Since 2014, there are more singles in the United States than married couples for the first time in U.S. history. Technology has made it possible for employees to work from home or on the go. This opportunity has led to a revolution in work habits and work styles. Add to that the changes that technology has introduced to millennial lifestyles outside of the office and it’s easy to see why the millennial tech culture is also changing commercial real estate (CRE). Here are four ways that technology is having an impact.
1. Innovative Office Design
Millennials are attracted to innovation. They have been born and bred in a nearly totally automated and computerized world — a world in which technology just keeps advancing and breaking the bounds of what previously was thought to be impossible. It is that background that fuels the millennial desire for something innovative and unique.
Home designs and apartment spaces are seeing a complete overhaul thanks to tech-driven millennials. Office designs are no different. They are also being adapted to fit the flexible work style of today’s millennial workforce.
2. Tech-Driven Amenities
A home without USB charging stations in the wall is old school. That is just one of the many tech-driven amenities that millennials expect in their homes. Smart HVAC systems, Wi-Fi enabled appliances, energy-efficient lighting, and car-charging stations are some of the other technology amenities for which CRE pros have noticed big changes coming to market.
3. Methods for Recruiting New Agents
The CRE profession itself is being upended by the millennial tech culture. Finding and recruiting new tech-savvy agents to assist with buying and selling CRE is quickly becoming as tech heavy as every other industry. Although CRE has been slow to catch the wave, there has been a noticeable increase in tech-driven methods for recruiting new agents.
4. Technology for Lead Generation
It’s hard to believe that social media platforms like Facebook and Twitter are barely a decade old. Still, these forms of lead generation have become tired and worn. Technology is providing newer means to generate leads from mobile devices. Social media was once the darling of real estate pros as a means to generate new business. Now that the field is so cluttered, millennials are attracted only by even more inventive uses of technology. Expect these changes to continue and broaden as the Internet of Things continues to expand.
We understand real estate accounting needs. Contact an MCB Advisor at 703-218-3600 or click here. To review our real estate articles, click here. To learn more about MCB’s real estate practice and our real estate experts, click here.
©2019