Expectations of how we buy and sell property are changing rapidly as a rising generation of Generation Z home buyers steadily moves towards investing in property or buying somewhere to call ‘home’.
Born between 1995 and 2009, Generation Z is the first generation born into a world where technology is omnipresent with the internet, smartphones and social media an indispensable part of life.
According to Sydney-based research firm McCrindle Generation Z are also the largest generation ever, comprising around 20% of Australia’s population and almost 30% of the world’s population.
RESO CEO Kate Chalk says they are the first fully global generation that has always been connected through digital devices and engaged through social media.
“The rise of Generation Z is signalling major changes for real estate agents as this digitally savvy generation demand online tools that place the property transaction process at their fingertips,” Kate says.
“Generation Z’s have little interest in traditional media, like newspapers and TV, but searching and purchasing online is how they roll,” Chalk says.
“The real estate industry has to adapt and be responsive to this emerging generation’s needs by normalising simple online tools that streamline access to every part of the property transaction process and deliver total transparency for all stake holders.
“The RESO platform – Real Estate Sales Online – has been designed with feedback from the real estate industry to deliver to these changing consumer expectations and a heightened need for speed and transparency.”
Earlier this year REISA President, Brett Roenfeldt OAM, announced technology would be the focus of its 2020 centenary review in preparation for the massive shift in service delivery Generations Y and Z bring to the real estate industry.
“The rise and rise of technology, big data, automation and demand for real time solutions for consumers are all influencing our industry and must inform our forward strategy,” Roenfeldt says.
“The move to embrace technology will gain even more momentum in 2020 than it has had in 2019, which is good news for buyers and sellers, because digital platforms like RESO are all about enhanced user and customer experiences.”
Ray White Semaphore Sales Manager, Samantha Hirniak, certainly knows a thing or two about digitally connected consumers and buying property at a young age and uses legacy.reso.com.au for many of her property sales.
Samantha was captivated by the real estate industry as a teenager, purchasing her first renovation project at the age of 18 before buying and selling numerous other properties.
Samantha says buyers who are 35 years and under, and foreign buyers, have been grateful for the RESO platform because it enables a much faster and streamlined process to offer and purchase.
“Mobile technology is more dominant than ever before and buyers want documents and answers yesterday,” Hirniak says.
“A recent Gen Z purchaser from overseas was extremely impressed and grateful we offered RESO and was shocked that in Adelaide all agents do not utilise this technology.
“Mobile technology coincides with the faced past lifestyle people now lead and transparency, time management and a better buyer experience are basic requirements for this connected consumer generation.”
Agents, like Samantha, who use the RESO platform can upload a property in a matter of minutes and provide buyers 24/7 access to the registration, offer and contract process.
Through automation, increased speed and the seamless online delivery of the property purchase from beginning to end, RESO’s technology enhances relationships with buyers and delivers exceptional outcomes for sellers.