Market Yourself to the Younger Generation

By
Real Estate Agent with Keller Williams Preferred Realty

If you want to learn about the future home buyers of real estate, then this article should help show the way.....The article was written by Melissa Dittmann Tracey of Realtor Magazine Online (May 21, 2007).

Market Yourself to the Younger Generation


WASHINGTON - If real estate professionals want to sell to the next generation of home buyers, they'll need to look to social networking sites, blogs, online videos, and virtual communities, says real estate technology expert Saul Klein, E-PRO®, GRI.

"There's a whole bunch of buyers coming up that do things in a different way, and you have to know how to communicate to them," said Klein, president of San Diego-based InternetCrusade. "And why do you even need to market to the next generation? Because they're going to have all the money."

Klein spoke on Friday at NAR's Midyear Legislative Meetings & Trade Expo.

Indeed, the younger generation is expected to inherit a huge amount of wealth in the coming years from their baby boomer parents, which will give them increasing buying power in the real estate market, NAR Senior Economist Lawrence Yun told attendees.

Already, the number of young home buyers is growing: the homeownership rate of the under-35 crowd has steadily increased to 43 percent from 37.5 percent in 1993.

Also, the number of single buyers continues to grow. In 2005, 21 percent of single home buyers were women, compared with 15 percent in 2001. Younger generations are also contributing to a rise in condo sales and downtown populations in large metro areas, Yun said.

How to Reach Gen Y

So how can you get younger buyers and sellers to use your services? First, understand how this generation uses technology, so you can use it for prospecting and networking, Klein said.

For example, you can reach them on their iPods by developing real estate podcasts or publish a blog to provide clients with real estate information. Be savvy with your marketing: instead of giving them refrigerator magnets, give them a USB flash drive.

Or, offer property listings or content via Real Simple Syndication (RSS) feeds - feeds that deliver syndicated content from various sites directly to subscribers' desktops - and be able to respond to prospects in real-time through instant-messaging and text-messaging. 
 

Comments (6)

Dave Cheatham
INC Financial - Bartlett, IL
We must remember that very group we target is unique.  That is good and we must reach them for who they are. 
May 23, 2007 01:00 PM
Keith Pate
Keller Williams Preferred Realty - Raleigh, NC
Dave - the future of real estate rests in the younger generation and we should help treat them with respect. Hopefully the will remember that and do the same for others. Thanks for your comment.
May 23, 2007 01:38 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
Very interesting -- I hear from the gen y'ers that they still want the personal face to face interaction as well. 
May 23, 2007 02:01 PM
Cynthia Tilghman, RealtorĀ® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC

Dave, You are right on but I agree with Joan about face to face.  I think no matter who you are dealing with when the transaction involves the most important (and most expensive) purchase of their life thus far, everyone wants and expects to sit face to face with the person they are working with.  A good post, thanks.

Cynthia Tilghman, Hubert, NC New Home Specialist 

May 24, 2007 12:46 AM
Anonymous
Anonymous

Joan - You're right! Face-to-face is much more personable and it helps to establish a better working relationship. Thank you for your comment.

Cynthia - I agree. I would certainly want to meet face-to-face if I were the consumer. There is no better way to cultivate a friendship. Thanks for your comment.

May 24, 2007 01:43 AM
#5
Barbara Erskine
Virtual Business Solutions - Beaverton, OR

Most recent issue of Fortune magazine has a very good article on the generation and their values.

Barbara Erskine, Real Estate Virtual Assistant

www.virtualbusinessolutions.com

barbara@virtualbusinessolutions.com

 

May 24, 2007 03:39 AM
Ricardo Cobos
SunTrust Mortgage - Raleigh, NC
it is interesting an intersting areticle. Personally I am a gen-x'r so I have been curious about this next up and coming market segment that is highly educated. tech savvy and needs housing. SInce I have been blogging on AR I have noiced an uptick in contacts from people finidng me in the web - and I can say it is typically a younger profile as well. I think the key is content rich, it cant just be a "glossy brochure-type web site" it has to be "sticky"....
Jul 24, 2007 11:36 PM