Gen Y Buyers - Are they willing to work with you?

I think that everyone can agree that innovation and change in the real estate industry moves just a little bit more slowly than the speed of light. To that end, it is important for real estate professionals to keep up with trends and technologies despite how challenging that may be.

The other day I came across the infographic below (courtesy of the California Association of Realtors®). It is a real eye opener. As you can see, 68 percent of first-time homebuyers these days are Generation Y.

This means that they were born in the 80’s and 90’s. My question is… were you?

If you are not part of Gen Y yourself, are you able to effectively connect with that faction of the buyer’s market?

 Can Baby Boomers Make the Connection?

According to the National Association of Realtors® Member Profile (2014), the average Realtor® is 56 years old. Hence, the average Realtor® is technically a Baby Boomer. Now, if I were in Gen Y, would I want my mother or grandmother to represent me in my home purchase? Or, would I better connect with someone my own age? I think we can all agree that there are certain specific and beneficial traits that baby boomers can bring to a real estate transaction. But, it is important to keep in mind that Gen Y has a different approach to business (and to life). If baby boomers are to connect with Gen Y, it is important that they understand that generational gap.

Here are a few typical Gen Y traits:

1. Tech-savvy. Generation Y prefers text messages to speaking on the phone. While often certain real estate matters are best handled face-to-face or over the phone, lots of quick issues can be handled via text message. Incorporate texting into your everyday communication with your Gen Y clients in order to set appointments and just send small bits of information. Defer to DocuSign for signatures, when applicable.
2. Those in Gen Y are multitasking pros and can juggle many activities at once. This also means that they are easily distracted and find social media and texting hard to resist. You may find yourself saying something important, only to notice that your Gen Y client is texting. If that occurs, don’t lose your cool. (Just know that it might.)
3. Value transparency. Gen Y home buyers want to feel like they have an open and honest relationship with their agent and the other parties to the transaction. They don’t want any nasty surprises when they are in the homebuying process. Once they’ve signed the contract, they want assurance honest, quick, and efficient dealings with all parties. While transparency is highly valued by most folks, you may note that trait specifically visible in a Gen Y transaction.

Can Tech-Resistant Agents Handle the Challenge?

Last Fall, I spoke at the California Association of Realtors® annual broker’s conference on the topic of the challenges faced by brokers in dealing with offices that have both tech-resistant agents (read: baby boomers, primarily) and millennial agents. Below is my slide deck. The key to running any successful business (whether it’s your own real estate sales business or managing a brokerage) that embraces all ages is to set up systems that make it easy and efficient for people of all ages.

Systems take time to build. But, when they are well built, the outcome can be very rewarding.