GOOD MORNING FROM ELITE AGENT

As we await further developments from Hurricane Milton in Florida where residents face urgent evacuation orders, there's a bit of good news from Tennessee. Following the devastation of Hurricane Helene earlier this month, Athena, a dog found 20 feet up in a tree after being swept away by floodwaters, was safely rescued and reunited with her thankful owners.

Today’s read time: 4 minutes, 30 seconds.

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SALES

Meeting the demands of the next generation: how Millennials and Gen Z are changing real estate

Millennials and Gen Z are shaking up the property market with new expectations, and agents need to adapt fast.

Katrina Tarrant, CEO of Harcourts NSW, highlights the shift from traditional sales tactics to a trust-based, advisory approach. Younger buyers value transparency, personalised service, and ethical practices.

They're well-informed and want agents who can offer more than just a transaction, balancing digital tools with genuine, human connection. It's about meeting them where they are - both online and offline.

Transparency and trust

Millennials and Gen Z are wary of old-school sales methods. According to Katrina this generation arrives informed, with research on market pricing and specific properties, and, most importantly, seeks honest advice from agents. "The next generation of buyers is sceptical of traditional sales tactics.

They value authenticity and transparency over slick sales pitches." Agents should prioritise trust by being upfront about both the pros and cons of a property, building long-term relationships rather than quick transactions.

Adapting communication

“Today's buyers expect instant and clear communication, but they also prefer it to be on their terms," said Katrina. This means agents must be flexible in how they engage, whether through email, text, or social media messaging.

Avoid overwhelming buyers with calls or emails; instead, adapt to their preferred communication style while being responsive and available when needed. This multi-channel approach is key to maintaining engagement and avoiding frustration.

Advisory role beyond real estate

Buyers want more than a simple transaction, according to Katrina who said this generation is also looking for agents to act as lifestyle advisors. Instead of focusing solely on the sale, agents need to offer insights into neighbourhood dynamics, long-term investment potential, and community services.

“Millennials and Gen Z expect more than just a transactional relationship...they want advice and guidance that extends beyond the property purchase.” By expanding the scope of their advice, agents can position themselves as trusted partners in the home-buying journey.

ICYMI, yesterday we covered some tips on how to close deals and boost your end-year sales 

TOGETHER WITH EXPLORE PROPERTY

Explore Property Expands to Yeppoon Amid Coastal Market Boom

Explore Property has expanded its reach in Queensland by opening a new office in Yeppoon, aimed at capitalising on the region’s booming coastal market. The office will be led by Adam de Jong, who brings nearly 20 years of experience in the local property scene, and Patrick Richardson, who has had long term success in the Rockhampton market.

The duo promises a client-first approach, combining local expertise with innovative marketing strategies. With Yeppoon attracting more buyers and investors, the new office is positioned to meet growing demand and strengthen Explore Property’s foothold in the region. This move is part of the company's broader strategy to enhance its presence across Queensland.

Read more about Explore Property here*

SMART SNIPPETS

Home construction hits the brakes
The Government's hope of solving its housing crisis with more supply is facing a major setback. New home starts have plummeted to 158,690 in 2023-24, the lowest in over a decade. This 8.8% drop, coupled with a shortage of apprentices, could result in a deficit of more than 400,000 homes compared to national targets.

Charity shops become hot investments
Investors are flocking to commercial properties backed by long-standing charities like Salvation Army and St Vincent De Paul. These assets offer secure income streams and align with the growing trend of vintage shopping. With average yields of 5.58% and typical sale prices around $2.6 million, these charity-backed properties are becoming hot commodities.

Vic rents climb over 10% in 2024
The Victoria State Government June 2024 Rental Report highlights a rental crisis in that state, with rents rising over 10% in the past year. Melbourne’s median rent hit $550 per week, while regional Victoria saw a $450 median, reflecting a 6% annual increase.

Australia’s haunted house worth millions
James Phelps' new book Australian Ghost Stories is packed with spooky tales of haunted homes, but it turns out ghosts aren’t scaring away buyers, with some haunted homes selling for well above their asking prices. If anything, a ghost or two might even add to the property’s unique appeal. Just another selling point, right? "Four beds, two baths, two ghosts."

SOUND WAVES

How to bounce back after a holiday

Returning to work after a holiday often magnifies burnout, especially in real estate, where constant demands and unpredictable schedules can drain your energy. In today’s curated listen we learn how to ease back into work by setting achievable goals and identifying stress triggers, whether it’s challenging negotiations or facing those endless emails.

Dive straight into the listen below or the deeper dive here.

Read the article from The New York Times here 

AGENTS ON SOCIAL

Why do realtors keep multiple pairs of shoes in their car? Because they’re always ready for anything - from an open house to a property sprint. Also, taking calls in the bathroom? That’s just expert multitasking. 🚽👟

@yourrealtorkash

I’m a realtor, of COURSE now is a good time to buy!! #realtor #houston #ofcourse #sold #buy #sell #houstonrealtor

Seen an Agent On Social we should include? Let us know here (email link)

Wishing you a productive day

Elite Agent is crewed by Mark Edwards, Catherine Nikas-Boulos, Rowan Crosby, Giverny Pringle, Charmagne Arrubio and Samantha McLean. We aim to uplift the real estate industry by delivering forward-thinking, hype-free news and education that fosters knowledge and fuels ambition.

If you see a * beside a story, it means it’s a sponsored post. To enquire about advertising with us, visit eliteagent.com/advertise.

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