Harnessing technology in a millennial home buyer market
Centred amidst the biggest property industry boom in more than a decade the industry is fraught with pressure from every angle. Increased transaction volumes fuelled by the SDLT holiday, changing social restrictions and an ever-increasing millennial home buyer market are all reshaping the landscape. Across the UK, first-time buyers average 32.2 years, in the capital this rises to 34.5 years. With more than 50% of first-home buyers now part of the millennial generation, there’s good cause to understand these consumers better.
The journey to secure a place on the housing ladder has been riddled with difficulties for millennials. From housing market bubbles and a widening income-to-deposit disparity to the withdrawal of 95% mortgages in 2020, it’s proven challenging. Though, changing circumstances over recent months including the emergence of ‘accidental savers’ and savings made on property tax breaks, more millennials are diving into the property market than originally forecast.
This is a generation that grew up on the cusp of technological change. A hybrid period where analogue technology overlapped the inception of the internet, the transition from CD to MP3 and the advent of smartphones. As the first generation of digital natives, the way millennials engage with businesses and services comes with changing expectations. This rings true within the legal industry too.
Access anywhere, from any device is expected as standard. Paper and printing are symbols of a bygone era with digital now reigning supreme, and speed is a top priority. While this is common among the millennial market, it would be wrong to assume those in older generations aren’t switching to a similar mindset. Albeit at a more leisurely pace. This was recently evidenced when a firm told us their 90-year-old client was thrilled to be using InfoTrack’s digital verification of identity tool during their onboarding.
So, how can firms embrace these new client expectations? Technology is the obvious choice. Streamlining processes, increasing accessibility and making services easier are all benefits of adopting a digital conveyancing process. Connectivity, regular updates and smart apps are cornerstones of the millennial experience. So, by addressing this generation with technology you not only meet but exceed expectations of the changing landscape.
The adoption of electronic client onboarding solutions and digital signatures, all possible with already-available technology, will have a monumental impact. The best part is, it’s not only your clients that will receive an exceptional experience, so too will the users in your firm.