In Malaysia, the millennial buyers make up the largest prospective pool for all real estate sellers these days. As a rule, you must know the market before launching a product for the desired segment.
Here, this Generation Y is the most profitable segment to be targeted by the realtors. They constitute a majority of home buyers and are on the look for nice, elegant, potential households to settle in. Hence, the realtors and home sellers must keep their needs and requirements in mind in order to make such offerings that suit their tastes.
Bear in mind that your target audience is well-versed and knows about all the market norms and other technical details pertaining to houses. They are not like your typical buyers who will go for your word and settle when their basic needs are being met with. They question and demand the ultimate best and are not willing to settle for anything less.
What Do These Millennial Buyers Look For?
So, what do they actually want? If you want your offering to spark their interest, here’s a list of items you need to keep in view before making your offer:
They are extremely choosy. With a wide range of options available at their fingertips, you have to make sure your offering is not just unique but also offers significant value to them.
The house you wish to sell must have a USP, something over the edge that catches their eye. This will make it stand out from the other houses up for sale and increase the chances of the salability of your house.
Your target audience has all the information they need at their fingertips. They cannot be tricked, side-tracked or mislead in any way. So, when you tell them about your offer, make sure you know everything about it and can answer their queries. Keep the entire conversation on point and be specific so that they do not lose interest and get all the solutions they need in the minimum time possible.
Focus all efforts on improvising. Equip the house with the latest smart technology features. Focus on making lives easier and enabling a better living.
House Renovation Tips to Attract the Millennial Buyers
With minor adjustments and installations, here and there you can gain significant market attention in no time. You just need to be sure that your efforts are going in the right direction.
So, what exactly do you need to work on to gain the attention of this lucrative market segment? Here are a few tips to renovate your house to get their interest.
1. Keep A Separate Dressing Room
As per a recent survey, a proper Dressing room with big mirror is a must-have in the home for this segment. A dressing room designed solely for the purpose of keeping all the clothes, drying racks and other grooming essentials, separate and away from the living space is a winner.
This way, the home dwellers can enjoy their own makeup, grooming and other relaxing space in the home, away from the chaos. Whereas the laundry can be organized and washed, folded and ironed at its own designated space.
2. Incorporate Technology and Gadgets
Your target audience is updated, knows all about the recent market trends and the latest technological changes. To get them to buy your property, it is essential that you have some of the essentials from the lists of the latest gizmos and smart technology already installed in place.
This, not just makes you more prominent in the entire neighbourhood, but also puts you in a position to get a great bargain. However, before you start, keep a note of the following:
Technology may become outdated too soon.
Try to stay ahead of the market trends and install the latest devices. You may also opt for the ones that can be upgraded with ease so that it never goes obsolete.
Music systems, home theatres, security cameras, etc. are all the latest, most demanded features that come with a home.
A separate shelf or cupboard, i.e. a separate space for placing all the gadgets for charging may be the highlight of the house. It may get you these buyers much more quickly than you think.
These buyers were born with technology, hence the absence of Wi-Fi connections, LCDs, laptops, etc. are unimaginable in today’s lifestyle.
In the world of wireless and even hands-free communication, cable wires, the traditional telephones, and other equipment are all a story of the past. So, even if you have the cable installed or the telephone service, it is no longer an appealing factor for them.
Thus, the home you offer has to be technology friendly and should encourage new installations as well as upgrades. To facilitate their lifestyles, you can also have a thermostat regulation system in place, or an automated or a robot lawn mower that comes with the backyard and can be controlled via the smartphone, etc. the options are limitless; opt for those which can easily be accommodated in the house and work towards making lives easier.
3. Back Up Their Home Businesses
These days many of the spouses and couples prefer to work from the comfort of their home. Hence, it is recommended that these homes come with a separate room or a complete home-office setup for an entrepreneur or working-from-home person.
Just keeping aside a room with a desk and a few chairs, away from the chaos of the rest of the household, works wonders for them. With so many options for working from home, people prefer to have an office inside the house, which gives them the comfort and peace they require to concentrate, make Skype calls and work on reports and presentations, away from the chaos and other daily activities that take place in the house.
4. Some Outdoorsy Recreation
A home barbecue, a small outdoor camping arrangement, birthday parties and other small events always take place at home. Hence, a nice barbecue grill in the backyard may work as an added plus to the home.
A few benches, patio, flower beds, and maybe a porch up front, will always be a big plus when it comes to home selling. Just a few things here and there as per the budget and you can make a huge difference to the outdoors. It makes a lot of difference to the entire look of the house. Thus, outdoor renovation is so important, as it is always the first impression for our visitors.
5. Innovative Home Renovations Design: Creative and Cools
You can always leave room for further renovation by these buyers. Many people have a passion for making their homes workable by themselves. If you want to explore more amazing renovation ideas, check out this article here => 81 Simple Renovation Tips to Change Your House Into a Designer Masterpiece.
If you feel that your house is not as updated as the others or may need a hand or two before becoming usable by any of these people, you can just sell it as it is.
You may have to keep a low demand for this house, however, you will have a much larger market attracted to your home due to its affordability.
Most of these buyers prefer simple, easy to bring about changes and renovations to the home.
The low priced property is always more attractive, even if it requires a few amendments.
A large segment of this target market, despite thriving to find the ultimate comfort, is still struggling with finances. Your house can meet their budgetary constraints and convince them to buy it even if it requires some work on their part.
You can set up the right price, keeping in view of the market prices and make it all the more attractive due to its affordability.
6. Bathrooms With Tiling Walls: Easy Cleaning and Elegant Look
This generation gives a lot more importance to bathrooms and fixtures. Bath time is becoming one of the items in the checklist people usually try to procrastinate as much as possible. A little effort in this direction will be highly recognized and put you in a better position to negotiate your terms.
If they are getting bathrooms and fixtures that require the least effort and work on their part, that house will attract the most buyers. Since their budgets are already constrained after buying the house, these youngsters cannot immediately get to renovate the bathrooms and other fixtures.
It is not always a recently renovated bathroom that will get you the desired attention. It may be a matter of taste and preference as well and the buyer may not even like a particular scheme.
If you are considering renovation, go for the neutral hues and focus on cleanliness.
Make sure there are no issues with the workability of the bathroom.
Look out for seepage, leaks, rust and other such details before setting up the house for sale.
7. Nice Kitchen Layout for Gathering
The kitchen is no longer just meant for cooking or placing the dishes.
Today, open kitchens are the norm. They provide ease of access and serve as a nice place for hanging out with the family.
The kitchen is where the family sits together and has dinner, and also discusses important family matters.
A more open layout is more preferred by this generation. They want the whole house to have more space without getting them confined to separate rooms.
8. Go for house extension: More Personal Space
No matter how you renovation your house, space will always be the same if you do not go for the extension. If there is a place for an extension, always go for the extension first. With a spacious place, you can have more option for your house renovation.
Extend your kitchen, extend your living room and extend your toilet. With spacious place, your house value will be higher and more easily attract buyers.
If your house is a corner lot, you have more space for an extension, you should go for house extension first
9. Low Home Maintenance: Fewer Hassles
This generation is all about living lives freely and without much stresses and efforts required to maintain the lifestyle. Carpets, paint jobs, cleaning, and washing are all seen to be more of a hassle than comfortable living.
The generation likes dispose-off the things that do not work, rather than getting to work to make repairs.
Vinyl Flooring, wooden flooring, low maintenance bathroom, and kitchen are the talk of the town.
Instead of wasting their weekends with repairs and doing other work around the house, they prefer other forms of enjoyment. Hence, a low maintenance household is the most attractive for them.
10. Health and Environment: Healthy Lifestyle
The millennial generation is more health and environmentally conscious. They like to watch their health, stick to a fitness routine and prefer to have such exercise equipment at home or practice outside.
All those electronics that pose hazards to their health and the environment are a huge turn off for them. Greener, safer and cleaner environments are more preferred. To increase the chances of selling your house, you need to take a turn towards incorporating some green element in your house.
Recommended Modifications to the Home
A few suggestions for making it all the more appealing to your buyers:
When you put up the ‘for sale’ sign, ensure that the house looks spick and span, almost like the ones you see in magazines.
Having a small in-house library, a nice kitchen table, Wi-Fi, good sound system, Karaoke set and cellular signal boosters in areas of low coverage, may seem unnecessary but are the most important for this generation.
Life hacks which make lives easier, particularly the DIY sorts, are the need of the hour. These give out the impression that your house is more technologically advanced and meets the latest trends. View this => 6 Simple Steps to DIY Concrete Table at Home.
Remember, they need to buy a home within their budgets. Keep it simple and affordable but, offer the trendiest living space to cater to their tastes.
This year these Malaysian millennial buyers are going to make up a significant part of the pool of home buyers. As the most prospective pool of buyers in the market, you must consider their needs and wants in order to attract their attention.
One of the key points they are looking for in a home is the comfort. You need to ensure the house offers the most comfort and also includes other essential lifestyle details.
This generation of buyers in Malaysia is more socializing, look for most comfort and ease of maintenance and yet luxury, when buying the house. So, your house must have the few essentials as discussed above in order to gain the interest of a significant percentage of these buyers.
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