To understand diversity, let’s review some interesting facts about the 5 generations of Real Estate.
The Greatest Generation (born before 1924) has seen 17-18 U.S. Presidents, 10+ Wars/Conflicts, The Great Depression, Multiple Recessions, and haven’t moved in 50 years.
The Silent Generation (born between 1925-1945), known as the artistic/adaptive generation, born during crisis, leaders of technological innovation, well educated and advocates of fairness. Members are Mick Jagger, Martin Luther King Jr., The Beatles.
The Baby Boomers (born between 1946-1964) Parents of Gen X & Y, grew up during a time of dramatic social change, are responsible for the “suburbs”, and may never retire.
Generation X (born between 1965-1982) MTV, video games, earn less then their parents, desire independence, first generation of divorced parents.
Generation Y (born between 1983-2000) Generation ME, Millennials, Trophy Kids, first generation to grow up online and known as the Boomerang Generation.
Everyone wants to attract the “First Time Home Buyer” but let’s look at Generation Y’s needs.
- Positive Feedback and Support. They need constant reassurance that they are doing a good job
- Part of a team. They grew up playing competitive sports and enjoy the playing field.
- Communicate Rapidly. Wether it’s Facebook, Twitter, or Text Msgs, Gen Y is quick on the draw and rarely use email.
- A longer attention span. Who doesn’t need one. Gen Y has grown up multi tasking.
How does Gen Y evaluate their purchases? Four distinct ways.
- They don’t want to pay very much. They want to find the vendor that can provide them with the cheapest cost.
- While searching for the best price, Gen Y’s have learned to appreciate quality.
- Of course they want fast service
- Gen Y’s want this process to be an experience
If my customer is Gen Y, how do I give them the “lowest price”, on a “quality product”, provide “fast service”, and create an “experience”? Pick up and read, “Socialnomics”, by Eric Qualman. Simply put, this book is about how to social media transforms the way we live and do business. (don’t know how to quote this)”Consumers are looking to peers for recommendations on products, services, health issues, and more via social media. Only companies that produces great products and services will be part of these conversations; mediocrity will be eliminated. Today, 76% rely on what others say, while 15% rely on advertising.”
Here are 3 keys to remember, if you want to earn Gen Y’s business:
- Be authentic
- Listen to them
- Demonstrate your ability to communicate
If you will commit to earning their business, then ask yourself these 3 questions, before you start marketing to Gen Y:
- How do I want to be perceived?
- Do I provide a unique experience for my clients?
- If I googled Me……..would I want to conduct business with myself?
This weekend is the 2nd Annual Uptown Loft Tour and is “National Open House Weekend”. We’ve been promoting the Loft Tour through billboards, posters, Facebook, Twitter, the local paper, email, and of course word of mouth. Several local restaurants are participating by offering samples of their specialties, along with other local businesses donating gift certificates and free bike rentals. If there wasn’t enough to do already, Uptown Columbus you can also attend Bash on the Banks and Market Days.
Open Houses can serve several purposes, but I like to use them as a means to build a community and promote the lifestyle benefits a homeowner will receive by living in a particular area. National Open House Weekend does mobilize real estate agents to hold properties open one weekend out of the year. However, it is not marketed well and the benefit to the public is not very clear. Buyers/Consumers admit they want to know WIIFM (Whats In It For Me), when making a purchasing decision.
By promoting the community and lifestyle, through a well executed open house, buyers are able to easily see WIIFM. When you plan your next open house, make it a community event, and your traffic will certainly increase.