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Understanding the Service Preferences of Millennials- The Future of the Housing Industry
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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Millennials make up one of the largest segments of all employment sectors. This generation of fast-learners has thus occupied a notable place in the housing market by becoming the largest population of property buyers. Despite this fact, there are still large portions of millennials who are hesitant to dive into the said housing market.
Why are millennials an important part of the housing industry?
Millennials differ from baby boomers in various aspects. They are adventurous and love to travel, yet they have dreams of owning their houses. Previous generations have different expectations from the services provided to them. They had very relatively basic requirements from these service providers, for example; baby boomers and people belonging to Generation X were satisfied when they knew ‘what to do?’
However, millennials want more, they want answers to ‘how to do’, and ‘why to do’. Thus, when such knowledge-hungry individuals avail of any service, they become diligent in wanting to know everything related to it. That’s why millennials prefer service providers that are also doubt solvers.
Currently, millennials are the largest workforce; thus, they hold massive buying power in the real estate sector. Therefore, understanding their preferences is crucial for the future of the housing industry.
Transparency in everything
The entire decision-making process of a millennial differs greatly from previous generations of employed Indians. They are the pioneers of the digital era, consequently researching on the Internet becomes one of the first steps before any purchase. So, when it comes to buying a house with the help of a home loan, they do not just rely on the words of a trusted loan officer but also like to be well-informed about the home buying process.
Millennials consider the internet as their trusted advisor. This research-driven culture wants every piece of information available at their fingertips.
The simplicity of things
Millennials belong to the age of automation. From setting the alarm in the morning to remembering birthdays and anniversaries, millennials are living in an era where things are hassle-free and automatic. When it comes to buying a house, they want the same simplicity.
Financial institutions are transforming themselves to keep up with this trend. Gone are those days, when manual efforts were required for everything. Nowadays, you do not need to visit the bank to obtain any required information. With self-help tools like home loan eligibility and EMI calculators, it becomes easy for millennials to calculate all aspects of a home loan.
Faster is better
Just like their data speed, millennials want things to happen at a quick pace. Unlike baby boomers, they are very comfortable with the online home loan application process and transfer of digital documents. Furthermore, millennials prefer the quick response given by customer care executives, who are able to help them every time they encounter a problem throughout the process.
Although millennials might also be already carrying additional liabilities like a student loan, the debt is not distracting them from fulfilling their goal of buying a house. Currently, they make up the largest portion of home-buyers. Thus, financial organizations and real-estate developers are trying to understand their preferences and how to best cater to their needs.
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