Generation Z expects something different from brokers compared to the previous generations. And the significant technological changes in their time played a massive part for it.
Experts say that Gen Z’ers grew up in households knowing what it feels like to live in financial insecurity and recession. That’s on top of the anxiety that their parents are experiencing about lending and debt. So, the traditional notion of buying items using a credit card is a tough pill for them to swallow.
Saving to buy homes before 30
Generation Z is keen on owning their property, even at such a young age. National Mortgage News says that 59% of Americans between 18 to 23 already wants to own their home in five years.
Despite their age, the youngest generation next to Millennials is aware of how difficult it is to get a house. That’s why most Gen Z’ers are prioritizing their savings over unnecessary spending. They are even ready to make sacrifices to prove that they have what it takes to have their property.
Saving for a house is their goal for now. While some expect to get some help from their parents, more than half of Generation Z said that they’d pay their parents back for it. The new generation who grew up surrounded by technology is also informed.
Gen Z knows how to process massive amounts of information and can sift through messages. They can filter out excess noise automatically.
Even more, they can focus on authentic voices that they feel are trustworthy. They also don’t make decisions in a snap and would instead do their research on the internet before taking any actions.
Brokers should catch up
Mortgage Business says that as digital natives, brokers shouldn’t see them as kids. Instead, they should be able to match their when it comes to sifting through resources. They can easily get the best mortgage rate in Tempe faster than you can create a presentation.
That’s why experts tell brokers to work on their digital footprint. Since younger generations get their information online, using word-of-mouth marketing will be easier.
Meanwhile, companies who have a mobile app tap into social media and use it to their advantage. They can include various social media platforms into their app system. Doing so will make it much easier for their customers to leave feedback about their services.
But going digital doesn’t mean that you must give up on face-to-face interaction. The younger generations still consider it crucial. It holds true especially to the entire process of buying a property.
These generations are looking for guidance through the process of homeownership. Same with their predecessors, a broker should assist these home buyers in establishing a savings plan. Moreover, they should teach them the actual value of savings and how crucial it is for their future.
Owning a property is never easy. That’s why it’s always best to lend a helping hand for those who want to own a house but don’t know how to start. Teaching them about the importance of financial management will help them get a house in no time.