Meet the next wave of property owners
Millennials, born between 1981 and 1996, have taken the lead as Australia's largest generational group. In the 2021 census, they made up 21.5% of the population. It's no surprise that they are becoming the new face of property ownership.
Hot on their heels are Gen Z born between 1997 and 2012 and 18.2% of the population.
So, what are these generations looking for in property management and are you ready?
Technological expectations
Let's face it, millennials and Gen Z are incredibly tech-savvy. They haven’t known a world without the internet, do their banking online with many having never entered a branch, and smartphones predate Gen Z by 5 years.
Growing up with the rapid evolution of technology, from mobile phones to social media and AI, these generations are proficient in navigating digital landscapes. They're flexible and adaptable, and accustomed to instant access to information.
Millennials and Gen Z as customers are used to being able to access what they want straight away. So as property owners, they expect 24/7 access to property information, conveniently available on their mobile devices.
Home ownership models
Housing affordability remains a pressing issue, with renters dedicating larger portions of their income to rent. In 2006, only 9.3% of renters paid a third or more of their income on rent. By 2021, this figure had risen to over 32.2%.
Soaring property prices, are prompting millennials and Gen Z to explore alternative paths to home ownership, such as purchasing investment properties while renting.
They may also opt for smaller properties, such as apartments or homes on smaller blocks as they look to build their property portfolios. Unconventional ownership models, like co-purchasing with family or friends is another way in which millennials and Gen Z are getting into the property market.
For property managers, this means adapting to a new landscape characterised by younger landlords with higher digital expectations and tighter financial constraints. Joint ownership arrangements may mean having to split disbursements, and managing single properties for multiple owners could become more common.
Additionally, as owners seek to expand their portfolios, they may transition from smaller to larger investment properties or diversify with more smaller units, impacting property management activities.
Environmental sustainability
The next generation of property owners prioritise environmental sustainability, recognising the value of energy-efficient properties, the attraction for tenants and the opportunity to obtain premium rent.
Kolmeo’s approach
In anticipation of the evolving landscape shaped by millennials and Gen Z entering the property market, Kolmeo is ready to meet the shifting needs and expectations of these tech-savvy, environmentally conscious property owners.
Our user-centered design approach ensures we effectively engage with all types of property owners and tenants while considering a wide range of needs and preferences.
We enable communication in app, via email and SMS to help property managers communicate on customers terms without compromising service.
Our payments solution enables real-time payments with a range of payment types and puts money into owners’ accounts faster.
Our suite of tools, including Kolmeo's owner experience, are designed for novice to expert users to manage and monitor their properties centrally. Property owners can keep track of past payments and review payment history and have easy access to monthly and annual statements. This proactive information sharing reinforces agencies’ commitment to responsiveness and transparency which is just what the next wave of property owners are looking for.
Are you ready?