With Gen Z being the first generation raised with internet and mobile technologies, there are differing views on how they will handle life: Are they financially literate? Are they ever going to move out of their parents' home? Can they afford owning a home? These are a few of the questions I asked Joel who is the Co-Founder of zumbly.com - a real estate app that's data and algorithms help young home buyers and real estate investors find the best deals and investments instantly.
Tommy: Before we talk about Gen-Z, I have to ask - why Zumbly?
Joel Glenny: It was a simple decision for me, my passion in life is to deliver success. I define success by positively changing and equipping an environment, person or business for continued growth. When Jeb Carty approached me about building a real estate app that will help home buyers and real estate investors instantly find homes that set them up for financial freedom, it checked a lot of boxes for me.
Tommy: Gen-Z financially savvy...Really?
Joel Glenny: Leveraging technology in all areas of our lives can be game changing, and Gen-Z knows this better than most. As digital natives they expect a better way and instead of asking family or friends they look to technology to show them the way. When it comes to earning, growing and saving money, there's an app for that. Whether they want to make extra cash outside of their hourly job, invest change into stocks, buy bitcoin, or want a text from a bot that tells them they can't afford that next purchase, they become financial wizards by simply responding to the tech.
Tommy: Most people can't get their Gen-Z children to move out or pay bills, how can they afford to buy a home?
Joel Glenny: I think the answer is in your question. We still have an old American mindset that living bill free at your parents means your lazy. This couldn't be further from the truth. Gen-Z is mastering life hacks; living bill free at their parents allows them to save, invest, start their own business, and work side hustles rather than being slaves to their bills. This is one of the many ways they are setting themselves up for financial freedom and more buying power in the market, in fact they already have double the buying power than their older counterparts -millennials.
Tommy: Having looked into Zumbly it seems you credit Airbnb with current home-buying trends?
Joel Glenny: Absolutely! I would say we are just scratching the surface when it comes to Airbnb changing the way or why we buy homes and Gen Z understands this more than most. Everything changes with Airbnb - your home instantly goes from being a hard monthly cost that you can't get away from, to a money making machine. Want to travel to Bali? before you had to save for months to make this dream a reality, now all you have to do is buy your tickets and put your home on airbnb - get paid to travel. Want to wipe out your monthly mortgage? Stay at your families, friends or girlfriends for one or two weekends out of the month, put your place on airbnb and wipe out your mortgage. Young buyers recognize this and make it a serious consideration when they buy.
Tommy: Last thoughts - where do you see things going in the space?
Joel Glenny: Although I don't disagree with the one-stop-shop or push button solution companies like Zillow and Compass are chasing, we are hyper focused on tailoring Zumbly to how this next generation is going to buy. The American dream has evolved - times have definitely changed and no matter how push button your solution is, this next generation is going to expect a solution tailored to them, we have a long way to go but we see Zumbly being the place where these buyers go first.