Why different demographics require different forms of marketing.
The new year is here and it is time to get excited! It is sure to be a year filled with new innovations, market changes, and most importantly, a transition in those looking to buy. One effect that is going to have the biggest impact on the real estate market is the incoming groups of Millennials, divided into Generation Y.1, and Generation Y.2. These two demographics are going to make up 50% of all buyers in the market in the not so distant future. They aren’t the only ones that are going to be in the market though. Generation X and Baby Boomers are still on the hunt for homes with Generation Z set to be the next big home buying group in the next few years. These generations, divided by some of the biggest gaps in history, are going to be the future home hunters of America. Knowing the difference between these groups and what each of them is looking for is the key to success. If you want to stay competitive in 2019, then you have to know exactly what each generation is looking for during a real estate transaction process.
Each generation is going to provide different challenges and leave an impact on the market. For example, Generation X is less trusting of real estate agents than Y.1 and Y.2. Both of those generations look for homes online more than any other demographic, searching on sites such as Zillow and Instagram. If you don’t want to be left in the dust you need to be ready to take your marketing to the next level. Our amazing twisters are ready to do that and will ensure that your listings look absolutely amazing with the high-quality content you need. From photography to videography to custom videos, we have the tools you need to elevate your listing.
To make sure that you are ready for each and every person, we have come up with these tips to help you stay competitive.
It might come as a shock, but the baby boomers are becoming known as the “invisible goldmine” in the real estate world. They control 70% of the wealth in the country, making them one of the best demographics to hit. This generation is reaching retirement age but it isn’t slowing them down a bit. Many want to keep working and are looking to downsize. This is because they want to find and move into the perfect home for their golden years to help boost their retirement. Don’t be fooled though, this group is tech savvy with 82% searching for homes online. They also have a very particular type of home that they want to spend the rest of their lives in. Features that boomers are looking for include a multi-car garage, dine-in kitchen, a private yard, and an open floor plan. Don’t let the stereotype fool you, boomers are prowling for great homes online just like the younger generations.
Here are the facts:
- 82% of boomers search online for homes
- They have a set style of home in mind
- They have most of the nation’s wealth and are willing to spend it
- Despite being close to retirement, they still want to keep working
Generation X is an odd generation that falls in the middle of boomers and millennials. They are less trusting of real estate agents, but also willing to spend more money on extra features. Extremely self-direct, they will do their own research online before contacting a realtor and will know exactly what they want. You can negotiate with boomers and millennials tend to be indecisive at times, but Gen Xers will tell you exactly what they want and how they want it. They research online, but still want to see properties in person. With families of their own still at home, they are going to be looking for info on the schools and neighborhoods as well as a home to grow in.
Here are the facts:
- They know exactly what they want
- They are more likely to see the house in person
- They are looking for homes to grow in
Gen Y.1 and Y.2
Millennials are the generation that has been online more than anyone else in history. 59% of them are on Instagram, making it their favorite social media platform. While a bit indecisive, Millenials are most likely to go over budget on a home, especially if they love the area it’s in. They are also the fastest acting generation if they find a place that they like they are going to put down an offer fast. That being said, they are also much more budget aware, meaning they have a price range and will stick to it. They also are looking for more from a real estate agent then just being shown a house. They want to see the neighborhood, hear about the schools, and see what the town has to offer. Social media has the biggest impact on them and they will know the difference between quality original content and just a plain old shot of a living room. Combined, these two groups are going to be 50% of home buyers; this is a market that is about to explode in 2019.
Here are the facts:
- Instagram presence is a must
- They typically know what is and isn’t authentic content
- They are indecisive but willing to go over budget
- They are willing to put down an offer fast if they like the home
- Location, location, location
If you haven’t begun to make preparations for these incoming buyers, we are telling that you need to right now. It’s more important than ever to be online since three major generations are regularly searching for homes through Zillow, Google, and other sites. The market is only going to grow bigger and evolve as these groups begin to buy and sell, meaning that you need to do the same if you want to stay competitive. With the internet being a major part of the lives of nearly every member of these generations, it’s more important than ever to have a virtual tour and an online office ready to go. Regardless of the generation, jaw-dropping photography and videography is a must to truly “wow” buyers.
No matter how much the market changes, we are ready with the newest and latest trends to stay in the game. We offer the most modern and high-tech ways to show off your properties including videography, drone photography, and virtual tours. Our customers are important to us so you can be assured that we are giving nothing but 120% to everyone we work with. Our twisters love nothing more than being able to put their skills to the test and show off the beauty of your amazing home. Let us help you take the step into modern real estate for your continued success in 2019 and into the future!