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The generational gap in the property industry

The property industry segments their clients based on location, LSM, as well as property type and size required, however we don’t segment by client age, and this may soon change change. Our audience of potential tenants and tenants that we communicate with can be segmented into generations, and each generation receives communication very differently. I.e. baby boomers will read an entire newsletter but¬†millennials will only read the first line. Communications professionals and marketers in particular in the property industry need to craft messaging targeted to the generation demographic of their clients / potential clients.

Concepts like co-working and hot-desking are a prime example, they are embraced easily by younger generations starting small businesses where baby boomers and traditionalists are more comfortable with stable, ‘established’ forms of office space. Likewise, millennials may be more open to receiving marketing messages via video or App based communication than baby boomers or traditionalists.

This drills down to documentation and processes. With systems like Docusign, contracts and leases are all slowly moving to paperless, electronic systems, which baby boomers may be skepticle about, but with which millennials are totally comfortable. This generation gap affects the rate at which each client will adopt new processes and systems, so if you need your client to adopt your electronic or ‘cutting edge tech’ method, you may need work harder with the baby boomers than millennials. We would all be wise to tailor our communications accordingly in order to gain maximum comprehension and buy-in across the generational gap.

 

¬†If you’re currently looking for office space or serviced office suites, please contact us, we would be happy to assist you: leasing@fieldspace.co.za Alternatively peruse our website for more information.

If you would like to experience the future of the property industry, view the blog post of one of our more innovative projects, our virtual reality offering.