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.