80 Million Reasons to start changing your marketing....Millennials.

By
Services for Real Estate Pros with Hub Media Company

 

I had a conversation with a colleague that I respect greatly today, Gary Miljour with Sunstreet Mortgage.  Many of you know Gary, most days that I log into AR, Gary is there in the upper right corner staring at me. One of the reasons I respect Gary is because, even though he is a loan officer today, he is a former escrow officer. The fact that he was in the escrow world gives him a unique perspective on a Real Estate transaction. It also means that he understands what I go through on a daily basis as a title rep.

Gary responded to an earlier post of mine where I interviewed my 11 month old son Alejandro. The post was about social media and some of the challenges I face with getting my clients to understand its importance.  Gary replied, in short: "I love social media, but I do not think I would ever divorce myself, from traditional print media, facetime, phone sales, pop bys and many other tools that work in conjunction with social media"

I understand where Gary is coming from, he has a business plan that is working for him, and as an excellent loan officer, Gary also has an established clientele. 

When I discuss social media with my clients I try to get them to understand that typical marketing: print, phone, trade shows etc.. (outbound marketing techniques) are becoming less effective.  They are becoming less effective for many reasons, one of them being social media.  While I was responding to Gary's comment I was reminded of a 2008 60 Minutes segment I saw about the Mellennials. Below.

 

 

 


Watch CBS News Videos Online

The Mellennials are defined as Generation Y or "Generation Next". There were approximately 80 Million of them born between 1980 and 1995 and are beginning to enter the workforce in huge numbers.

 

"The Millennial Generation, like other generations has been shaped by the events, and trends of its time. The rise of instant communication technologies made possible through use of the internet, such as email, texting, and IM and new media used through websites like YouTube and social networking sites like Facebook, Myspace, and Twitter, may explain the Millennials' reputation for being somewhat peer-oriented due to easier facilitation of communication through technology.......To better understand this mindset, many large firms are currently studying this conflict and are trying to devise new programs to help older employees understand Millennials, while at the same time making Millennials more comfortable. For example, Goldman Sachs conducts training programs that use actors to portray Millennials who assertively seek more feedback, responsibility, and involvement in decision making." Wikipedia

What do you think , will typical marketing work to attract someone that is buried in a laptop, ipod, FB, Twitter etc.. and values friendship more than work?

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Re-Blogged 1 time:

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  1. Kathy Schowe 02/06/2010 04:53 AM
Location:
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Tags:
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Rainer
285,777
Mark Montross
Catamount Realty Group - Burlington, VT
Listing and Buyer Specialist

Great post. I am just starting to learn about social media. It is a bit overwhelming with all of the options out there.

Feb 06, 2010 12:39 PM #45
Rainer
208,125
Sajy Mathew
Coldwell Banker Residential Brokerage - Lancaster, PA
Making your real estate dreams become a reality!

Jump on the train because it is not stopping!  Do as much as you can or you are going to get steamrolled.

Feb 06, 2010 01:29 PM #46
Rainmaker
563,687
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Stephen -- Interesting post.  Have you watched the "shift" video on YouTube?  Just Google: shift video and turn up the volume.  Shift2 is almost the same, but not as powerful.  A bit of similarity with this post, but it's showing how fast the world is changing.

Feb 06, 2010 03:47 PM #47
Rainmaker
1,348,634
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

80 Million says it all. Outbound marketing techniques...I like that terminolgy....will use it hereon!

Feb 06, 2010 07:03 PM #48
Rainer
86,590
Ron Parise
LocateHomes.com - Cape Coral, FL

If you are right that "The Millennial Generation, like other generations has been shaped by the events, and trends of its time" You must understand that the years 1980 through the present  (their time) are part of my time too and that we all have been shaped, at least in part,  by the same events and trends that are shaping them.

Yesterday I sold a home to a high school senior (her parents are buying it, but she is the decision maker and it will be her home for the next four years as she attends one of the local colleges) We got along just fine. I was able to listen to her and understand her needs  and she was able to trust my experience and expertise.   We were able to do this acoss a generation gap (actually several generations)  in a face to face meeting

The social media may be the current way and it may become the best way to meet and interact with potential homebuyers but its certainly not the only way. And contrary to popular belief, you can teach an od dog new tricks

Feb 06, 2010 11:13 PM #49
Rainmaker
334,002
Ty Lacroix
Envelope Real Estate Brokerage Inc - London, ON

I have always responded in kind, an eye for an eye, a twitter for a twitter!

Ty

Feb 07, 2010 12:50 AM #50
Rainmaker
4,188,211
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Stephen:

If used properly and understood social media works,,,we have doubled our traffic  and are reaping the results..

Feb 07, 2010 01:43 AM #51
Anonymous
Joe Sosky

Recently introduced to Activerain & FB.  Great experience and I'm back in touch with old friends, connected in a new way with business networking and above all, making a fun connection with my grandkids.

Feb 07, 2010 03:02 AM #52
Rainer
21,526
Richard Glick
Kingsway Realty - Lancaster, PA

While gen yers do love their social media/technology, they still use the tv and radio.  so a mix is still the best way to go

Feb 07, 2010 07:16 AM #54
Rainmaker
84,490
Stephen Garner
Hub Media Company - Tempe, AZ
Hub Media Company
@ Richard, Nope. TV=DVR, Radio =Satelite either way, no commercials!
Feb 07, 2010 07:21 AM #55
Ambassador
1,399,033
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

Watching that segment, all I could think of was the round of assistants I interviewed last year when I was hiring. That sure explains a lot.

Feb 07, 2010 08:18 AM #56
Ambassador
412,075
Emily Medvec Qualifying Broker
Hello Realty Partners - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

The future of communication is already here. Gen X and Gen Y are adapting to new ways to communicate as are the digital natives. Check out the new pbs series on Frontline called Digital Nation and see how even IBM is using the virtual reality of SecondLife to connect its global company culture and innovate.

It is not only time to change, it is time to adapt and become part of the conversation.

Feb 07, 2010 08:40 AM #57
Rainmaker
72,179
Jeff Link
Asheville, NC
"Your Asheville Real Estate Link"

Just another 80 million reasons to get a iPad.

Feb 07, 2010 09:40 AM #58
Rainer
48,391
Gordon W. Miller
Green Mountain Real Estate - Burlington, VT

In a recent report from the Urban Land Institute the author of the report John K. McIlwain refers to Generation Y (estimated at 86 million) and claims they are less interested in home ownership and states: "They will be renters by necessity or choice for the years ahead."

Can you say apartment building?

 

Feb 07, 2010 11:33 AM #59
Anonymous
Linda Hinson

I am glad a few others thought the way I do.  These generation x, y, z have little to no money to put down on anything.  They spend it on the newest techie development.  I have friends whose children are coming out of school with lots of debt and living 3/4 to an apartment or living at home. They want jobs that let them do whatever they want, and many times that means low pay.  My marketing area is primarily retirees or people who are looking for a second home at the beach. An agent does need an online presence but I agree that in the current market some traditional approaches still work. We get many calls where prospect don't even have a computer or it is so old that have a hard time opening email attachments so I guess it depends upon your area.

Feb 07, 2010 12:50 PM #60
Rainer
74,226
Dean Carver
United Brokers Group/Carver Home Team - Ahwatukee, AZ

Great post as usual Stephen! Thank you again for lunch!

Feb 08, 2010 01:14 AM #61
Ambassador
1,399,033
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

I agree with the lack of motivation to buy. I know a young couple, married, 2 jobs. They are renting a basement apartment in a cheap building and have no aspirations at all to buy. Their excess money goes to video games and tech toys.

Feb 08, 2010 07:20 AM #62
Rainmaker
72,179
Jeff Link
Asheville, NC
"Your Asheville Real Estate Link"

 Lack of motivation to buy are lack of education on how to buy from real estate agents? Half full or empty.  As an aside I am Gen X and bought my first home at 20. Now I can afford to do what I want to do when I want to do it. Teach Gen X and Y that home ownership can allow for a more better life. Like my neighbor who rents a couple rooms out in his house and lives 5 months out of the year in Costa Rico. When he is ready to settle down his home will be paid for by someone else. Don't assume Gen X and Y wont buy a home. They will if you can present it or teach them a new way to live. 

 

Feb 08, 2010 10:05 PM #63
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