Posted by: Daryl & Wendy Ashby | June 26, 2010

Times Are A Changing

As a professional we all need to understanding exactly how the marketplace is changing. One of the most impressive changes is that the Baby Boomers are no longer the only generation driving the market place. While they are obviously a major factor, they are being quickly bumped out of top spot by the emergence of Generation Y, along with the smaller counterpart, Generation X. As a group they represent more than 20 per cent of the population, which for Canada, that means approximately 6.7 million people.

From a real estate point of view, Generation Y will represent those 18 to 34 or what we more commonly see them as; ‘first-time home buyers’.

For the most part, is the smaller of the two groups and generally are a mild-mannered version of Generation Y. The important part of this thought is that they deal with salespeople and technology differently than their predecessors.

Gen X and Y are very independent, due to working mothers, family divorce, day care and technology. A quarter of them are in a single-parent family, and three-quarters have a working mother.

They feel empowered — they believe they are owed something from the world — they are the “trophy generation.”

They are one of the most educated generations of all times with more than 60 per cent having completed a college diploma or university degree.

They have always lived in a disposable society — there are always new iPods, video game machines, cars, clothes, sell phones, computers, printers.

Money has little to no value as they have always spent and bought whatever they wanted.

They have access to unprecedented information — on the Internet, hundreds of TV channels, a shopping mall on every corner, outlet malls, online shopping, Wikipedia.

They are not loyal — they are about making life easy and simple and whoever provides that is who they will use.

What does this all mean?

Everything in their lives has to lead to the belief that if they cannot get what they want here, they can get it over there.

They prefer directness over subtlety — give it to them straight. They will make decisions when logic is seen. They will initially want things based on emotion but will not buy without logic.

Eighty-six per cent have clicked on banner ads and sponsored links — that’s a 47 per cent higher rate than their older generation.

They do a lot of independent research when choosing what to buy.

This is where I tell you how we as realtors need to apply this knowledge!

We need to use their mediums. Attract and communicate with them using quick response techniques — email, web forms, social media and text messaging. We have to keep reminding ourselves that they are not loyal like the Baby Boomers; they are ease-of-use based.

We must provide immediate value. They have a need for information RIGHT NOW, so provide them with access to the best information as quickly as possible. Be available and reachable when they need you to be.

Use the personalized approach. They have always been the centre of attention and had things done with their specific needs in mind — they are not interested in following our system, but in creating a system for themselves. Put them in charge or at least make them feel that way.

Take the logical approach. The new clients responds well to straight shooters and is used to making logic-based buying decisions based on information and fact. Emotional attachment is first but solidified though logic.

Take time to identify your new client and their needs, then help them the way they want to be helped. We can no longer use the tried and proven techniques of yester-year.

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