Make sure your Generation X Prospect Diggs You, Or Else!
Generation X, or Gen X, encompasses the 44 million Americans born between 1965 and 1980. They are almost half the size of the generation before (Baby Boomers) and the one after (Gen Y). On the whole, they are more ethnically diverse and better educated than the Baby Boomers. Unlike previous generations, Gen Xers are not doing better financially than their (Boomer) parents.
Generation X came of age in an era of two-income families, rising divorce rates and a faltering economy. Women were joining the workforce in large numbers, spawning an age of "latch-key" children.
As a result, Generation Xers are independent, resourceful and self-sufficient. In the workplace, Generation X values freedom and responsibility. Many in this generation display a casual disdain for authority and structured work hours. They dislike being micro-managed and embrace a hands-off management philosophy. They espouse a "work hard/play hard mentality". They are the first generation to grow up with computers, and technology is woven into their lives.
What does this mean to realtors?
According to NAR, the Gen X demographic comprises approximately 25% of Realtors® while Gen Xers make up over 55% of homebuyers. What can you do to make sure your Gen X prospects "digg" you?
- Since most home searches start online these days, Gen Xers will gravitate towards agents whose websites give value, not a sales pitch. Gen Xers grew up on commercials and blatant consumerism, and they recognize it when they see it. They need to be convinced that their agent is reliable, competent, and HAS VALUE! Loyalty in business settings is not paramount to Gen Xers, so do what you can to show your value. By the same token, incorporate your online presence into social media outlets like Facebook, Twitter, and LinkedIN. Keep in mind Gen Xers want information fast, and they want it easy!
- When working with them, they will question everything and expect you to be as computer savvy as they are. Let them do their homework (because they want to), but make sure when it comes time to show your value, you have the answers they need. They expect a real estate agent to "chill-out" and just be there when they are ready. They definitely do not want to be involved in any form of "hard selling". Provide information swiftly and without fluff.
- Many Gen Xers are struggling financially due to outstanding credit card debt. Be sure to offer good advice and direction when it comes to buying a home, especially their first home. I remember when I first got my real estate license, I met a wonderful young couple in their late 20s who had just had a baby. They owned two brand new luxury cars, a Mercedes and a Range Rover, living in an apartment. They had good jobs, and their future looked promising. They told me they had been approved for a $400K loan. I thought, "Wow, these kids are doing very well for themselves". We found the home that they both wanted, and then it came time to draw up the contract. I asked how much they were going to put down, and they said, "Zero". I immediately knew that this was not the right home for them. We had a long conversation afterwards, and I basically talked them out of buying the house....Wouldn't you know it.... 2 months later, they were transferred to Italy? They could have been stuck with a huge mortgage payment, and no way out. Point is.....this generation may need direction, and it is our job to provide it.
- Gen Xers tend to buy their homes with an eye on appreciation value. They understand the value of owning real estate. They are less likely than other generations to be swept up emotionally with the purchase of a home. Gen Xers tend to be skeptical people, so be well prepared in advance of the market conditions when showing homes.
I'm a Gen-Xer. I was one of the millions of people who was seen by society as self-absorbed, lazy, confused young people that didn't care about much. Well, we all grew up and proved them wrong!
Generation X is the quintessential worker, full of entrepreneurial spirit and a willingness to bring goals to the finish line. We are well educated, technologically savvy, resilient, and collaborative; and as a realtor, I see myself more as a trusted professional advisor, than just a salesperson.
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