Mainstream media has been focused on both Baby Boomers and Generation X'ers for years. This has many agents missing out on great business opportunities that could be found in the newest generation of home buyers.
Generation Y, with its members being born from about 1980 to the early 2000s, are as different from their predecessors as they can be. They've been influenced by changing times, with increasing economic and political upheaval. Look no further than the youth riots in Europe and the high unemployment rate facing new college graduates to see what this rebellious generation has to deal with. They represent an increase in neoliberal politics and economics and are far more culturally liberal than their parents.
So, the question begs to be asked. How can you market to Generation Y buyers?
First, be technology savvy. This is a generation that has grown up with cellphones, the internet, and numerous other forms of technology. At the bare minimum, you must have a website. This can't be just a cheap template website that you built on your own. Generation Y buyers know real web design when they see it. If you have an outdated site, lack email skills, or don't know how to text on your cell phone, they'll think you're unprofessional.
Do not require website visitors to "register" for access to your mls or information. They'll take one look and surf right on over to the next local agent's site.
Social media knowledge is a must. Most Gen Y buyers aren't going to want to be your Facebook friend. Don't take it personally. And they probably won't "like" your page. Having a page and understanding how Facebook and it's terminology works, however, will help you communicate better with this younger generation. It will signal to them that you have stayed current.
Next, be an expert at time management. Life is fast paced and Generation Y'ers don't want their time wasted. Be quick about responding to emails. Return phone calls promptly. And consider doing multiple showings on one afternoon to save them time.
Some recent research has suggested, as well, that Generation Y'ers are more likely to rent than buy. So, don't sell yourself out of this winning scenario. Consider offering rental searches as part of your services. Or think about becoming a property manager!
And finally, straight forward sales are the way to deal with this generation. Old style door-to-door vacuum salesmen tactics that were so popular with pervious generations are a sure-fire way to lose business. Gen Y buyers want to know the facts. They want you to be clear and direct. What they don't want is to be pressured.
Put these tips to use, update your website, and get social. These are the ways to the Gen Y'ers heart.