Let’s face it: no matter how many times Grant Cardone says Gen Z will rent forever, Gen Z is on the brink of becoming the dominating consumer in real estate. The oldest members of Gen Z are turning 27 years old in 2024, and they are already ahead of the curve in terms of homeownership. In 2022, 30% of the Gen Zers owned a home at age 25, compared to 25% of millennials and 27% of Gen X at the same age, according to Redfin.
It may be a few years before Gen Z is the predominant group of homebuyers and sellers, but you need to make sure your business is ready for the next generation of consumers.
This begs the question: How does an agent of any age capture the short attention span of Gen Z?
DO: EMBRACE SOCIAL MEDIA
Is anyone surprised to read this? One of the best ways to engage with Gen Z is by sending them a DM, commenting on their posts or stories, and using your social media platforms to remind them of who you are and what your brand is about. This also boosts your posts in their feed, increasing the odds that they will see your content.
Gen Z tip: When I have Gen Z buyers who are interested in buying investment properties, I send them the occasional TikTok or Instagram post that’s relevant to real estate investing. This could be applied to any topic to keep you top of mind in a way that’s not obnoxious.
DO: CREATE A MEMORABLE BRAND EXPERIENCE
Focus on creating YOUR community. Gen Z values personal connection, so show interest in their personalities and lifestyles, not just their real estate needs. This means you can chill with the “Buyer and Seller Tips.” Chances are, they’ve already found that info online.
When it comes to your personal brand, website functionality, marketing, and everything in between, Gen Z wants to identify with the products and services they use. Take a look at Kyle Toomey’s home tours for Gen Z. He has created an entertaining series that creates engagement with Gen Z in the comments while going viral at the same time.
DO: UNDERSTAND THEIR EXPECTATIONS
Gen Z is the generation of instant gratification. Ask questions to understand what they are expecting from you, the real estate expert, and deliver.
For the next several years, Gen Z clients will most likely be in the first-time buyer category, which gives you the opportunity to set expectations upfront. Don’t skip the buyer consultation! This is the perfect time to explain your process for communication, showings, making an offer, and everything in between. In addition, make sure they have explored all of their financing options with different loan programs, and connect them with reliable professionals.
DON’T: UNDERESTIMATE THEIR KNOWLEDGE
Avoid oversimplifying or giving generic advice. Gen Z clients will most likely already have the information that’s in your brokerage’s generic “Homebuying Guide.” This generation is incredibly educated thanks to the Internet, and it is your job as their real estate agent to be an expert advisor and resource beyond what they have already learned from TikTok.
They know the facts, so give them additional resources to make the process easier. When they are on your website looking at a property, are there recommended properties below it? Can they calculate the monthly mortgage payment without exiting the page? Can they request a showing directly from the property portal?
DON’T: SELL TO THEM
Gen Z is bombarded with advertisements constantly, and the last thing you want is for your name to be added to the “clutter” bucket in their brains. Gen Z doesn’t want to be sold at a showing on “why this house is perfect for them.” They also don’t want to be told on Instagram that “renting is throwing away money.” They want to relate to an authentic version of you and feel like they are working with a human.
Tell them what is wrong with the house, and tell them if something is going to be a costly repair. Whether it’s a good fit or not, paint the picture of their life if they were to purchase any given property (Gen Z loves a story).
In short, stop selling to them and start talking to them.
DON’T: CALL THEM UNLESS THEY CALL YOU
Sorry, Tom Ferry.
There are exceptions to this rule, such as if you’re under contract or they explicitly tell you that they prefer phone calls (I have encountered very few Gen Z’s who say this), but calling them is often inconvenient or uncomfortable for them. If something is simple enough to explain in a single text, then you don’t need to call them.
Gen Z’s claim to fame is their digital proficiency, and they expect the best when it comes to their real estate experience—or they will find someone better. Giving Gen Z clients a memorable real estate experience will pay dividends in all aspects of your business in the future.
