80% of millennials in the UAE plan on buying a home in the next five years1, making them one of the most significant segments of potential homebuyers. As their share of the real estate market – both leasing and buying – is rapidly increasing, it is vital to understand this generation to reach out to them effectively.
Understanding Millennial Homebuyers In The UAE
Millennials, or Generation Y, are the demographic born between the 1980s to the 2000s. Millennials in the Middle East are the highest spenders globally, typically spending twice as much as their European counterparts. In the UAE, they are tech-savvy and have high disposable income2.
Conventional marketing may not be as efficient with millennials as with older generations. For example, studies have shown that millennials are less likely to respond to sales calls and prefer to search for property online1, relying on portals such as Bayut and dubizzle to find their homes.
As millennials are one of the largest demographics on Bayut, expect them to keep an eye for real estate related info on social media.
With 95% of millennials active on at least one social media platform6, we recommend making the most of social media to reach out to them. You can check out our guide to social media to learn how you can start leveraging them for your business.
Gaining Their Attention: Marketing To Millenials
Here are some tips to keep in mind while marketing to your potential (Millennial) clients:
Sell The Benefits
Centre your marketing messages around the experience of living in the property and how its features will benefit them.
Over 60% of Millennials use their phone to research products and services they’re interested in5 – Meaning they want to be driven to their buying decisions rather than have someone sell to them. A great way for real estate agents to do this is by using social media “content marketing” to sell the benefits and experience of living in a property.
For example, let’s say you post about an apartment in Downtown Dubai on Instagram. Instead of captions like:
“2 Bedroom Apartment in Downtown Dubai for sale for AED 1.8 Million. Close to Sheikh Zayed Road”, try:
“Wake up to Burj Khalifa views and experience all that Downtown Dubai has to offer! For AED 1.8 Million, this luxurious apartment can now be yours.”
Notice how we’ve highlighted the experience of living in Downtown Dubai, rather than just the price and details of the property.
Use Videos
More than 69% of internet traffic is searches for videos4, making it one of the most effective mediums to share your messages with wider audiences. Of note, millennials prefer video content because of its ease of understanding, condensed information and visual creativity.
Some ideas for video content include:
- Neighbourhood tour videos: show an area’s hidden gems, highlights, etc
- Property tours, revealing a new property listing
- Animations showing property price trends, etc
- Advice for first-time homebuyers in the UAE, covering topics such as mortgages, off-plan properties, buying vs renting…and more
- Facebook Live for property tours – it even notifies users when you’re going live and delivers the highest organic reach on the Newsfeed.
Are you looking for inspiration? Visit Bayut’s Instagram to take a look at some of our engaging content.
Offer Great Customer Service
Match Millennials’ busy lifestyles by being available and ensuring timely and personalised responses to inquiries. Great customer service from the first message creates a great first impression, making it more likely for millennials to use your services and refer you to friends and family.
For example, a lead contacts you via Facebook Messenger, inquiring about a property in Dubai Creek Harbour that you posted.
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A delayed response will lead to them looking for another agent or property listing. To prevent this, make sure you have alerts for your work notifications and respond to your messages promptly.
Here’s a thought-out response to this email inquiry:
Hello (person’s first name)
Thank you for reaching out to me about this beautiful one-bedroom apartment in Dubai Creek Harbour. It is one of my favourite property listings, primarily for its beautiful view of the Harbour from the balcony.
When would you like to arrange for a property viewing? I’d love to meet face to face and discuss how I can help with all your real estate needs. I am available at (phone number).
Kind Regards
(your name)
ABC Real Estate
As the real estate industry picks up with the ever-changing needs of millennials, their marketing needs will evolve too. Explore our Content Corner on the Agent Portal to stay updated on the latest marketing trends for real estate. You can also register for Bayut Academy, our in-house series of workshops that can help take your career to the next level.
SOURCES
1 https://www.bayut.com/mybayut/millennial-home-buyers-investing-dubai-real-estate/ and HSBC market survey: https://www.privatebanking.hsbc.com/wih/
2 Are Millenials in the UAE living beyond their means? https://www.khaleejtimes.com/lifestyle/are-millennials-in-the-uae-living-beyond-their-means
3 https://gulfnews.com/business/property/millennial-potential-untapped-by-dubai-real-estate-1.67679660
5 Millennials in MENA decoded: ISPOS: https://www.ipsos.com/sites/default/files/ct/publication/documents/2018-09/MENAs_Millennials_Decoded.pdf
6 Understanding Millenials in the GCC (survey by VISA) – https://usa.visa.com/dam/VCOM/global/partner-with-us/documents/millennial-digital-payment-trends-in-gcc.pdf