The real estate business is, at it’s core, no different to day than it was 25 years ago. People buy and sell properties with the assistance of a real estate agent. The real estate agent is either referred to the client, found by the client because they have homes listed in the areas interesting to them, or they stumble on the agent just in passing. 85% of the second real estate transactions done by buyers and sellers is NOT with the same agent. This is solely because the agent does not stay in contact after the transaction closes and the client loses the agents contact information.
Well then, what is different in today’s real estate market is the advent of the internet. A buyer can go on online without the guidance of an agent to one of several search engines to look for properties that might meet their expectations, they can visit the property during an open house. If they like it, they can either write an offer with the listing agent or contact an agent to write the offer. There are real estate agents and even companies that encourage this strategy. Their services are usually offered for a lower commission because the agent and company knows they are not doing the best job for the buyer. They know that preparing for the buying process starts long before the buyer steps foot into a open house.
The younger generations seem to reach out for any new technologies and the autonomy while the oldest of us are more comfortable with a handshake and a phone call. The technology that has come to us over the years includes laptop computers, smart phones, search engines, emails, text communication, apps, messaging and much more. This technology grows exponentially every year. An agent must know the probable differences and realize that one size does not fit every client.
Let’s look at the generations and how they are defined.
The Silent Generation 1900 to 1945 ( 63-86 years old ) Communication preference: phone, some email, very little text
Baby Boomers 1946 to 1964 (44-62 years old) Communication preference: email, phone, some text
Generation X 1965 to 1980 (28 -43 years old) Communication preference: text, email, some phone, messenger
Millennials 1981 to 2000 (8-27 years old) Communication preference: text, messenger, what ever is new!
Buyers want communication their way. Even before meeting with a potential client, the agent must have all forms of communication available to the public. The agents website, business card and other marketing materials must have have several methods of communication. Nearly 90% of Americans younger than 65 are online and some 70% are active in social media. Even those over 65 show 64% online and 34% active in social media. We never know who will be our next client. It could be a retiring CEO of a local company or their grand kids. That said, in every case, the agent has to ask. In any case we must know how to communicate with the client in a way that is comfortable and effective for our client.
The National Association of realtors 2017 Home Buyer and Seller Trends Report gave us some really interesting numbers as to the ages of those buying homes.. Millennials accounted for 34% of all home sales while Gen X came in at 28%, Boomers logged 30% and the silent generation only 8%. As we have shown each generation has it’s own needs and expectations as it pertains to communications.
The internet has become an incredible tool when looking for a home or doing most anything. Search engines may seem to give access to all the possibilities and even give advice on how to proceed with the buying process. What is missing? Interaction with a professional. Whether it’s the travel industry, buying a car, seating at the theater or buying a home, an expert or someone with the inside scoop is always helpful and usually enhances the ultimate experience. I will be the first to tell you that there are a high percentage of agents with poor training, lack of drive, or little experience. They won’t be much help, as they don’t really know the ins and outs of the real estate business. What does all this mean to you? Interview buyer agents and select the one that you trust will get you to your goal with wise direction.
Work with the right agent!
The right agent will use technology in a way that suits your generation. They will have a plan and a system to put you into a winning situation. The right agent understands the purchase agreements and is a strong negotiator. Follow their lead. You hired them because you trust them.
For any information about buying or selling real estate, contact Tom Perry. His 20 plus years in the industry allows him the insights that only experience can allow. Tom’s systems for sellers to net top dollar from the sale of their home and his stress free buyer systems are proven. Check out his website for more information then contact him with any of your real estate needs.
Tom Perry … Realty Executives Brio … … 206-713-2538