When you hear the word Gen Y, you associate this demographic with high tech devices and internet /cyber savviness. Understanding their behavior and buying patterns is critical as realtors if we are to cater to their real estate needs. Here are the reasons Y.
According to the U.S. Census Bureau, National Population Estimates & Projections, in 2009, Generation Y comprised roughly 25 percent of the population. In 2010, out of the 308,745,538, population, 27 percent is composed of the age groups distributed as follows:
22,677,194 (15 to 19 years old)
21,585.999 (20 to 24 years old)
21,101849 ( 25 to 29 years old)
19,962099 (30 to 34 years old)
The Generation Y’s number is BIG. And I love working with Generation Y as much as working with other demographics.This demographic creates fresh and upbeat mode because of the fast-paced culture they infuse in the process. Technology has been embedded in their lifestyle. They are the almost absolute multi taskers when it comes to gadgets and devices.
Because of their technological savviness, online sources affect their purchasing decisions tremendously. In dealing with the Gen Y, your response time should be quick because their attention span is very short. If you can respond to their questions and concerns immediately, trust me, they recognize it. And the probability of getting their loyalty is higher because of the reliability factor.
Although their tastes and preferences are diverse, they tend to make their decision based on what they can afford. Other factors become secondary.Their behavior might have been affected by the boon and bane of real estate market and the economic collapse that unfolded before their eyes.
It can’t be denied that they still seek the expertise of the realtors in their buying process even though they have done multitude of online research. You will be amazed by how much information they have at their disposal when you interact with them. Don’t be surprised if they have called the police department or have checked the websites already to get the crime statistics on particular neighborhoods.
The key is you have to listen intently to what they say because this is the information you need to muster to assist them better. For instance, one of the couple will bring up swimming pool as one of the plus but not a very significant factor. The other half could have mentioned that swimming pool is a NO because of maintenance Therefore, swimming pool becomes irrelevant and should be taken out of the criteria.
Don’t get offended when they have other properties lined up instead of the properties you forwarded to them. They are ultra resourceful people. Try to accomodate the properties they would like to see and include what they could have missed which you think fit their criteria by telling them that “since we are in the neighborhood, we might as well see this other property.” In my experience, they ended up buying what I have picked up for them.
Generation Y has strong relationship and ties with their parents. So, getting the parents’ approval or vice versa before finalizing the decision is just as important as finding the home that suits their needs. Remember that parents watch out for the best interest of the children. If you are watching out for the clients’ best interest, don’t get intimidated by the presence. You should welcome and respect the parents’ input because they too have vast experience and knowledge about houses.
This time, listen to what the parents say. If you encounter negative remarks about the house, don’t negate or contradict them. Give them your honest and genuine opinion based on other properties your clients’ have seen and feed them the information on how the subject property fare or compare to other properties. You can’t be defensive. If necessary, you can show them the other properties the couple have seen. Let them feel that you are there to protect their children’s interest as well. if you do this genuinely, it resonates. Not only do you get the Generation Y’s approval. You also gain the Baby Boomers’ trust.
The question now is how can the Generation Y finds us. Aside from the word of mouth which they value immensely because of the small sphere of influence they keep, online presence is a must. A simple with clean lines design, real time and user-friendly website is a huge factor. The Gen Y has little patience. Therefore, your website should capture their attention in less than a minute. Making them stay on your website is something you have to consider seriously. Moreover, take the plunge and swim into the social media: Tweeter, Facebook, Linked-in, etc.
The use of QR and text codes on brochures, signages and business cards can be helpful although I have not proven its efficiency yet. However, I received a comment from my most recent Gen Y buyer that I am current with the tech because of the QR code on my business card.
Without a doubt, the Generation Y’s slice on the pie chart for home buyers is becoming bigger. We need to embrace it. We have to make sure that we have the right tools to assist them lest be left out by the innovative realtors or sadly, be left out by them.