Savvy real estate professionals understand how age and season of life influence homebuyers’ preferences and purchasing power. Rather than minimizing generational differences, leverage them for your success. The following are some real estate market trends to keep an eye on:
Green is the new black
Baby Boomers are embracing energy efficiency, and they have the financial resources to build eco-friendly homes. But even younger buyers with less money to spend are looking for smart thermostats and wireless lighting controls. When it comes to features, if a home’s got it, flaunt it!
Despite our culture’s bigger-better-faster mentality, older homebuyers are looking for smaller homes, simpler lifestyles and more affordable options. Offering patience, oozing calmness, and listening intently are great ways to gain trust with these clients.
Open houses for younger buyers
If you’re looking to attract younger homebuyers, a typical open house may not do it. Consider hosting more of an event—like a craft beer tasting party. If you’re reaching out to Millennials on Twitter or Instagram, don’t forget to drop in some hashtags (we’ll say more about that in the next section). And don’t just hand out sellers’ disclosures; put together a flyer of local hotspots. Does the home have a playroom, or could it? That’s a huge plus for Millennials—even more so than a large yard—so feature it in your listing and open house. Think creatively and communicate in ways most meaningful to the generation you’re targeting. Just be sure to stay well within appropriate legal guidelines when it comes to calling out specific demographics.
The difference between X and Y
Generation Xers’ (mid-30s to early 50s) primary concern is their family and future, so they’re going to look to you for expert advice on school districts, safety, and long-term investments. On the other hand, Millennials (Gen Y) need an entirely different set of expertise. They don’t want or need advice on the type of home or location they should consider; rather, they just need you to listen and help them understand the process.
Authenticity is the key when it comes to real estate for the generations
Authenticity trumps everything when it comes to real estate. Like used-car salespeople, real estate agents must battle unflattering misconceptions about their character. The only way to combat a deal-hungry reputation is to be humble and authentic. Talk about something other than real estate. Ask about your clients’ families.
Don’t take yourself too seriously. If your clients connect with you—if they feel like you get them—you’re more likely to have a successful relationship.