To be an effective seller in the real estate industry, you must understand the different generations. What motivates one generation to purchase a home may not motivate the next. Fortunately, you can learn a lot about today’s buyers by asking the right questions, being a good listener and understanding their short and long term needs.
Let’s dig deeper into each generation and the types of selling techniques that work best.
The Silent Generation
The Silent Generation is the oldest generation, having been born between 1925 and 1945. This generation is looking to simplify their lives. Many downsize their current homes and opt for something smaller and more manageable, such as a one-level condo or townhome.
Someone from the Silent Generation is probably a repeat buyer. They may be moving closer to friends and family or purchasing a multi-generational home. These buyers need patience, kindness and peace of mind. The best properties have the perfect balance of comfort, affordability and convenience.
The Baby Boomers
The baby boomers were born between the mid-1940s to mid-1960s. This generation is an interesting group because they have many motivations for purchasing a new home. Some are retired, some are not.
Here are a few reasons why the baby boomer generation looks to relocate:
- Move closer to grandchildren
- Move closer to elderly parents
- Downsize and simplify current home
- Change in job or marital status
- Avoid renovations and other problems in current home
- Move to a more desirable location or warmer climate
Baby boomers prefer working with those who listen and properly respond to their pain points. People in this generation are also nearing retirement or have already retired. They need a home that will cater to their short and long term needs and is located close to friends and family.
Generation Xers were born in the 1960s to 1980s. They come after the baby boomers but before the millennials. Many are first or second time buyers who plan on living in their homes for the next 15 years or so while raising their families. The most important features for this generation are safe neighborhoods, good schools and convenience to work, shopping and entertainment.
Generation X is more stable than the millennials, and their children tend to be older. They want homes that are safe and make a good investment, so selling them on the idea of stability and peace of mind works best. Because they see the value in having a nice home, many are willing to stretch themselves financially to get the home of their dreams.
Generation Y – the millennials – consists of people born between the early 1980s and early 1990s. This generation is slowly entering the housing market. Though most millennials feel that a home is a good investment, they are saddled with school loan debt and credit card debt. They also lack in a sizeable down payments.
Millennials prefer to look at properties online and expect quick communication. The best homes for this generation feature open layouts, neutral color palettes and energy efficiency. To sell to this generation, be familiar with the home buying process. Connections can help with this – do you know a great realtor or lender in your area? Also, make sure that all online images, virtual tours, property details, etc. are updated and high in quality.
The more you learn about each generation and which selling techniques work best, the more effective you can be in your career.