Showing Suite – the MiIlennial’s Tech Tool for Home Buying
I just ran across a fascinating blog post by Nicole Weinberger, an associate at Commercial Brokers International. CBI is a commercial real estate firm based in LA. As a regular contributor, Nicole follows market trends and finds compelling truths in the button-down confines of the commercial real estate zeitgeist.
Nicole recently posted A Millennial’s Perspective on Commercial Real Estate. Millennials, or Generation Y, were born between 1980 and the late ’90s. In case you weren’t watching the trending tab, the story that millennials don’t care about buying homes is so 2014 .
My favorite part of her post: her recognition of the Showing Suite line as an attractively techie tool for house hunting millennials. More on that later.
Nicole writes, “The not-so-new story is that Millennials are the next home buyers and we’ve all got to keep up with the technology in order to close those imminent sales. Well it’s clear that technology is the key to understanding the residential consumer. But how is Gen Y going to use technology to affect the industry’s brokerage side? What’s the impact on commercial real estate?”
Read Nicole’s complete blog entry “A Millennial’s Perspective”
She continues, “Today, the millennial generation is in their 20 to 30 somethings. They are fiercely loyal to their cell phones, social media, and technology in general. Ease and efficiency is their top priority to pursuing their ambitious career goals. Their self-motivated, overachieving mindsets are bringing them into the real estate industry as the next generation of agents. This shift in real estate employment demographics is going to bring a very real change to the industry’s workflow.”
So millennials want homes and jobs in real estate. It goes without saying that this group thrives on technology. According to data from the National Association of Realtors, more than 50 percent of millennials search for homes on their smart phones and, among those, 26 percent end up buying a home they found that way.
Nicole continues, “Here’s where the millennial demand for better, easier technology is going to hit strong. New technology is going to take over.” She describes companies like the video company Bubl, which markets an amazing 360 degree capturing camera. And Matterport will build you a 3D interactive model that allows consumers to virtually walk through the entire property.
For decades, the telephone and conversation was the real estate agent’s stock in trade. But a new wave of younger homebuyers is changing the way agents do business on the phone. Millennials don’t want to talk. They send an average of 50 texts a day.
Nicole continues, “Along the lines of time-saving, easily accessible information, millennials will also be pushing easier ways for seemingly small tasks. For example, a text-to-confirm standard for initial property vetting – meaning millennial agents will confirm smaller listing questions by simply shooting a text to the listing broker. A majority of property tours will move to online and mobile app on-demand scheduling with companies like SHOWING SUITE. Social media will continue to gain popularity as an outlet to share articles and publish property listings or property requests.”
Showing Suite was made for the millennial sensibility. The Showing Note app allows a buyer to share texts, photos and video notes on social media during a showing. In real time. And TEXT2SHOW is an automated scheduling component that lets buyers send a text message to request an immediate showing, schedule a future showing, and view a property flyer for any listings. Home buying has never been easier.
Nicole Weinberger is a millennial herself. She handles the disposition and acquisition of investment grade and owner user assets for CBI, and is an active investor in retail and manufacturing properties. Prior to her real estate career, she worked in digital advertising account management and team building for players like Disney and Honda. Through this experience, she crafted marketing, communication, and management skills that she has parlayed into a career altering shift to commercial real estate.