How Agents Succeed By Focusing On Generational Differences
“As agents move from a “sales” role to a “consultative” role, communication becomes more and more critical as your core function as an agent.” said Evan Fuchs, 2014 Arizona Association of REALTORS® President and Designated Broker with Bullhead Laughlin Realty. “In today’s changing real estate market, REALTORS® are adapting their marketing, negotiating, communication and overall customer service to better relate to clients, potential clients and even the cross sale agent and client.”
The most obvious place these generational differences are evident is in the median age gap between today’s home buyer and the “average” real estate agent: With millennials representing 31% of today’s home buying population, today’s home buyer is typically around 42 years of age (vs. the 56 years of an agent).
Agents who utilize personality testing to qualify their clients, understand the basic necessity to “talk the talk” when it comes to building relationships. During the initial consultation, ask your clients if they prefer lots of details or “just the facts”? Do they want a face-to-face meetings or will a quick email suffice? How often do they want updates? Understanding your clients values and motivations will create a more positive experience.
5 characteristics of today’s Millennials (Born 1980-2000):
- Overscheduled and time pressured
- Short attention span
- High tech/low touch
5 characteristics of Generation X (Born 1965-1979):
- Latchkey kids
- High tech/low touch
5 characteristics of Baby Boomers (Born 1946-1964):
- Forever young
- Hate rules
- Hardworking, careerist
- Technology is a tool, not a lifestyle
5 characteristics of Matures (Born prior to 1946):
- Community oriented
- Respect for authority
Learning to identify your clients based on their generation allows agents the opportunity to direct their marketing dollars with more specificity and increase their return on investment. AAR offers a “Generation Buy” class that is focused on helping agents understand the traits, behaviors and preferences that tend to be common within generational groups. Register today.
Additional Resources:marketing, Millennials, real estate