06 Mar 2020 - Rob Cowan
With an age group encroaching on their late 30s, Millennials have taken over almost every industry and their buying power has grown substantially within the last decade. Whether it be dining, entertainment, or even personal relationships, companies are being forced to see the way their products are brought to market through a new perspective. Applications and customer experience portals are the norm now as customization and reliability are key to keeping this growing demographic anchored to their services.
One industry that hasn’t had this overhaul to this point is the Real Estate industry.
For the longest time, Millennials were seen as the “Rent Generation” as they were consistently and negatively depicted as homebodies and freeloaders. This is because when compared with their parents who were usually married and having kids by their mid-20s, this new generation seemed to be taking its time ramping up into their individual lives. A huge part of what makes the
Millennial generation so unique is that they are willing to wait for what they want. What this means is that marriage, children, and even home buying will be delayed as each buyer takes his or her time to find what they are looking for. Millennials have been waiting until they were ready, both fiscally and emotionally, and now is that time.
As of 2018 Millennials represented the largest demographic of home buyers at 37 percent. That number will continue to grow as the years go by so the sooner companies get on board with what these new buyers have become accustomed to, the more successful the industry will be.
Today, Foyer Inc., a real estate technology company, announced the launch of their mobile application FoyerHD (Foyer Home Discovery App). Foyer’s focus on customizing a streamlined experience for users is modernizing the online home shopping experience. FoyerHD is tailored to how young buyers like to browse services. Swiping through kitchens, backyards, and bedrooms allows Foyer’s proprietary AI to build out custom recommendations for each user. The more a customer swipe through homes, the more the app learns about how to cater to them specifically. Easily save favorites, share them with friends, or to see the home in person, invite the realtor to send more information.
FoyerHD seeks to discover features that are desirable to buyers as they develop their own keen understanding of their preferences. The interface design aims to ease the barrier of entry for new home buyers to ﬁnd their ideal home and to connect them with realtors to personalize and facilitate the next steps in the buying process.
A simpler, more intuitive interface backed by powerful tools including big data and machine learning, FoyerHD connects and empowers the market of realtors and potential home buyers.