Generation Y, also referred to as "Gen Y, The Millenials, or The Echo Boomers", comprises the largest generation since the Baby Boomers. They were born between 1980-1994. They are 80 million strong, coming of age, and they are already making an unmistakable mark on society.
"Smile, Honey, Look at Mommy!"
Gen Y was raised in the glow and glare of their parents' omnipresent cameras. Although it's natural for humans to seek attention, these young people revel in it. They're accustomed to being noticed, having been showered with awards and accolades.
I can remember when I was in school, and we had tryouts for sports. You either made THE team, or you didn't. Today, kids are growing up definitely making A team. I taught middle school for 13 years, and I believe we had an A,B,C, and D team for all sports, in order to make certain "no child was left behind". To top it all off, everyone also got a "trophy" no matter how well you performed. Regardless, they were given the opportunity to play on a team, which does wonders to building character. They are loyal, committed, and strive to be included and involved.
"Now, Now, Now!"
It goes without saying that Gen Y is extremely tech-savvy. Since Gen Y grew up during the Internet boom and mobile communication revolution, technology is like their third arm.
They hunger for instant gratification and tangible outcomes. Gen Y has come of age with almost instantaneous access to just about everything and everyone -- from instant meals to instant messages. This constant immediacy has taught them to have little patience, short attention spans, and to seek ongoing progress in every aspect of their life. They can process information at lightning speed. They have also been involved with social media at a very young age. Many would argue that this sense of connectedness has impacted this generation in a positive way by encouraging a sense of belonging/importance, which we all crave.
Gen Y is also heavily focused on becoming rich and famous. They've watched celebrities, rock stars, and athletes "living the good life", and they envision all this fame and fortune for themselves. On the other hand, they have also seen Common Joes making it big just by being himself. They can be celebrities in their own worlds by posting videos on YouTube, posing like a supermodel on Facebook, or creating an online reality show featuring themselves.
Gen Y is demanding and strong-willed, and they love innovation. Highly "educated" and armed with an incredible sense of optimism, many Gen Yers have already made a profound mark on society.... Think, Facebook Founder, Mark Zuckerberg. They are a force to be reckoned with, and they are sure to change the face of our society in the years to come.
What does this mean to Realtors?
1. Like Gen Xers, Gen Y'ers consider the Internet to be their primary tool when searching for homes. Your internet presence is highly likely to impress them and you will gain 24/7 access to this segment of the market. Get your brand out there, online and offline, to build recognition for a market that will pay attention - especially if you "think outside the box" to set yourself apart from other brands. "Perception is Reality".
2. Gen Y views the real estate agent as their source of advice for helping them make a proper choice and planning a purchase strategy. Like Gen X, realtors must constantly prove their value. Gen Y wants a balanced view of home ownership--both the pros and cons. They'll often enlist the help of their parents, and then they'll charge full speed ahead once they've decided to buy. The agent's conversations about homeownership and the specific properties viewed must be sincere, direct and creative to make a favorable impression. Finally, when working with Gen Y, be sure to speak to them like an adult.
3. Gen Y is environmentally and socially conscious. This generation prefers homes that have incorporated green building features. This could have a positive influence on the green home market and is indicative of future trends that have considerable growth potential for green housing.
4. Gen Y buyers tend to want a home that's close to work; near a park (to walk the dog); and within walking distance to shopping, the gym, and local bars and restaurants. Easy home maintenance is also high on their list. They tend to prefer urban living over the suburban lifestyle. They also don't need to be married before considering purchasing their first home.
The world is changing, and Gen Y has their finger on the pulse of innovation, global social challenges, the environment and how to navigate through all aspects of life using the power of social networks. Better get on board.
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