Generational Differences Between Home Buyers
Generational Differences of Today’s Home Buyers
Over 4.25 million homes were sold in 2011 with 6 out of 10 buyers coming from Generation X. This poses a gap when the average homebuyer is in their 30s and the average real estate agent is in their 50s. Understanding your buyers and the generation they come from will help bridge communicational gaps for a more successful transaction.
• Traditional – 67-90yrs old.
• Baby Boomers – 48-66yrs old.
• Gen X – 35-47yrs old.
• Gen Y – 17-34yrs old.
Preferred Communication Method
The traditional generations preferred mailed letters or face to face communications. While baby boomers adapted to using email, phones, and answering machines, the Gen X and Y have resulted in a more informal method of communicating. From email and cell phones to texting and instant messages, this is the best way to grab the attention of a Gen X or Y buyer.
Traditional generations are less likely to communicate via email. While baby booms are more familiar with email, phones, and answering machine, Gen X is considered more technically competent. Gen Y is media and tech savvy and more adept to mobile based methods of communicating.
Most traditional generations are uncomfortable dealing with those from Gen X or Y. Baby Boomers are more adapted to changes having grown up with prosperity. Gen X typically uses technology to double check everything and likes to gather up information first. Gen Y is impersonal and impatient, while being unresponsive to traditional advertising.
What is Considered Important?
The traditional generations are typically detailed orientated, logical, and visual based. Baby Boomers like to be involved in decisions made and have a touch of personalization. They have high expectations and are committed to overall quality in what is performed. Gen X on the other hand values their time, an agent website is a much, and appreciate high quality results over quantity. Gen Y, wants to be respected.
When it comes to financial planning the traditional generation is retired. Baby boomers are looking at retirement and financial planning age while Gen X works to live. Gen Y considers starter property while seeking assistance with financing.
Tools for the Modern Agent
In order to be successful as an agent, be professional and personable. Maintain knowledge of the latest trends and ability to communicate with all generations. Stay easily accessible; be able to interpret market data, while utilizing the latest social media networks and technologies to connect with buyers.
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