The definition of luxury living is evolving, and many properties are learning that stunning floor plans, opulent amenities and breathtaking views are no longer enough to attract high-income, tech-savvy residents who lead increasingly busy lives.
Here’s the real problem: expectations are changing because the clientele for luxury living is starting to skew younger, with Millennials now accounting for 13% of the affluent population. According to a UBS Investor Watch report, affluent Millennials (people born ~ 1980-2000) are seeking to enjoy their wealth in real terms.
In the past, success in life was measured in financial and career terms. In recent years, Millennials have expanded this definition of success to include emotional and experiential factors—they want to feel good about their experiences, not just their bank balances. Luxury residential marketers: ignore these trends at your peril!
Learn more in this eBook: A Day in the Life with App-Enabled Luxury.
Here are some examples of how Millennials’ expectations impact the luxury property world:
EXCLUSIVITY
Affluent Millennials seek to live in an environment that’s distinctive, engaging, and stands out from the crowd. According to recent research, wealthy Millennials are less driven by blind brand loyalty and more attracted to unique experiences, stories and adventures—which makes a curated living experience more important than ever before. They’re expected to dominate the luxury marketplace within the next few years, so it’s time to rethink old approaches now.
TECHNOLOGY
Because Millennials have grown up with easy access to lightning-fast technology innovation, they tend to be early adopters and have high expectations. The average Millennial American internet user uses a whopping SEVEN devices. Technology that seems dated or complicated is an immediate turn-off.
EFFICIENCY
Affluent Millennials don’t just want brands to act resources to them—they expect it. They’re looking for high-tech automation in their exclusive living environments. They want to get more done in less time and with greater ease.
Learn more in this infographic: How Daily Mobile Users Live Now & Where Mobile Goes Next.
ENGAGEMENT
Luxury property developers and managers must balance fulfilling a resident’s need for exclusivity and efficiency with the right level and quality of engagement. They may just need to rethink the engagement medium: many residents today prefer digital self-service to phone or in-person engagement. After all, 26- to 35-year-olds check their phones an average of 91 times daily, and 17- to 25-year-olds check 123 times. That’s plenty of engagement opportunity!
Millennials are looking for a distinctive way to use technology for better experiences. And a mobile app, integrated into your property management systems, is one way to give your residents what they want.
A mobile app can put luxury lifestyle management at your residents’ fingertips. With it, residents no longer need to waste time waiting for calls to be answered or returned just to reserve an amenity or request maintenance. Every service your property offers is immediately accessible through the app and satisfaction happens in real time, day or night. And luckily for you, over half of millennials (51%) will download a new app if it will connect them with a service they want to use.
An app can enhance the personalized luxury services you are already providing and make residents happy. Happy residents pay their rent on time, stay at your property longer and spread positive word-of-mouth to friends about their experience.
Imagine an app that enables these experiences and more:
- Push-button access to amenities
- View cameras around the property
- Convenient instant messaging
- Direct line to the concierge
- Package delivery alerts
- Request valet parking services
- Manage visitor lists
- Submit work orders
- Browse community calendar and news
- Explore neighborhood points of interest
- Integrate with smart home systems
The usefulness of a custom app for your property is virtually limitless. It gives your residents the experience they want, reinforces your brand and makes engagement with potential residents unique, dynamic and efficient.
For more information on how an app can differentiate your property in the eyes of prospective residents—not to mention streamlining property management—check out our eBook: Redefining Luxury LIving: Branded Apps for High-End Properties.
This is a great checklist for lifestyle brands to make sure they’re providing an experience on top of their product/service.