How Real Estate Agents are targeting and selling to different generations of homebuyers

Before we dive into what we think is the right approach when dealing with different generations as an Agent, we’d like to give a word of caution. Be careful not to associate all people with a blanket “generational” bias based on their age. Rather, be aware of the biggest differences, but be tuned in to your prospects individual preferences. We can all agree that many Millennials and Gen X’ers can’t wait to get their hands on the latest gadgetry – but many are also a bit overwhelmed and burned out by yet anothet technology to fiddle with, learn, insure, and one day troubleshoot. Their older counterparts, on the other hand, may prefer something more tangible. And they also enjoy and appreciate the convenience of new technology after a lifetime of more tedious methods. With this article, we don’t want to imply that people under 40 are antisocial and Baby Boomers are luddites. Eventually, it all comes down to building relationships with all generations of homebuyers.

When someone curls up with something printed, he or she expects a direct benefit, whether it’s entertainment, information, or a combination of the two. When a couple begins looking for a home, no matter the generation, they tend to go online. But when someone begins looking for an Agent to represent them, that’s a whole new story. Relevance, of course, is relative. If you know who your clients are, you know what they need and how best to connect with them.

A study by the National Association of Realtors®, “Home Buyer and Seller Generational Trends,” offers a glimpse into what motivates homebuyers of a certain age.

Millennials

Millennials – also known as Gen Y or Gen Next – were born between 1980 and 1995. Feeling secure enough to own their own homes, the 33-and-under crowd comprises the largest share of first-time homebuyers (at 76 percent).

With a median household income of $73,600, their decisions are affected by such factors as commute time and expense, local amenities and housing affordability. Millennials tend to buy older and previously owned houses, and are willing to make certain sacrifices for the sake of price and overall value.

This age group uses the internet and mobile devices more frequently than others (followed by Gen X’ers) to research the process of home buying. They often find online the home they eventually buy.

When millennials settle upon a real estate agent, the referrals usually come from friends, neighbors and relatives. What matters most to them is an agent who is honest and trustworthy.

Generation X

Gen X’ers – those born between 1965 and 1979 – also consider homeownership important, though they are more often motivated to buy a house because of job relocation or a growing family.

While the median family income for this age group is about 20% higher than their younger counterparts at $98,200, they probably are still paying off student loans, credit card debt and car notes; so are also willing to make personal sacrifices to get the home they want. They definitely want good schools, parks and local activities, as well as a lawn a garage.

They do much of their research online, but count on a real estate agent who will help them find the best possible deal to meet their needs as a homebuyer.

Baby Boomers

There are younger Boomers (born 1955-64) and older Boomers (born 1946-54). Together they comprise 30 percent of homebuyers, with median household incomes of $95,400 and $81,100, respectively. Keep in mind that older Boomers may be widows and widowers, and their income is likely from securities, annuities, social security, and pensions. Older (and even younger) Boomers have substantially more wealth then the debt-loaded Gen X (and up-and-coming Gen Y). Remember, income is just what’s earned in a year, and does not represent home buying purchasing power. This group is also highly unlikely to be a first-time homebuyer, and the odds are good that they have quite a bit of equity in the home they are selling.

Boomers generally plan to remain in their home for 20 years, and are less willing to compromise than Millennials and Gen X’ers. Primary concerns include proximity to friends, family, shopping and health facilities.

Older Boomers are looking toward retirement and want a smaller home. And they want ranches. You know this, you probably work with many of them, all looking for the same easy-peasy-no-more-stairs-please lifestyle. For many, they are long past the honeymoon phase of home ownership. The kids are gone, and they’re sick of maintaining, cleaning, mowing, and paying to heat and cool empty rooms.

Some young Boomers might need a larger house, as are more likely than any other age group to have a multi-generational household and share their home with their parents and children over 18.

Boomers may begin their home search online, but they ultimately count on a real estate agent with a solid reputation and extensive knowledge of their neighborhood. They’ve simply been burned too many times – not just with home buying, but with all they’re life experiences – and they know that something as important as purchasing a home should be handled with care. This group is more likely to play 20 questions with a new Agent than a hopefully naive first-time home buying Millennial, so be prepared to talk about your experience in detail when going to meet a potential new Boomer client.

Days are long and attention spans are short; time and money are synonymous to a lot of people. If your community is like most – multi-generational – then your marketing strategy and selling approach should include everyone. This means email, social media, seminars, direct mail, and maybe some good old fashioned door knocking. It also means marketing with content that the community cares about, that will “expertise” you, not just testimonial Facebook posts and Just Sold postcards. Once a prospect is interested, it means meeting with them in person, and communicating with them according to the channels they best respond to. For younger folks, email and texting home matches makes sense. Even sharing them through Facebook. For older clients, email is probably sufficient, and a printed and mailed (or personally delivered) summary report would resonate well with the way they like to leaf through and organize Yes and No piles of potential homes. The bottom line: people of all ages like to deal with someone who is an expert in their field, respectful, honest, and helpful. Strategic multi-generational marketing just helps you communicate these timeless, universally desired traits.

Episode 3: “Eminem Headlines! Is It The Real Slim Shady?”

It’s Party Time! In this installment of “War Stories” we meet a big-time agent who SHOWS big-time  customer appreciation. This successful agent throws an elaborate party to thank all of the clients who helped get him to the top. This agent has a trick up his sleeve to make the event quite memorable indeed.

The takeaway here is simple: you cannot be a successful real estate agent without clients who want to buy and sell homes. You can never go wrong showing appreciation to those people who have helped you achieve success.Enjoy our latest video, and be sure to subscribe to our YouTube channel and Facebook page for the latest news, content, and updates. Happy marketing!

Episode 2: “The Price was Actually Right”

Ahh, pricing. It usually isn’t a big deal to get clients on board with a list price that will effectively sell their home… but, sometimes it is. In this episode, Leo shares personal experience with pricing a client’s home in Georgia too high.

Interestingly, this happened during market conditions similar to today. Prices were up, inventory down, and sellers were expecting to cash in on all the excitement. Sellers watched their uncle’s, cousin’s, and babysitter’s mom’s houses sell for crazy prices. Then they saw their neighbors’ homes go on the market for what would be 30% appreciation in a 4 year period. So, when they went to list their home, they expected to get their neighbor’s list price.

But we all know it doesn’t work that way. In a fanatical pricing craze, less experienced agents throw up inflated list prices with high hopes, and even though properties are selling like chicken fingers, those homes are not. They are lingering and serious agents eventually stop showing them and buyers are too intimidated to make an offer. Those homes end up expiring and going to another agent at a 20% price reduction. We get it, we know you’ve had to try to explain this to a client who absolutely insists on over-pricing their home. Let us know how you’ve handled it!

Enjoy our latest video, and be sure to subscribe to our YouTube channel and Facebook page for the latest news, content, and updates. Happy marketing!

It’s 2016 – the age of technology, and now what many are calling the age of Snapchat marketing. Today there are so many gadgets, techniques, and social media platforms used to connect with your prospective clients, that you’re left wondering which ones are best for your industry. Oh, and how you can “connect” without spending eight hours a day online. Want in on the secret of quick, easy-to-use social media marketing? Snapchat.

By now you’re already actively promoting your business on Facebook, LinkedIn, and Twitter. While those are consistent platforms to build your brand, there is a relatively new platform with over 100 million daily users that, as a real estate professional, you should be integrating into your marketing. We call it Snapchat. Using this application to connect with clients and prospects is incredibly easy and fast-paced. It’s time you give it a try. Here’s how:

Snapchat is an extremely simple way of sending photos and videos directly. But here’s the catch – after the recipient has viewed the photo or video, it disappears forever. Not to worry though, Snapchat has a feature called, ‘Stories’ where you can compile an unlimited amount of photos and videos throughout the day. With this feature, your audience can view your posts as a whole, like a slideshow or video compilation. ‘Stories’ are live on your account for 24 hours.

At first, you may wonder how is a platform that erases images valuable to your marketing program? Let’s say you are working with a new millennial client who frequently uses Snapchat. You easily add them to your contact list, and send photos and videos directly of a potential home that you think they might be interested in. The app notifies the user to take a look at the video you’ve sent them, and you will also have a visual indication if they’ve seen what you sent. And, because Snapchat has a fantastic built-in communication system, your client can follow-up with a message, photo, or video as well. Easy, right?

Now think about it this way – When you send a “snap” to followers who know that what you’ve shared will only be live for 10 seconds, you will have their undivided attention for the full 10 seconds that your image or video is displayed on their screen. This results in higher retention from your audience when compared to them scrolling through a homepage feed. This also results in a higher response rate due to the urgency stemmed from disappearance.

The ‘Stories’ section of Snapchat can be useful to you as well. You can showcase an open house, any community events, or even create short market updates. With the ‘Stories’ side of Snapchat, you can see who’s watched the entire compilation, and you can even download your entire ‘Story’ as one large pre-edited movie file, and upload it to your other social media platforms. Remember, social media works in collaboration, sharing a video from platform to platform will get more attention towards your posts and your business.

Every client is going to be different, but as time goes on we are seeing that more people want their home buying process to be easier and more accessible. That’s why Snapchat marketing is an easy and fun way to communicate directly with your clients, and all it takes is 10 seconds .

Questions? Give us a call at (614) 785-1111 and in the meantime subscribe to our our youtube channel for more inspiration and real estate marketing videos.

A custom publication creates a lasting impression on your audience, make them remember you

When you’re publishing your custom publication with Discover Publications, we want you to make every page count. To that end, here are 5 ways to grab attention and get your readers to engage with your company.

1. An enticing lead article

Your front page story is your reader’s first impression. An engaging article gets your reader’s involved from the start is important and will peak their interest. An article about the local area and market is always relevant … it speaks to them directly, especially when they are sitting at home. Readers would like to know what’s happening in the market and if their home is rising in value.

2. Featured listings and homes sold and pending

Many of our clients like to use the giant 10” x 16” back page to show off their most prized listings. Use this space to your advantage by keeping your listings moderately-sized with a photo and a brief description. Always have a space where the reader can locate a number or website quickly to contact you if they find their dream home.

Having pending and sold listings shows that you can move homes, and move them quickly, thus creating confidence in your place as a market leader. Plus, the reader can see what home prices are going for in the area.

3. Call to action spaces. 

These spaces, strategically placed within the custom publication, are where you want to really sell yourself and make the phone ring. Use these spaces to search for possible sellers and leads. For example, the house that your reader owns is something your buyers are in need of and they may be looking to sell. Many use the spaces to promote a website with a message: a free home value or market analysis. You may also want to promote a charity event you are involved in, or an event you are sponsoring for the community. You can also use these areas to sell ad space to defer the cost of the paper.

4. Advertisers
   

Selling ad space in your custom publication to friends and acquaintances in the business is a great way to offset your costs. Our clients frequently team up with a staging company, financial company, title company, or insurance provider. We can create the ad if needed and bill the advertiser directly for you.

5. Testimonials

To further cement your place as a market leader in your area, having some testimonials from satisfied clients can show your human side, and highlight things you and your staff have done to create a positive outcome for your clients.

Use these helpful tips to make publishing your custom publication much easier and more successful.