It was bound to happen, the number of Generation Y homeowners (people born between 1978 and 1993) is beginning to outweigh Generation X and the Baby Boomer generation. With Generation Y making up over 70 million people in the United States and an estimated 32% of those 70 million being homeowners, associations are facing the challenge of recruiting new talent or getting the younger generation involved in their communities.
In order to appeal to the next generation, it’s important to understand some basic characteristics and reasons they most likely choose to purchase in your community. First and foremost, Generation Y grew up with technology and are considered “plugged-in” 24 hours a day. With technology comes the understanding that this generation typically prefers to communicate via email, text messages or on social media and are always looking for quick answers or replies. Another characteristic of Generation Y is that they are achievement-oriented; they want to see results and also enjoy hearing about their results. How do these characteristics play into your association?
If your board is looking to find replacements or wanting more community participation from owners that fit into Generation Y, these activities need to appeal to a busy mom or a young entrepreneur. A few questions your board could ask are:
What recruiting ideas has your association used to appeal to the younger generation?