Changing the business mindset from Boomer property consumer to Millennial property consumer, is here, Don't lose sleep, this article might be of assistance.
Conveyancers - are you meeting the needs of your Millennial clients? By Bek Hayes, CEO AICSA
One of the largest generations in history is about to move into its prime spending years. Millennials are poised to reshape the economy; their unique experiences will change the way we buy and sell, forcing companies to examine how they do business for decades to come.
What keeps you up at night? For me, one of my biggest concerns is the impact of the Millennial generation on the Baby Boomer formed Association. Running an Association, meeting Member expectations, keeping it relevant, alive, innovative is no easy task – although I love a good challenge and I definitely have one!
The ‘modern’ Association was set up by Boomers for Boomers – and they are a world away from the digital native Millennials. Taking the Association into the future means significant change and change away from the post-WW2 model we are so familiar and comfortable with. Technology has driven change; the millennial generation is the first to have grown up in an always on fully digital world. Their passion for technology shapes the way they live and shop. They live and work by their smart device – the world has shrunk as social media platforms have expanded.
The Millennial can pick up their pocket computer and with a quick swipe and type they have all the information they need, immediately, on their terms; not too early – not too late. They don’t see the need to have information ‘just in case’, they don’t see the need to pick up a phone and call a friend - they text, snapchat and ‘communicate’ in ways I don’t grasp through ‘Apps’ I haven’t heard of. They expect instant access to price comparisons, product information and peer reviews.
In the next five years we will be 32 times more technologically advanced than we are today, in ten years than number increases to 1024 times – after that the number becomes so large it is inconceivable. So with such rapid advancement, what will the digital native of the present and the future expect from their professional Association?
That is my challenge, my sleepless night. BUT should those technological advancements and the expectations of the Millennials also be keeping conveyancers awake at night? My answer – Yes, absolutely they should! And this is why…
Millennials range in age from 18-38 years. Many of them are in the prime of their property purchasing life – they are at the age where they may be purchasing investment properties or commercial sites, others are just about to enter home ownership and start their journey.
Millennials are the largest generation in history, larger than the boomer generation and significantly larger than Generation X. As a member of Generation X I am not yet hanging up my boots and retiring from property investment – I will leave retirement to the Boomers, but I am acutely aware that the conveyancers’ key client base now and over the coming 20 years will be dominated by Millennials.
‘As Millennials enter their peak home-buying years, their reluctance to enter the housing market could change. The cohort’s sheer size, plus its desire to settle down in the future, could lead to a surge in home sales.’
As a ‘Gen X’ I expect transactions to occur digitally – I don’t want to go into a bank to get money or pay bills, I love shopping online with delivery to my door. I love email, messenger and facetime and I didn’t have a personal computer until I was 18 years old – they were new technology.
So for those who have been brought up in a fully digital world, those that look for maximum convenience, for instant gratification, those who are constantly connected – how foreign and amusing it must be when faced with the paper-based cheque swapping experience of buying and selling property.
What conveyancers MUST appreciate is that your client base, now and into the future will expect to transact digitally. They will seek out those who transact digitally over those who choose paper. If you don’t transact digitally you will lose clients, if you can’t deliver a digital experience the Millennial will find the conveyancer who can deliver.
It’s not about mandating – that’s happening, it’s old news – the ribbon has been raised at the finish line in Victoria, NSW and WA. It’s about meeting your market, remaining competitive and setting your business up to thrive into the coming decade. Have a business that provides you with good income, supports your clients’ needs and is saleable in the future. This is as much about now as it is about building a good succession plan (another blog for another time).
So my final message to you all – sleep is good and you don’t want to be kept up all night worrying about things you can change. The millennial generation is here, you can no longer ignore their affinity with technology as it reshapes how business is conducted. Don’t wait until it’s too late – if you haven’t started settling digitally then you need to take those baby steps now; you don’t want to be caught crawling as your peers start to sprint towards the finish line.
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