Real Estate: Working with Generation X or Y
Based on the National Association of Realtors (NAR) 2019 statistics, Generation X includes people born within 1965-1980 while Generation Y (Millennials) comprises individuals born within 1980-1994.
With this data, the big question is: what generation should you go after? Are people between the ages of 38 and 53 years the most popular homebuyers or sellers? Or can you get more listing with those between ages 25 and 39?
A General Perspective
Before deciding to pitch your camp with either or these generations, it’s important to note the differences between both.
People who were born between 1965 and 1980, also known as Gen X, are 82 million in the entire US population. They are typically those customers who are forgotten in the real estate industry.
Why this claim?
Many believe that Gen X have rented homes which they would not relocate from until another ten years.
However, many agents fail to realize the fact that most of them are at the peak of their careers, and are likely to be able to afford the average house with over 2,000 square feet for extra space.
Again, the average age of homebuyers is age 45 and it calls within this generation. In essence, any agent can expect to meet a client who is willing to sell their home as well as buy another one.
Additionally, Gen X are more interested in work-life harmony, their children’s education and ease of access to vital facilities. Besides, they understand the dynamics of the real estate market and don’t need to be educated or guided when buying or selling a home.
Agents who intend to boost their real estate game should be willing to write posts which appeal to Generation X and send direct mails which provide information on the best neighborhoods with the most amenities.
Compared to Gen X, Generation Y are younger, more active, and more aggressive toward home buying and owing a home. A combination of the Gen Y.1 and Gen Y.2 gives about 78 million people in the US.
Inasmuch as it’s true that the generation which buys the most homes is the Baby Boomers, it’s also true that the housing market is bound to change as more Millennials become interested in real estate.
For this generation, communication is the strongest marketing tool to reach them. You need to meet them where they are, and this place is the Web. From Facebook, Twitter, Instagram, Gmail, to iTunes, Generations Yers have moved beyond snail mails.
Further, Millennials are exceptional for doing their research, asking questions, and making the most of technology. Many of them search for homes using Google, Bing, Zillow, Craigslist, and the like.
Nonetheless, the downside with them is that an agent could spend more time trying to explain how real estate works to them. The time spent educating them could be preserved when dealing with Gen X.
Making a Choice
Having clearly highlighted the differences between both generations, we arrived at this conclusion:
If you’re looking to make quick listings and home sales, you might want to go after the Gen X. But if you’d rather move with the real estate industry and accept the changes which are soon to take over, Gen Yers would be your best shot.
With more young people making it big in the business world, the real estate market is bound to witness an upward trend of home sale with the Gen Y.
What’s your take on this?