Talking about my generation

It’s hard to pick up a newspaper or turn on the TV without hearing something about generations X & Y and how different they are in their outlook and demands from their baby boomer predecessors. So what does the real estate industry need to do to adapt and relate to this group of buyers and sellers?

For the first time in two decades, baby boomers – those born between 1945 and 1965 – no longer represent the “majority” of real estate buyers and sellers. This mantle is now held by Generations X&Y who represent a whole new outlook on life.

Statistics recently published by www.realestate.com.au paint a very clear picture of today’s real estate buyer:

• 60% are female
• 75% are aged 25-49
• 70% work full time and have a household income of more than $100,000

So what does data tell us? Principal of Realmark Real Estate John Percudani strongly believes that agents need to recognise this shift in buyer/seller population to a younger, more technology savvy and sophisticated market.

“This clearly shows us that women are the primary decision maker when it comes to selling and buying property,” says Mr Percudani. ‘’Addressing their needs and requirements is paramount to agents wanting to grow their business going forward.”

Mr Percudani believes women demand an honest, up-front type of real estate service and place emphasis on honesty and reputation.

“Women like a dedicated contact person within the agency with whom they can develop a relationship of trust,” says Mr Percudani. “They are also natural information gatherers and want good statistical data and lots of relevant detail so they can make informed decisions.
“Customer loyalty matters to them as does a no-nonsense, no-jargon approach.”

This is a shift away from the past 25 years of baby boomer relationships, which were based on repetitive habits and patterns and a sense of strong brand loyalty.

“Baby boomers are really yesterday’s buyers and sellers,” says Mr Percudani. “They also represent a large proportion of today’s real estate agents who are used to dealing with fellow baby boomers. This means that some agencies will need to actively educate their people to understand this new strongly emerging buyer and seller.

“Gen X&Y sellers in particular will be looking for a like-minded agent to represent them,” says Mr Percudani. “They understand that today’s buyers are unlikely to be local to the area, therefore a wide-spread, sophisticated marketing campaign using modern tools and mediums is going to be imperative. They will want an agent who can demonstrate that approach and understands that it is important to communicate with a wide audience.”