Generations Apart
According to 2000 Census Data, Gen Yers (or Millennial) are poised to make up the bulk of the overall US population within the next 20 years. Millennial are member of the generation of children who were born between the years 1977 and 1994. There are over 84 million Millennials in the population now. One quarter of the US population is part of this generation. They are a diverse group with 1 in 3 non-Caucasian and 1 in 4 from a single parent home.
Millennial are just waiting for the market to stabilize before they begin their house purchases. The stage is already set for them. National studies from 2007, indicate that three quarters of the home buyers were between 18 and 24 years old, falling into this group. They are looking for stability, home buying agents they can trust, and a fair price.
This generation is computer savvy and knows that more information is just a click away. This also means that the competition is only a click away as well. Millennial want data, but they also want to work collaboratively to reach their goal of home ownership.
From now onward you, as the real estate agents and investor, must also be computer savvy and be ready to provide easy to access information for this new plugged in buyer. The communications will not only be the traditional phone. These new buyers are technology “expert users” and want contact day or night utilizing texting, IMing, blogging, or email. Instant messaging is their preferred form of communication, with 68% or more opting for cell phone texting.
This means home buying is going to move to a new level of real time. Homes will not be shopped for days by buyers who want to be driven around until they fall in love with their new home. Instead, the Gen Yers will have all of their facts available online and will make the home buying decision swiftly after they are well informed.
Facebook, LinkedIn, Twitter, My Space, FriendFeed, and ActiveRain are some of many tools focused on facilitating conversations. Social networking is ultimately about conversations which is important to your future customers. Thus you, as the real estate agent and investor, must acquire and develop these skill quickly.
Social networking is reaching astonishing levels of participation. Some web site examples: ActiveRain – This is the hotspot for real estate professionals to learn from each other. LinkedIn – 25 million experienced professionals, a marriage of an interactive resume and your address book, promoting yourself, your properties, or reviewing others. Facebook – 100 million active subscribers with 30 million photos uploaded daily. The numbers are staggering and speak for themselves. Social networking is important!
With this new set of rules and capabilities, houses will move quicker and with less emotion. This creates a new level of competition that the “boomers” will have to figure out when the market heats up.
