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Selling Across the Generations

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Generations:

•Matures > 65 yo •Baby Boomers 46 to 64 yo •Gen X 31 to 45 yo •Millennials < 30 yo

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Ages: RE/MAX Agent

48 yo

Boomer

RE/MAX Broker

56 yo

Boomer

Home Buyer

37 - 38 yo

Gen X

First Time Home Buyer

30 yo

Millennial

Repeat Home Buyer

47 yo

Boomer 4

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Buyers & Sellers:

1. Tend to do business with people that they like. 2. Tend to do business with people who they think are like themselves. “We’re similar.”

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Therefore:

• For you to become likable to your client

and for them to think that you two have things in common you must understand how they view the world.

• And their generational perspective has a lot to do with how they view the world.

Orientation:

Group vs Individual


Matures (Born prior to 1946)

• Dedication, sacrifice. • Experience will always be the best teacher. • Conformity, blending, unity – “We First”. Team • Hard, hard times then prosperity – still value moderation. • Deference

Matures (Born prior to 1946) Emphasize • Your years of experience • Your expertise • Your ability to make things easy for them • Your roots in the community • Any patriotic ties you have • Institutions mean a lot. RE/MAX is one! Use it!

Matures (Born prior to 1946) Other Items about the Matures • Let them know you’re good but don’t brag about it. Vanity boasts are OK as long as they’re not over the top. • Good relationship with the Millennials. Very friendly to one another. So… • Ask your Mature client to be a source of referrals: Do you know any people thinking of buying their first home? Do you think you could introduce me to them?


Baby Boomers (1946 - 1964) • • • • • • • • • •

“Workaholic” Competitive Strong team players Success is visible – trophies, plaques, lifestyle elements Optimistic Consumers Defined by their job. Some will want to work long after they have to. The first “me” generation. We are the world; We are the children

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Baby Boomers (1946 - 1964) 1970 Killer weed

2010 Weed killer

Acid rock Hoping for a BMW

Acid reflux Hoping for a BM

Rolling Stones

Kidney Stones

Trying to look like Liz Taylor or Marlon Brando Long hair

Trying NOT to look like Liz Taylor or Marlon Brando Longing for hair

Desired Features in a Home: Boomers • • • • • • • • • •

State of the art kitchen Large walk-in closets Whirlpool bath Fireplace Swimming pool Workshop / Hobby Studio Patios, porches, & decks Garden Game room / Pool room High Tech Entertainment Center

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Baby Boomers (1946 - 1964) •

Emphasize: That it is smart to think about life after retirement ★ But they are NOT elderly. NO.

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Baby Boomers (1946 - 1964)

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Baby Boomers (1946 - 1964) Emphasize: • That it is smart to think about life after retirement ★ But they are NOT elderly. NO. Emphasize convenience of location. • • Vanity plugs are OK. But don’t boast. (Boomers are competitive and your vanity plugs are proof that you’re doing well.) • Emphasize your expertise in setting the price and managing the sale.

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Baby Boomers (1946 - 1964) Emphasize: • Team. Very important to Boomers. • Work ethic. That they’ve worked hard and deserve it. • Remember that their kids, the Millennials, are hugely important to them. Might be smart to ask them, “So, what will your kids think?” • Also, their kids do a lot of research for them. Be ready w/ your comps and explanations to the kids. 19

Baby Boomers (1946 - 1964) Communicating with the Boomers: 1) Face to face works best. Relax. Fluid sentences. Have fun. They’re an optimistic group! 2) Email - Full sentences. Few abbreviations. Opening and Closing. 3) Via Web - maybe / maybe not 4) Texting - depends on the person. Often OK for kids but not for vendors. 20

Gen X

(apprx. 31 to 45 yrs old)

• Question authorities. • Have no shared heroes. • Raised as their parent’s friends. • Most are parents themselves now • Shorter time horizons. • A bit cynical, skeptical, suspicious • Carpe diem – Seize the day! • “Prove it to me” attitude, but... • The most loyal of all the generations. 21


Gen X Today (apprx. 30 to 44 yrs) • Some are seeking more responsibility in their workplace. Not all, some. • Gen X is the most discontent of all employees today: Boomers not transferring knowledge; awareness that theyʼll be passed by Millennials • Looking more and more for stability - job hopping slowed down • Pressures of the life stage - kids, funding retirement, 529 plans, mortgages... • But their history of job hopping has made many of them unready for leadership. • Tend to be remote leaders - manage from afar. “Closed door policy.” 22

Desired Features in a Home Boomers:

Gen X

• • • • • • • • • •

• • • • • • • • • • •

State of the art kitchen Large walk-in closets Whirlpool bath Fireplace Swimming pool Workshop / Hobby Studio Patios, porches, & decks Garden Game room / Pool room High Tech Entertainment Center

Gen X

State of the art kitchen Large walk-in closets Fireplace Whirlpool bath Swimming pool Patios, porches, & decks Game room / Pool Room Garden Gym / fitness room Workshop / Hobby Studio Sq Ft is more imp to Gen X

(apprx. 31 to 45 yrs old)

• Distrust anything too promotional, sales-y, or marketing-y. • Data and information. More is better. • NO vanity advertising. NO photos of you. • Where to go for more information websites, MLS, etc. • Give them the info they need to stalk… 24


Gen X

(apprx. 31 to 45 yrs old)

• Trust their peers more than any other medium of communication. Therefore: • You need to Tweet. You need to let them “Friend” you. You need to be where their friends are. • You’re on the hook. Very little grace period. Will remember everything you promised. Realtor Magazine about Gen X: “Prove it or move it.” 25

Gen X

(apprx. 31 to 45 yrs old) Say these things:

• If I were you I’d want to know what I’ve been up to lately. Let me tell you about some very recent clients, what their goals were, and how I was able to help them achieve their goals. • I know you’re busy and you’re probably talking to other agents. Rather than me trying to take you to lunch or something, let me show you how I work and what I think makes me most distinct in a crowded market. If it sounds good we’ll keep going. If not, no harm done and I wish you the best. 26

Gen X

(apprx. 31 to 45 yrs old) Say these things:

• Here are some things that I came across that made me think of you. • Here’s my plan. If it doesn’t work for whatever reason I have a Plan B in mind, but I think this will work for us...

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Communicating with Gen X • Probably will prefer email updates. • Likely let your calls go to voice mail and then check the message to see how important it is and how quickly they need to call you back. • Texting is OK but if content is a request or information: Call me when you can. Or: 4555 Oak Rd just dropped to $300k. Or: Offer just arrived. Will review and call in a few. • Face to face: Your clients will not want to make hard and fast decisions face to face. Let them think about it and do their research. 28

Millennials Today • • • • • • • • •

(apprx. 29 yrs old & less)

Optimistic. Programmed. Well cared for. Group (team?) oriented. Instant gratification. Busy & stressed. Like “X”, raised as their parent’s friends. Are not adults but are not adolescents, either. Future is very short term Huge goals. Clueless on the execution. 29

Very likely that your Millennial client: • Has a closet full of participant trophies • Was on a soccer team where every child had a chance to score a goal and no final score was kept • Texts over 300 times per month and sleeps with their phone • Will move away from home later, marry later, have children later, and get a mortgage later than you did • Is searching for a “good job that makes me happy”. (37% of 18 to 24 yo are unemployed) 30


Desired Features in a Home Boomers:

Gen X

Millennial

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State of the art kitchen Large walk-in closets

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State of the art kitchen Large walk-in closets

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Whirlpool bath Swimming Pool

Whirlpool bath Fireplace Swimming pool Workshop / Hobby Studio Patios, porches, & decks Garden

• • • •

Fireplace Whirlpool bath Swimming pool Patios, porches, & decks Game room / Pool Room Garden Gym / fitness room Workshop / Hobby Studio Sq Ft = Gen X

• • •

Game room / Pool room Large walk-in closet Fireplace State of the art kitchen Sauna / Steam room Gym / fitness room High tech entertainment area Patios, porches, & decks

• • • •

Game room / Pool room High Tech Entertainment Center

• • • • •

Millennials Today

• • • • • • •

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(apprx. 29 yrs old & less)

• Expect a 24/7 world • Expect high levels of personalization • Have big networks and can be your word of mouth champion if you do well… • Homes: Energy efficiency is very important • NO vanity advertising. NO photos of yourself. Info Info Info Info

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Millennials Today

(apprx. 29 yrs old & less)

Offer: • FREE mortgage guidance (Millennials site understanding mortgages as the most daunting part of buying a home) • FREE market analysis • FREE market updates to email or text messages w/ market updates • Discounts for first time home buyers. • FREE and IMMEDIATE works 33


Millennials Today

(apprx. 29 yrs old & less)

Communicating: • Texting is OK. Preferred! Do it. • You must Tweet and Facebook. Get there. • Recognize individuality and uniqueness. Very important. • Parents! Donʼt forget about them. Theyʼll want to talk to you, too. • Printed: Simple. Sleek. Modern. 34

Millennials Today

(apprx. 29 yrs old & less)

Say • What you want is similar to others Iʼve work with like you but there are some distinctions, too. Letʼs work to get you what you want. • What do I need to know about you that will help me best work with you?

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Probing Questions


Probing Questions:

• Do you Tweet? Have a Facebook page? • What did you do this weekend? • How do you prefer I contact you? • Do you have an IM account?

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Questions?

Always Remember:

• People’s final decisions are 85% emotional & 15% logical. • Relationships are not logical. • Selecting you to list their home or help them find a new home is seldom a decision based on logic. 39


Selling Across the Generations


Generations