The millennial generation is tipped to lead a huge boom in home sales, but property portal technology needs to be razor sharp to attract and retain them as buyers, says a US realty expert.
Tom Salomone, president of the National Association of Realtors in America (NAR), made the statement at a recent seminar hosted by Real Estate Business Owners of South Africa (REBOSA) in Cape Town, reports www.bizcommunity.com.
“The peak home buying years are between 25 and 45 years old,” he told the audience. “The sheer size of the millennial generation should mean a peak in home sales and a good time for realtors. There are now even more millennials than baby boomers.”
Salomone told the seminar millennials are early adopters of technology, and their reliance on it as potential buyers is dramatically influencing the way property is bought and sold.
Jan le Roux, chairman of REBOSA, agreed.
“Agents are increasingly finding more value in advertising on the property portals like Private Property, as opposed to taking out newspaper ads as the buyers are online,” le Roux said.
“At the moment, making use of tech like portals and social media is quite advanced in the US and it’s been very informative to learn how estate agents there are incorporating this into their marketing and sales.”