Bridging the Generational Gap
Guest blogger Evan Fuchs, ABR, CRS, GRI was 2014 president of Arizona REALTORS®
Recognizing similarities and differences among generations helps us understand our real estate clients in order to provide better service and value.
The idea is not to take hundreds of millions of people and lump them into four categories, but to distinguish the patterns of similar characteristics and expectations within a given generation.
There are numerous ways to apply this strategy. Here are just a few examples:
- 67-percent of Millennials (age 35 and under) are first-time home buyers
Provide shareable resources on your website to demystify the home buying process and explain financing options
- The makeup of Generation X (born 1965-1976) is roughly 26-percent of first-time homebuyers and the largest generation of sellers at 25-percent
Chances are, this isn’t their first rodeo, and this is the self-reliant group who grew up when the term “latchkey kid” was coined; be a valuable source of facts and information, while recognizing their experience and independence
- Baby Boomers (1946-1964) were recently surpassed by Millennials as the largest generation in the U.S.
They tend to be experienced buyers, but when was the last time they bought a home?
How is the market and buying process different now?
Is their purchase driven by a life event, such as retirement or down-sizing, or perhaps a second home or investment? These are questions for the buyer consultation that will inform how you can help them by being their trusted advisor
- While the Silent Generation (1927-1945) are mostly sellers, their real estate transaction may involve significant financial and emotional considerations
Take time to get to know your client, acknowledge those considerations and be sure to ask if there are other decision makers involved.
The 2016 National Association of REALTORS® Home Buyer and Seller Generational Trends Report noted buyers typically search for 10 weeks and looked at a median of 10 homes. The length of the home search was the largest for buyers 36 to 50 (12 weeks), while buyers 35 and younger and 51 to 60 searched for 10 weeks.
With a staggering 72 to 77-percent of recent home sellers contacting only one agent before finding the agent they worked with, knowing how to connect with the generations is critical. Arming yourself with these skills and knowledge, can help you better understand and relate to the needs and wants of your clients.
Evan Fuchs is a national trainer, speaker, and broker/owner of Bullhead Laughlin Realty. He also co-created the Arizona REALTORS® Leadership Training Academy. Tags: Baby Boomers, Boomers, Evan Fuchs, Gen Buy, Gen-X, Generation Buy, Generation X, Millennials, Silent Generation