Last Updated on 17/03/2020 by Steve Wanjie
A look at how affluent Kenyan Millennial Generation chooses to live in our discussion here. What are their tastes in real estate? What are their preferred neighborhoods? How do you sell real estate to them? It’s time to find out.
Who are Millennials?
Millennials are women and men born between 1981 and 1996. If you were born within this period you are a millennial. The oldest Millennial should be 39 years old in the year 2020. The youngest Millennial is 24 years old in 2020.
This is the generation currently sitting pretty as the Kenyan youth. They have the energy, drive, and motivation to make things move in the economical sphere. The majority are just getting into the money. They have a taste for modern, classic and eye-catching real estate.
They are looking to buy a home. They are a real estate agent cash cow if you have the marketing skill to sell to them. The millennial generation makes 60% of the real estate buying marketing.
So, what does The affluent Kenyan millennial generation look for in real estate?
They want low maintenance homes because they are busy generation. They have no patience for housekeeping. They want it simple, easy and organized. A green home that allows for savings in energy and space is highly sorted after. Here is what property developers, brokers, and agents need to know.
1. Smart Living
This generation is technology savvy. They lead technology smart lives.
What is smart living?
Smart living is a new style of living encompassing technology-driven home processes that make life easy, modern and smooth. Smart living is a digital lifestyle where reliability to digital thinking runs supreme. Smart living means living life fully through the smart connected home. Digital functional home is a millennial dream. Everything is controlled via a remote gadget. Remotely controlled LIVING is their passion in an ideal home setting. Any piece of real estate which doesn’t allow for a smart living isn’t suitable to millennials.
2. Smart Location
Why is a home location important to Kenyan Millennials?
a) They want a location whose proximity to essential amenities is superb. Proximity to great schools, supermarkets, hospitals, etc.
b) They are looking for peaceful confirming areas
c) They love locations with scenic views
d) They want to live next to other millennials
e) They want a neighborhood with ease of access
The Kenyan millennial wants to live in up-market apartments in neighborhoods such as Kileleshua, Hurlingham, Lavington, Westlands, etc.
This generation love to live near the city center. That is why Kileleshua and Westlands are popular with the Kenyan affluent millennial.
3. Smart Community
What is a smart community?
These are communities that invest in broadband networks and analytic software infrastructure to run their communal affairs. They use data collected to improve traffic trends, security, water, sewage, and other utilities. They are social creatures and thus prefer neighborhoods where other affluent millennials live.
Smart communities work jointly to improve the status of their neighborhood. They pool resources in order to continually regenerate their environment. Millennial love this because of status matter to them.
Smart communities have well-developed community services such as security, cleaning, and waste management.
Sense of community:
Kenyan Millennials are very interested in a sense of community. Real estate developers have to have this in mind. A millennial is interested in a ready to move in house.
4. Smart Development
Real estate developments that encompass mix land use are known as smart developments. This makes it possible to live and work in the same location. Smart developments have homes, offices, schools, hospitals, shopping malls, restaurants, etc., within their boundaries. Smart developments are technology-driven sites and as such ideal for millennial habitation. Millennials want real estate developments that are smart growth.
5. Smart Engagement
Millennials are tech-savvy. They use their smartphones and the internet to do research. So, you need to use technology to engage them. Smart engagement is a must in order to sell to this generation. The best way to reach them is through digital marketing. They are the tech-savvy with the money. The other digital-savvy group is below 24 years but they don’t have the purchasing power as of 2020.
A real estate agent must have a blog, a YouTube channel and social media accounts in order to reach and engage millennials successfully.
Real estate agents must be found online easily. Your presence online must be mobile phone friendly because millennials use the smartphone almost exclusively.
6. Millennial Interiors
They are looking for a class. They are looking for High-speed Wi-Fi. They want high-end finishes like granite countertops and stainless steel appliances. Include trending interior features such as; hardwood or stone floors, open floor plans, energy-efficient appliances, and remotely controlled doors, windows, smart home gadgets (lighting, thermostats, and security systems), etc. They want more space and less furniture.
Interior deco – they love wall art. Thus, a millennial space would be bare without some form of wall decoration.
They prioritize high-end kitchen because they are tech-savvy. Anything they want to cook the internet provides the answer. They search and research a lot. So, their kitchen is digital.
7. They are cost-conscious
This is a generation that knows how to live within a set budget. Before buying, they research thoroughly. Thus, they are aware of the price range even before they talk to a real estate agent.
8. Where to find and interact with millennials
a) Millennials live on mobile. The smartphone is their constant companion. Wherever they go the Smartphone is in tow. They love their phones.
b) Social media – their favorite platforms are; Instagram, Snapchat, and Facebook. Find, interact, market and sell to them by getting social. You need to create a brand. Create a lifestyle around it and get social. Social media gives you the ability to create a community for your brand. The millennial generation cherishes the community. They want to belong.
c) Text Marketing – they are truly the texting generation. Mobile communication is a marketing tool real estate marketers should be using a lot to sell to millennia
Example of millennials targeting real estate development in Kenya
Two Rivers Center:
Two Rivers offers the following:
a) Homes – you can rent or buy
b) Work – rent an office or work for companies located here
c) Invest here
e) Get entertained
To market profitably to affluent Kenyan millennial generation, sell a lifestyle, value, convenience, and community. They love duo-purpose spaces. Places where they can live, work, socialize and shop.
Thanks for your visit
Founder – dijito marketing