| December 3, 2001 |
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I'm a Baby Boomer, 46, wife, kids, house. When my real estate agent drives up in a brand new Lexus, I make note of it. Why? Because if she drives that kind of car, she must be successful. If she is successful, then she must be doing right by me. Right? Maybe for a Boomer. My younger colleague, 33, single, renter, is not impressed. Virtually anyone can lease a Lexus, he argues, put on a nice set of threads, and look successful. He's looking for more substance. Why? Because he's part of Generation X. Xers (those in their twenties and early thirties) are the new buyers on the block. Fifty million strong, they have graduated from apartments decorated in college chic and are moving up to substantial housing with children still in grade school. Their expectations about houses and those who sell them, are considerably different than that of older generations, even when those generations were in their 30s. Generation X grew up amid the chaos and tumult of the 1960s and 70s - race riots, government scandals, recession, inflation, Vietnam, free love, and recreational drugs. Many of the institutions they were taught to believe in have betrayed them. "You're supposed to believe in government, but there was Watergate. You're supposed to believe in marriage, but my parents got divorced. You're supposed to believe in the economy, but look at the layoffs and gas lines of the 1970s." All of this has resulted in a generation full of skeptics. As a real estate agent, they would love to take you at face value. But the little voice in the back of their heads says, "Check it out first." How do they do that? Here are a couple of illustrations: First, they research your firm. That can be accomplished on the Web in about 30 minutes. You, or your organization, don't have a Web site? Right off the bat, you're at a disadvantage. Anybody who's worth doing business with has a web presence, reasons the Xer. Second, they ask their friends. Not just a few, but 25, 50, or 100. Xers network extensively through e-mail. It takes just a couple of minutes to draft a note to their 75 closest friends asking about your firm and your colleagues. If you work with a well-known organization, there are bound to be people within their list who have worked with other people in your firm. They might get 50 responses, each with a tidbit or insight that helps them form an idea of whether or not to work with you. This being the case, you're only as good as your weakest colleague. Once they've decided you're okay, that doesn't mean you're out of the woods. Sure they trust you, but you're also in the business to make money. How much money remains to be seen. How hard will you negotiate with the seller if it means that every dollar of concessions reduces your commission? Are you willing to forego some of your commission in return for referrals to other friends/buyers? Do you really know the best mortgage broker with the best rate or is it easier to send them to the same broker you always do? Notice the word cynicism has not entered this conversation. Xers are not down on the world. They've simply learned that everything is not necessarily what it claims to be. Is there hope in working with them? Sure, but you've got to be straight with them. They'll ask you questions you thought no one asked in polite company. They'll take you to the mat on any issue or concern that they have. The good news? Once you've passed muster, they'll tell their friends . . .their 25, 50, or 100 closest friends.
Robert Wendover is the Managing Director of the Center for Generational Studies which conducts research, produces seminars and publishes resources on how the generations relate to one another in American Society. For a complimentary subscription to the Center's newsletter GenTrends, contact him at 1-800-227-5510 or by e-mail, |
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