How to Keep up with the Youth and the Fast Evolving Market
Many of today’s real estate companies in the Philippines are currently enjoying a boost on sales caused by the strong economy and our stable political climate which makes the bank interest rates on savings and bank loans at an all-time low, both big and small developers are now cashing in on their opportunities to capture a share of the growing market that is actively on the hunt for pieces of property either as primary homes, secondary homes, or simply for investment. This resulted to a consequence of the boom in property industry which favors both the developers and the buyers.
However, with a lot of players and competitors in the property development arena, these companies are now on their toes just to have a bigger share of the market. Thus having the best Promos, liberal terms of payment, extensive advertising, and all sorts of come-ons have become today’s industry norm in the country. This is also along with many private and government financing institutions offering newly packaged low housing loan interest rates. This leads us to one reality, that there is an outcome which is crystal clear; that it’s now a buyer’s market. Meaning, clients are now currently having the edge and the upper hand over the real estate marketing agents.
There are now a wide array of real estate products and services to choose from right in front of interested buyers. All of these are now within quick access to the market because of modern technology which a lot of prospective buyers, especially those in the know, are having a grand time asking heaven and earth from the sellers. This has been considered as a good development and an agent’s marketing savvy alone is no longer a guarantee to closing a deal. The challenge is now bigger and the competition tougher.
Before, some say that it is used to be a fact that a majority of property buyers are in their mid-40s and 50s. However, today, the Philippines has a constantly boom in the young buyer population in the which are composed of mid-20s and early 30s. These generations of buyers are more “techie” and they definitely make use of information technology to scout for a good deal because for them, the affordability of the property being sold must be accompanied by enjoyable amenities, easy accessibility to their place of work, commercial establishments and even places to “hangout”.
While the agents, on the other hand, does need not only have to have an adequate knowledge about their product, but also a full understanding of what drives the younger generation to buy such with the use of special discounts, extended terms of payment due to their limited income, or the pride of fulfillments as being ahead of their peer groups because they own a condominium unit.
These middle-aged buyers are paying more attention to value-for-money or the quality of what is being sold as well as the family-oriented benefits of a project.
Most buyers nowadays would prefer asking for a higher discount than what an agent discloses to them, which is based on the standard discount the company offers. Comparing these discounts being offered by other real estate companies, a buyer is able to pressure the selling agent and submit to a bargain which is a formidable task that actually requires the higher management’s approval to be accommodated.