HOW MILLENNIALS ARE CHANGING THE CONDO AND HOMEOWNER ASSOCIATION DEMOGRAPHIC

As the years progress, more and more millennials are buying condominiums, townhomes, and single-family homes. With this influx, the Condo Association (COA) and Homeowner’s Association (HOA) demographic has started to saturate and chances are you’re noticing the changes.

In case you’re unfamiliar with who falls under the term “millennials,” they are also known as Generation Y. They’ve reached adulthood just as we experienced the turn of the 21^st century and are projected to take over the homebuyer's market in 2017. Since they are growing up, chances are they will move to a community that has a current Association in place. This represents new changes that tend to fit better with adult lifestyles. However, it is important to realize that this will also bring about a change in the way you currently manage.

Communication

Millennials fall into a unique category of people. They are the first generation to grow up completely surrounded by technology. Because of this, it tends to also be used to drive their behaviors. This includes the way they communicate, mainly being the fact that emails replace newsletters and texts replace calls.

Some would say Millennials hate idle time. They utilize waiting time or work breaks by checking their phones. In order to be adaptive and to complement their communication style, you need to begin to do the same. Simply put, transferring to an all-electronic service option will be beneficial. When you offer everything online, the chances of them receiving, and actually reading, your messages increase 10-fold.

Expectations

Millennials are used to the luxuries of renting properties. They enjoy having maintenance handled and, in a way, rules to follow. It takes a lot of guesswork out of things. That’s why, when they move into the role of a first-time buyer, it is likely that they will seek out communities with Associations in order to avoid dealing with some maintenance responsibilities on their own. They would be looking to the Association in a positive light rather than avoiding involvement.

This is why it is crucial, when you are communicating with prospective first-time buyers, to clearly explain what the Association does and what responsibilities each party has. Otherwise, you could face some serious misunderstandings down the line.

With the Millennial generation changing the ways we view Condo or Homeowners Association, a strong line of communication and their clear understanding of expectations will help keep your entire community happy.