Page 6 - New England Condominium October 2019

6 NEW ENGLAND CONDOMINIUM -OCTOBER 2019 NEWENGLANDCONDO.COM CONT... Galstian describes a similar situation. across the country are now offering pet tion, but they can be installed in any ex- “The communication is more casual, less play areas, or even pet spas. A no-dogs isting unit. “Individual unit retrofits are a formal,” she says. “The pace changes. It’s policy can quickly impact a building’s little bit more difficult,” he says. “There’s 24/7 with millennials. Responding in ability to attract younger buyers. An- real time – not by email – is important. other popular amenity are entertainment That’s easier for me, because I am a mil- lennial. Many younger people relate to to hold gatherings that wouldn’t fit in difference in how different age brackets me because we are the same age. Older their unit. Rooftop spaces are a big draw do things. Older clients take a more tra- brokers find it difficult to adapt to mil- lennial habits, like texting at midnight. to the pros, this generation wants private from him. Younger clients tend to have Older buyers email, younger buyers text. and common spaces that integrate into done more research before calling him Younger clients require more constant their lifestyle. communication.” Hay also uses social media – primar- ily Instagram – to market her listings. gym facilities, coffee houses and enter- She lists apartments on the social media tainment venues are all high on the list research and are more tech-savvy.” For network, has conducted virtual tours, of things young buyers look for as they millennials, he notes, the top tech choic- and has sold properties to her followers weigh their options. For younger buyers es are wireless networks with wireless ac- on the platform. She has also used Face- Time to show apartments (at least for a neighborhoods first look) when busy young clients can’t get to the unit in person but want to see it immediately. Hay says this has really worked for her. “Younger buyers are very depen- dent on their cellphones, and re- spond right away. This works well because it’s a great way to get an instantaneous response.” What Are Younger Buyers Seeking? Not only do younger buyers dif- fer from their older counterparts in how they go about buying a home, they also have a different agenda when it comes to what they’re looking for. Perhaps the two most important overarching considerations for younger buyers are tech-ready spaces that are in New York/New Jersey-based Intra Home from a buyer – as well as the board inter- move-in condition. Hay says her younger Systems LLC, a company that provides view. These requirements can often mean clients want spaces that include a sound in-home technology for everything cash deposits equaling up to a year of system that can be hooked to their phones ranging from security systems to remote- through systems like Sonos, security sys- tems, and even in-apartment cameras— for baby rooms for instance—that can be ing for great infrastructure. They want ment. If the young purchaser’s parents viewed directly through their phone. According to the pros consulted for entertainment, this piece, millennial buyers show a real aversion to spaces that require lots of window treatments, high-def television, work, or that need to be gradually up- graded over time. They aren’t looking that when it comes to intercom systems, the same way they are transforming ev- for ‘fixer-uppers’ – they want turn-key millennials are not generally interested ery other part of the consumer economy. properties ready for immediate occu- pancy. “A renovated apartment is always preferring security that’s accessible from generations. As Galstian says: “Millen- more important,” says Hay, “for millen- nials in particular. They are very inter- ested in design.” Galstian points out that ily integrated with AI systems like Alexa, we have less certainty in our view of the “amenities— tech in particular—will Google Home, or Josh AI.” sell a smaller unit. Millennial buyers are fixated on technology, and will live in a opers before construction, and his com- smaller apartment to get the amenities pany and their services become part of way is the future. The real estate industry they want.” In terms of building amenities, Hay provides services to apartment owners says that many younger buyers seek on a direct, client-by-client basis. Clearly, state-of-the-art fitness centers, or up- scale gyms or spin studios close by. Pet- friendly policies are very important – so these types of tech options when a build- much so that many buildings in markets ing is under construction or total renova- lounges that residents can reserve or rent of all ages, he points out that there is a as well, for the same reason. According ditional approach, requesting a proposal The considerations are similar when contact him to arrange for installation. choosing a neighborhood. Restaurants, “The simple fact of the matter is,” he who work all or part-time from home, cess points, and high-speed Internet ser- with laptop-friendly places such as all-day coffeehouses or nials generally prefer condos, but that shared-work spaces may also be a strong the decision may often rest on how much draw. Getting the Tech Right Ralph Scrofani is a partner at the on-hand that many co-op boards require controlled window shades. “In terms of addition to the down payment and clos- tech,” he says, “\[young buyers\] are look- wiring on their homes that provides are helping out, explains Hay, that may high-speed Internet throughout the space, music, motorized purchase a co-op or condo. etc.” Interestingly, Scrofani points out are transforming the real estate market in in wall-mounted LED screen systems, Their realities are different than previous their phones. According to Scrofani: nials get a bad rap, that they are always “They also like a system that can be eas- Scrofani is often consulted by devel- the development plan and team. He also will undoubtedly adjust. explains Scrofani, it is easier to provide a lot of cutting, patching, and painting.” While he sells tech services to people in. They know what they want when they says, “that younger clients do more pre- vice, which is necessary for everything from gaming to using Peloton bikes. Condo Versus Co-op Another consider- ation for millennial buyers is whether they prefer a condo or a co- op. This choice gener- ally relates to a buyer’s ability to meet the fi- nancial requirements for one or the other. Hay relates that millen- cash they have to get into the apartment. A big drawback with co-ops is the cash- maintenance and mortgage payments, in ing costs required to acquire the apart- often affect their decision on whether to In the final analysis, millennial buyers looking for short-term gratification. But future than older generations as a result of the Great Recession and how it affect- ed our outlook. We like flexibility.” Their n A J Sidransky is a staff writer/reporter for New England Condominium. “Amenities— tech in particular—will sell a smaller unit. Millennial buyers are fixated on technology, and will live in a smaller apartment to get the amenities they want.” — Meri Galstian YOUNGER BUYERS... continued from page 1 Weil, President of Royale Management Services in Fort Lauderdale, Florida. “That means a lot of things. There’s always going to be emergencies, but it’s also understand- ing the non-emergency stuff. You can’t let the landscaper dictate when he’s going to meet you out at the property. If I’m at the property on Thursday, then the landscaper has gotta meet me there on Thursday.” When it comes to planning, Tony Nar- done, CEO of the Springfield, New Jersey firm Corner Property Management creates a to-do list the night before in preparation for the next day. “When I get up, I look at my list and I prioritize what needs to get done for the client and I attack the list ac- cordingly.” According to Sean Jordan, Director of Property Management at First Service Residential (FSR) Massachusetts, “Our en- tire job is based upon a schedule. Unfortu- nately, it’s often sidelined because of emer- gencies. You have to pick your core tasks that are absolutely essential, and do them without fail: paying bills, following up with requests, and making sure that the associa- tion and the community are serviced for those essential services.” Time-Suckers Among the many tasks on any given day for managers, the task of checking emails ranks up there as one of the most time- consuming. “I have to put aside a certain amount of time per day just for emails,” Nugiel says. “If I miss a day because I’m out in the field, I know that if I don’t catch up that night, the next day I’m spending a ton of time on emails.” And, adds Weil: “It’s getting people – especially boards – to un- derstand that email doesn’t always need a response – and we don’t need to be on nine responses. You end up in the trail of people back and forth.” Still, an email or text message does have the advantage of being a definitive record of correspondence. “There’s documenta- tion on it,” says Jim Stoller, President and CEO of Chicago-based property manage- ment company The Building Group. “We can see if someone has opened up an email that we’ve sent them, and we can also doc- ument that. In the old days people would say, “I called your office four times,” and we’ll say, “Well, no you didn’t. We only got one phone call from it.” Now we can see through computer, phone, and email logs when we received an issue and how quickly the property manager responded.” Additionally, resident requests that seem pressing to them but are really non- emergencies can divert a manager’s focus and time away from more important tasks. HOW PROPERTY... continued from page 1 continued on page 8