reaching generation y
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TRANSCRIPT
Reaching Generation YDecember 15, 2010
MILLENNIALS
MILLENNIAL GENERATION
ECHO BOOMERS
PETER PAN GENERATION
BOOMERANG GENERATION
TROPHY KIDS
NET GENERATION
Interesting Statistics
• By 2015, demographers say, more than 2 out of every 5 households occupied by Generation Y people will be women with incomes and no kids
• Over 95% use websites for their real estate search.• On average, most Generation X and Y homebuyers search
online for up to 18 months before they even consider contacting a real estate agent.
• 70 % do not believe they have to move to the suburbs once they have kids
• An estimated 3/4 of all text messages are sent by Generation Ys
• The average real estate agent is 50+
VIDEOS
Connecting With The Younger GenerationFeaturing the Wright Brothers
Real Estate Training: The Next Generation Featuring Matthew Ferrara
WHO IS GENERATION Y?
• Gen Y: Born between 1979-1996 (Varies)• External Influences that shaped them:– September 11– Great Recession– Dot Com Boom
• The 71+ million children of Baby Boomers• Most culturally diverse generation in American
history• Just text them…they love to share
WHY LEARN ABOUT “Y”
• More spending power than previous generations at their age.
• They CAN purchase homes and ARE purchasing homes!• The members of Generation Y are your future business• They are more qualified to buy a home than any
generation in the past. • They're well-educated and more likely to be qualified
for a mortgage than any other generation in the past--right out of college.
• Low Interest Rates, Large Selection appealing to them
WHAT IS IMPORTANT TO THEM
• “A primary goal of people my age is not necessarily to become famous but to become distinctive.” Jason Barg, 2004 Grad of Penn State
• Technology• The environment• Social Connections • Independence• Influence
The C’s and E’s of the Y Generation
• Environment
• Experience
• Expression
• Culture
• Community
• Causes
COMMUNICATION
• Don’t Assume:– Have the Conversation:
• How would you prefer to be reached: in the morning, during business hours, after 5pm, on the weekends, etc
• Quick & Casual– Not expected to be
professional all of the time– Be available, even if it is to say
you will call them back– 2 Hour Response Time
MEDIA SHIFT
• Grew up on the web, going to be driving force behind the way the web of the future is shaped. What Gen Y wants from the web will be the web.– Mobile Websites, App’s
• Television: Background Noise
RELATE TO MILLENIALS• Learn to use text messaging
– Text message that their Offer has been accepted!• Viral marketing
– Incorporate You-Tube into your advertising• Treat this generation like GOLD
– They WANT to feel important – Instant gratification is this generation's demand – Be the first agent to respond to their email inquiry!
• Gen Y-ers LOVE photos! – Post them everywhere – Don't just post the front elevation shot on MLS, post the maximum
allowed on each and every site
TOO SMART FOR YOUR ADVERTISING
• Put the ads out there & let them stumble across them– If they feel pressured, they
immediately back away.
• Internet and email are critical to reaching this group. – “Always Connected“
• Know when they are being advertised to
• Rely more on recommendations from others
SELLING
• Brands that succeed with this generation will be those that:– Open a dialog with them– Admit their mistakes– Become more transparent– Are honest
• Gen Y doesn't have brand loyalty - they're quick to move the next big thing.
• They loath the hard sell
TRENDS
• This a generation that is beginning to define emerging consumer trends
• Their expectations, in terms of their lifestyle as homeowners, will cause suburbs to grow differently than they have in the past
• They want:– Amenities that enhance their way of life– Smart Technology: Electronics & Appliances – Untraditional Floor Plans– Flexibility in Architecture and Decoration
What are Gen Y’s looking for in a home?
• Efficiency in space, and Energy• Utility: Gen Ys want to know that each room has a useful purpose.• Multi-purpose rooms and large kitchens• Housing within walking distance of grocery stores, shopping,
dining, night life and gyms.• Recycled materials: Countertops, Cabinets, Doors, etc• Neighbors their own age• Diversity of people• Access to hiking, biking and running trails or yard space• Technology that is advanced and current.• Low maintenance• Keeping the cost low
GEN Y AND REAL ESTATE
• Just entering the real estate market– They soon will be an active component of the
sales on starter homes• Renters today, but they will likely sign
contracts on their first homes within the next four years
• Many in Gen Y have little interest in the lawn mowing, cul-de-sac lifestyle that's characteristic of the suburbs.
GEN Y AND REAL ESTATE• They'll sacrifice space, and some will even pay
more, to incorporate these qualities into their lives:– High-tech convenience and communication– Walkability– Green building standards– Diversity
• Looking for homes based primarily on location. – Transportation-oriented, such as near light rail– Close to social entertainment.
• Unlike their parents and grandparents, this younger generation has no fear of color.
Selling
• The message you need to send:– 40 years from now, if all they do is rent, they will
in fact, have bought a house—or several houses—for someone else!
• Monthly mortgage payments: Ranked as most important– The most promising segments could be smaller
homes on smaller lots, suburbs with an urban feel
How do they decide?• Socially.
– Consult their friends and family– While members of Generation Y seek information and advice from their peers,
they do not like to be constantly pestered by someone online. – Too much information, especially from someone that they barely know, will
result in a negative reaction.• Online.
– “House Shop” in the same way they shop for a new shirt, book or cell phone. • Include as many photos as you can! Write memorable remarks!
• Educate themselves.– It is more important to listen, understand and guide them successfully through
the home buying and selling process.– In some instances, they think they know more than the person selling them
something.– If you have state of the art products or "green initiatives," the listing needs those
items reflected.
DON’T GET LEFT BEHIND
• This younger generation is so technology-savvy, and because of that, they are changing the way real estate is being marketed
• This largely untapped demographic could form a new wave of buyers to help invigorate sales.
Generation Y is a complex generation with diverse interests. Immersed in the digital world from an early age, Gen Y is at the
forefront of mashing up how we communicate, entertain, and innovate.