Generational Differences of Today’s Home Buyers
It is a statement of fact that over 4.25 million homes were sold in 2011. A closer look at the details reveals that for the generation X, between 34 and 47 years old, buy 6 homes out of 10 homes on the market. But in contemporary times, the average home buyer is in their 30s and the average real estate agent is in their 50s.
Home buyers can be sub divided into four generations namely:
1. Traditional: 67 – 90 Years Olds
2. Baby Boomers: 48 – 66 Years Old
3. Generation X: 35 – 47 Years Old
4. Generation Y: 17 – 34 Years Old
Let us analyse the behavior of these generations under some headings.
Familiarity with Technology
Traditional Generations are less likely to communicate using the email facility while baby boomers are familiar with emails answering machines and phones. Generation X are considered technically competent while generation Y have a flair for media.
Preferred Method of Communication
The traditional generation prefer mailed letters in comparison to face to face conversation, while the baby boomers generally make use of the answering machine, phones and email. Generation X Communicates via the email and cell phones while generation Y use the instant messaging options.
Traditional generation is not comfortable dealing with generation X or Y, while the baby boomers grew up with prosperity. Generation X study lots of resources before buying, verifying everything with the use of technology. Generation Y is the impatient generation, and is not impressed by traditional advertising methods.
What is Relevant to them in the Sales Process?
The Traditional Generation is more detailed, visual and logical in the decision making process. Baby boomers have a personalised service and want to participate in the discussions. Their expectations are high and have a high commitment to quality. To Generation X, time is of essence, a website is compulsory on the side of the agent while quality is appreciated over quantity. The Generation Y simply desires to be respected.
Financial Planning Stage.
While the traditional generations are retired, the baby boomers are at the retirement and financial planning age. Generation X works to live while generation Y is a newbie in the property market and needs financial assistance.
As the modern real estate agent, he needs the following to be successful;
• The needs to be personal as well as professional in dealings
• An In-depth knowledge of the latest trends in the industry.
• A flair for technology in order to optimize the latest technology.
• He should be able to communicate with all generations
• The skill of interpreting market data accurately
• He must be easily accessible, this is achieved by exploring all methods for communication.