How the young and the older buy real estate differently and what marketers need to know about it.

1. THE GREAT AGE DIVIDE
How the young and the older buy real estate differently
and what marketers need to know about it
YOUNG PEOPLE
ARE AVOIDING
REAL ESTATE BROKERSS
THE MORE A BUYER
EARNS, THE MORE LIKELY
THEY ARE TO WORK
WITH A BROKER
MOBILE APPS ARE
ASCENDANT AMONG
THE YOUNG AND AFFLUENT
SHOW ME THE DATA:
HEAD WINS OUT OVER
THE HEART
YOUR NEW HOME COULD
BE A CLICK AWAY
THE WAY CONSUMERS BUY
PROPERTY IS SHIFTING QUICKLY.
Which means the way developers are selling
residential units must also change. While the
popularity of online real estate tools and resources
has been increasing over the last decade,
www.neoscape.com
Data becomes increasingly
important for those who are
affluent. The heart doesn’t
always win out in the end.
technological change is shortening the transaction
cycle and changing the perception of real estate
brokers, perhaps permanently. So what resources do
buyers rely on most? How do consumers feel about
working with a broker? Do they make real estate
decisions based mostly on their heart or their head?
HERE’S WHAT WE FOUND OUT
Among buyers of all ages
within the past year:
64%
of those who earn
more than $100,000
reported using
a broker
72%
rank a broker as their
most used resource
when looking for a
new home
51%
of 25-34 year olds
prefer getting their info
from marketing
materials, renderings
and websites,
not brokers
62%
of people over 55
years old prefer to
work with a broker
of people over 55
use mobile apps
Only
14%
85%said property websites most
influenced their decision to
buy a home
77%
said word
of mouth
67%
said raw
data
64%
said media
sites
Brokers and mobile apps tied at 62%
which is why brokers need to use mobile
apps differently for different age groups
and income levels
vs
60%
of people who make
more than $100,000
think with their head
rather than their heart
94%
of those who earn
more than $100,000
use property
websites to gather
data when deciding
to purchase a home
Of those who think with their heart over their
head, almost half of them (46%) make less
than $50,000
55%
of those under 34 years old find a mobile
app more influential than a broker
Brokers need to harness technology to remain relevant with the younger
demographic – especially millennials – and use technology in conjunction
with traditional media for those who are older.