives into the latest trends among this generation.

 

Unsurprisingly, some of the most noticeable trends involve social media, sustainability, video and audio streaming, and brand authenticity.

 

Here are six important considerations for property businesses wanting to capture Gen Z homebuyers.

 

1. Focus on social media

As the first generation to grow up with smart phones and social media at their fingertips, it’s no surprise that harnessing these platforms is a must for brands looking to engage Gen Z buyers. In fact, when it comes to discovering new brands and products, social media is the go-to platform.

 

“Gen Z are more likely to discover products on social than search engines. Social media has become something of a “one-stop-shop” for Gen Z; a place they can discover and buy products without ever having to leave the app. It’s a reminder for brands that haven’t already to strengthen their social media presence on Gen Z’s favourite platforms and take advantage of shopping features where they can.”

 

Key Considerations for Property Businesses

  • What can you do to enhance your social media presence?

  • How can you help Gen Z homebuyers start their purchasing journey on social media?

 

2. Communicate your eco initiatives

Gen Z are a generation of eco warriors – they care about the eco-consciousness of the brands they purchase from, and the eco-friendliness of their products. Property businesses who want capture and appeal to Gen Z purchasers need to clearly communicate their eco efforts, and do so in an authentic, honest way.

 

“Brands need to ensure they’re doing more behind the scenes too. Eco-consciousness is an absolute must-have for those trying to reach Gen Z. Most importantly, brands need to be authentic in their approach and take this matter seriously…For older generations, sustainability is a personal thing; for Gen Z, it’s political.”

 

Key Considerations for Property Businesses

  • How does your property businesses promote sustainability and eco-consciousness?

  • What eco-friendly initiatives do you have in place, and how can they be communicated?

  • What new initiatives or partnerships can you put in place to enhance your brand’s commitment to sustainability?

 

3. Position your product as a smart investment

GWI’s report indicates that Gen Z are keen savers and investors, with 68% of participants stating they have cash/savings. This creates a great opportunity to communicate the benefits of entering the property industry to a cohort that understands and appreciates the value of smart investments.

 

“With nearly 4 in 10 Gen Z now in full or part-time roles, they’re quickly making their mark on the working world. Describing themselves as ambitious (40%), adventurous, (42%) and confident (47%), it’s little wonder why being successful or financially secure sit among the top 5 values most important to them.”

 

“Since Q4 2020, the number who own any kind of savings/ investments has risen 27%, driven mostly by cash/ savings funds, stocks/shares, and cryptocurrency.”

 

Key Considerations for Property Businesses

  • Create a series of videos or seminars that discuss the financial benefits of being a homeowner. Position your product as a smart investment. Invite financial experts to offer their insights and opinions.

 

4. Advertise on audio platforms

If appealing to Gen Z audience is your big objective, it’s time to swap radio ads for podcast ads. Learn more about advertising on Spotify here.

 

“Podcasts have also struck a chord with Gen Z. In 8 markets, 39% say they listen to mostly, or exclusively podcasts. This is more or less equal to the number who say the same for music (32%), showing just how important this form of audio has become. In fact, Gen Z worldwide are now almost equally likely to discover new brands on music streaming or podcasts. To get the best results out of ads on podcasts, however, brands may want to give hosts more creative freedom – with Gen Z listeners preferring hosts to do ads in their own style.”

 

Key Considerations for Property Businesses

  • Do your research on the most popular podcasts for your Gen Z audience. Develop a strategy to connect with and advertise on these channels.

  • Ensure your audio ad message is specifically designed to appeal to Gen Z listeners.

 

5. Instagram is essential…and TikTok is next!

It’s no secret that Instagram is the platform Gen Z-ers go to when they’re looking to learn more about individuals, brands and their products. If you want to appeal to this scroll- and swipe-addicted generation, having a strong Instagram presence is essential. And if you want to stay ahead of the curve, it may be time to jump on the TikTok bandwagon – it’s not going away anytime soon!

 

“Instagram is still both Gen Z’s most used and favourite social media platform but that could change as TikTok continues to make rapid growth.”

 

“While Instagram still leads by some margin when it comes to users performing a number of actions – Gen Z are distinctly more likely to use TikTok when searching for funny content, demonstrating just how effective the short-form video format has become.”

 

Key Considerations for Property Businesses

  • If you’re not on Instagram yet, but want to attract Gen Z homebuyers, it’s time to get on board. Start by establishing your Instagram strategy and plan how it will tie in with your overall content marketing and customer experience strategies.

  • If you are on Instagram, how can you enhance your presence to stand out from the competition?

  • Consider how you can make your Instagram content more engaging and relevant for a generation that enjoys short-form video content.

  • If you’re not ready to jump on TikTok, start exploring different Instagram features that appeal to Gen Z, like Reels and IGTV.

 

6. Be authentic and relatable

If Gen Z can’t relate to your brand, product, people or content, then they’re not going to consider purchasing from you. If you’re looking to increase your appeal to Gen Z buyers, it’s time to start establishing a brand personality that’s authentic and relatable to this cohort.

 

“What’s key is authenticity…41% of Gen Z social media users, in 7 markets, most want to see content that’s relatable to their situation.”

 

Key Considerations for Property Businesses

  • Across all marketing channels, create a brand personality that is relatable for Gen Z. Get young sales team members to star in authentic videos that offer tips for entering the property industry and buying your first home, or the benefits of buying land and building.