I recently attended a presentation by John Ansbach, a real estate professional who has a “lecture circuit” of sorts spouting the latest on generational real estate sales. He posits that Gen X and Gen Y home buyers (approximately 80% of first time home buyers) and sellers will radically influence the world of real estate.
Specifically he illustrates how Generation X’ers (those born between 1965 and 1976) are some of the most fiercely independent and self-reliant of all living generations, having been the latchkey children of baby boomers who had the tools to do for themselves–think microwaves, email, Internet. In fact, he notes that this generation believes they can figure out how to do just about anything themselves. Saying, “You can’t do it by yourself,” is the worst thing that can be said to these folks! They’ll turn around and say, “Watch me!”
Generation Y’ers (those born between between 1977 and 1994) are similar to their Gen X brethren, but for two primary differences. Instead of being merely technology literate, they are technology infused and would never be caught dead without their BlackBerry or iPOD. Gen Y children were raised by doting parents who made them feel special in everything thing they did. While they are as technology capable as their Gen X counterparts (if not more so), they want to feel special and unique in doing so.
Both Gen X and Gen Y believe in their own ability to get the information they need about anything they want. The Internet has helped make this belief a near reality. At the same time, these individuals remain wary of developing any relationship with real estate agents until they have thoroughly researched the local real estate market. Before they even establish first contact with an agent, they already have checked out local government property data websites, house listings (on both traditional agency and non-traditional sites such as Craigslist.org), and local community resources. They have also likely engaged in on-line forums where the local real estate market is discussed. Finally, they have also driven themselves around the communities they are interested in order and visited a number of open houses to get a sense for themselves of the areas they may be interested in.
So how does a real estate agent establish contact with a prospective home seller or home buyer? Open Houses. I know. I know. Again and again real estate professionals say that open houses don’t sell houses. This may be true, but they do bring people through the door. And, if these people are under 40 years of age, this may be the perfect opportunity for first contact by a real estate professional. If approached properly during open houses in a non-threatening way, these “do-it-yourselfers” may find a partner in their home selling or home buying endeavors.
If you are interested, you can find publications and presentations by John Ansbach and RECON Intelligence Services (online, of course).
Joyce Munro is co-owner, with her husband Wilson, of The Open Look a website that provides free open house listings and links to other resources of interest to buyers and sellers of residential real estate in the Raleigh, Durham, Cary, and Chapel Hill area of North Carolina. They formed their company in 2006 following their inability to efficiently identify and locate open houses in the area in their relocation from Lexington, MA. They reside in Cary, NC.
Posted by joycemunro 
