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Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
Matthew Ferrara Understanding Re Generational Differences
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Matthew Ferrara Understanding Re Generational Differences

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Learn how different generations of buyers and sellers will affect the real estate industry with Matthew Ferrara & Company.

Learn how different generations of buyers and sellers will affect the real estate industry with Matthew Ferrara & Company.

Published in: Business, Technology
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Transcript

  • 1. Understanding Generational Differences and its Impact on the Real Estate Industry
    Matthew Ferrara & Company presents
  • 2.
  • 3.
  • 4. The Proposition
    A Perfect Storm
    Economic: Recession
    Commodity: Prices, Oversupply
    Demographic: Four Active Generations
  • 5. So get ready to boldy go where nobody has gone before!
  • 6. The Key Question
    How will Gen X and the Millenials Change Real Estate?
  • 7. !
    Real estate today was built by Baby Boomers, for Baby Boomers.
    The next generation of buyers and sellers aren’t Baby Boomers!
    What they value is a lot different than what we have been prepared to sell.
  • 8. The purpose of a business is to create a customer. Peter Drucker
  • 9. Create a Customer?
    Different than “serve” customers
    To satisfy a particular market desire
    Must start with the desire, not the product/service (contrary to current)
  • 10. It is the customer…
    … who determines what a business is. It is the customer alone whose willingness to pay for a good or for a service converts economic resources into wealth, things into goods. What the customer buys and considers a value is never just a product. It is always a utility, that is, what a product or service does for him.
    - P. Drucker, Effective Executive
  • 11. So what do we know about customers...
    … and what is of value to them?
  • 12. 62%
    31%
    Gen X
    Baby Boomers
    Silent
    Gen Y - Millenials
  • 13.
  • 14. Size of Home Purchased
  • 15. Demograph Transfers
    31
    Average age of the First Time Home Buyer
    47
    Average age of Sellers
  • 16. Is Real Estate Valuable?
  • 17. 64%
    Percentage of listings thatwere derived fromrepeat clients or referrals
    67%
    Contacted only one agent
    Before selecting themas listing agent.
  • 18. What “process” did they use?
  • 19. How did they hire us?
  • 20. What did they want from the process?
  • 21. Disturbing trends?
  • 22.

    The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.
    Peter Drucker
  • 23. Baylor University Study, 50,000 REALTORS, 2009
  • 24. There is nothing so useless as doing efficiently that which should not be done at all. Peter Drucker
  • 25. Buyers between 18-44 using Social Networks daily in 2008
    95%
  • 26. 35%
    * REALTORS use social networkingat all, in 2009
  • 27. 75%
    REALTORS never used a blog or podcast
  • 28. But don't take my word for any of it….
  • 29.
  • 30.
    Let’s look at consumer archetypes to determine what they value
  • 31.
  • 32. Real Estate positioning:
    First time and move-up buyer population
    49% of new homes, 2006-2008
  • 33. What constitutes their value set?
    Individualists, Competitive
    “Question everything, ” skeptics
    Distrustful of authority
    Prefer / “Certain” in own beliefs
    Information age mentality, skills
    Image Conscious
  • 34. The Value Shift
    $1.80
    16 ounces of actual coffee
    It’s hot
  • 35. You look maaaahvalous….
    $3.83
    4 ounces of coffee, 12 ounces of foam
    Requires special ordering language
    Lukewarm
  • 36.
  • 37. It's happening just like they imagined it!
  • 38. Gen X’ers Value what’s Behind the Curtain
    What they want
    WebMD experience: Extensive, accurate, engaging Information on market/services before any consideratoin of personal authority
    Consumer Reports level of Process Transparency
    Customized to individual needs
    They must be “in charge” of the outcomes
  • 39.
    Take a closer look at Gen Y
  • 40. Gen YThe :We: Generation
  • 41. Gen Y (Gen We) Critical Facts
    78 million U.S.; 2b worldwide
    Real Estate positioning:
    Significant portion of FT and move-up populations
    6 - 12 transactions lifetime
  • 42. Gen Y (Gen We) Critical Facts
    What’s their value set?
    Group Oriented
    Close to Boomer parents
    Highly structured lives
    Consume/d by entertainment
    Technology Normal (Integrated)
  • 43. Millenials in Perspective
  • 44.
  • 45. Technology is more than computers
  • 46. Once again, science fiction becomes fact
  • 47. What’s new is old…
  • 48. What does the future hold for Millenials?
  • 49.
  • 50. Social Networking = Mind Meld v 1.0
    Gen X and Y are constantly “broadcasting” what’s happening in their lives…
    You just have to be there, listening, watching for those life-changing moments that are associated with real estate needs!
  • 51. How to Connect with Gen Y’ers
    Use technology to establish relationships
    Tether then to the process, but not to a computer (wireless)
    Decisions must be validated by the network
    Future luxury looks more like the rooms at the Encore than at the Ritz.
  • 52. ?
    Now that we know more about the Zebra, how shall we catch it?
  • 53.
  • 54.
  • 55. matthewferrara.comfacebook.com/mfcompany

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