Reaching generation y


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Reaching generation y

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