GenY – Turning the Corner in Real Estate

76876876 GenY   Turning the Corner in Real Estate


We wrote some GenY Primers

No Agent left behind

(unless you want to be, then good luck with that)

Many scoffed at the idea of discussing GenY without understanding the point of the background we were laying out for what is upcoming. What I found to be interesting is that GenX in the west seemed to have problems with what we are describing, yet Redfin just let us all know that 90% of their clients are less than 45 years of age. Are you sure you’re not missing something here? You cannot argue with data, it’s factual, all you can do is try to understand it and adapt.

Sure, the data we presented in earlier posts is about internet, computers, iPods, and cell phones, and you’re no piece of electronics. But if your marketing isn’t reaching the core audience, then it is more than likely that you’re not reaching the electronic stream that GenY is accessing daily, and hourly. Remember, this is the largest demo since the boomers.

The Question to ask yourself

If you truly believe that GenY has no real new expectations of you, then why do you blog? If you truly believe that GenY doesn’t get their information online from peers using social media, then why do you Twitter? If you truly believe this new generation Y doesn’t come complete with its own culture, then you are wasting your time online.



Advertise at AG

Most GenX could care less about what a blog or Twitter is unless their kids are using them, and even then, they’re warning their children away from you. The bottom line is that we want to try to help you turn that waste of time into primetime online real estate, and to do this you must understand the generational gap and the new merge taking place.

Why the first article was so dramatic and from the hip

…and smacked of sarcasm and grit

Because a GenY wrote it. Again, welcome to GenY- it was simply to make a point, that some missed.

Why we’re writing this series

Without understanding where GenY and soon GenZ mingle and congregate seeking the wisdom of the crowd, then how in the world do you stand a chance to be that wisdom- you can’t and you won’t.

Speaking from experience

This is Lani’s Facebook (in case you’re not on Facebook, I added an image at the top), and you see her list of 216 friends. Besides the usual suspects of Real Estate professionals, you see that her Facebook is loaded up with GenY friends that are now all around the world. She truly mingles in the GenY social media circle. Yet, some would doubt what she demonstrates effectively, daily. I would also acknowledge that she mingles with GenX quite nicely as well, so her ability to mingle in both realms should give anyone pause at just how well networked GenY really is. How many actual consumers are in your Facebook, Twitter, or Myspace feeds? Don’t fear, soon we’ll illustrate what works most efficiently and what doesn’t.

Here’s what we know

Show me one GenY client or person you know, and I’ll show you 20 GenYs I’ve closed (here’s three). The truth is, most agents have not one clue as to what will soon hit businesses in droves in the next few years. The oldest age of a GenY consumer is roughly 28 years of age, we’ll add 5 years to include a cusp which would mean that if the majority of your demographic isn’t 33 or younger, then you may want to sit back and grab a pen.

What we know about data

Demographic realities are just that, realities- it is a fact that your upcoming clients will be found on the internet. Chances are that your marketing is stab in the dark failures in the social department, which is probably true if you’re surrounded with other Realtors instead of potential buyers, that means you will miss out on the largest sector of buyers coming in the next 5 years- wrap your brain around that.

So, this closes the basis of what GenY is, and now you’ll be seeing upcoming articles about how GenY’s move in online social streams and how it will effect your business and how you can tap in. If you’re not up for this challenge then don’t read our up coming social media articles, but if you could use some serious input on how to find your way to the stream- stay tuned, but until then, here’s some more meat to chew on:

Why we chose Redfin as an example

It wasn’t because we knew you’d smell blood and attack, it was because of this simple fact- if you believe there are plenty of GenXers to still work with, you may be wrong. Entities in mainstream media such as the New York Times and others have already injected companies like Redfin into the Xer’s consciousness, and guess what, it’s resonating. Take Glenn’s assertion for example, “90% of our customers are under 45.” This means that clients from the age of 28 and older are using them, they’ve found the alternative, and it’s real whether you believe they offer service or not, and most certainly whether you believe they can survive- another company will just pop up in their place and do it bigger and better, and then what?

Don’t fear, we’re not here to tout the end of the world

Our goal is to break down these unique realities and begin to define niche options in marketing, together. The mission now becomes finding opportunities to break into social streams to offer the alternative, but it must be done in a way that speaks to a 2.0 buyer or seller authentically in whatever generation they’re in. We’ve lined up some interesting information that will help all of us tool what most are already doing poorly into something that wins. Our hope is that we can start a collaborative conversation on the future of real estate and how we can begin to shape it as we move towards rebarcamp08, rather than shot in the dark dribble- this is gonna be a lot fun…

As AG's Founder, Director & Publisher: I've dedicated the past two decades to focusing small, medium and large businesses on consumerism, consumer needs, trends, and what consumers find valuable within the user experience. I founded AG in hopes of furthering your business growth. I hope you enjoy AG, and that you will reach out if I can help your company or association communicate it's value.



Weigh in...

  • http://http//blog.scottprogers.com Scott Rogers

    Glenn’s data remains a bit nebulous — I’m curious how the 90% of customers under 45 years old actually breaks down. Are most of them Gen-X consumers (age 30-45), or are there a decent number of Gen-Y consumers?

    Glenn seems to be implying that Redfin indeed appeals to Gen-Y consumers (which I would imagine to be the case), but when he backs it with the under 45 data, I’m wondering whether what the numbers look like for under 30 years old.

  • http://singlepointerealty.com/category/blog Benn Rosales

    Scott, we’re curious too, we’re actually hoping to get that answer.

  • http://www.miamism.com Ines

    The part I liked most about this post is “If you truly believe that GenY has no real new expectations of you, then why do you blog? If you truly believe that GenY doesn’t get their information online from peers using social media, then why do you Twitter? If you truly believe this new generation Y doesn’t come complete with its own culture, then you are wasting your time online.”

    That really says it all – by making believe that you don’t understand and you don’t believe in generational studies, you are really denying yourself of a marketing truth that is more powerful than words.

  • http://www.daltonsazhomes.com Jonathan Dalton

    > Entities in mainstream media such as the New York Times and others have already injected companies like Redfin into the Xer’s consciousness, and guess what, it’s resonating.

    Really? Has their market share improved? Are they doing anything more than imitating the great discounters and rebaters of the past, except with a really neat website?

    Some will argue that every generation looks at future generations with a “bah humbug, we were far more sophisticated, worldly, pick-a-word” kind of view. Personally, I look back and realize that when I was the same age as the folks in Gen Y are now, I didn’t know nearly as much as I thought I did. What’s the old line? The older I got, the wiser my father became? You’ll object now and in 10 years look and say, oh … wait …

    Hinging internet marketing on one particular generation is short-sighted. But again, I’m only a guy who successfully markets to retirement communities online. So what would I know …

  • http://singlepointerealty.com/category/blog Benn Rosales

    Really? Has their market share improved? Are they doing anything more than imitating the great discounters and rebaters of the past, except with a really neat website?

    its the really neat website, venacular, and social media that we’re actually talking about- how you’re marketing, and where you’re blowing your marketing cash. The idea that 77% of the consumer experience is online is just a statement, our goal is to try to break that down to how your marketing touches that 77% in a way that pulls traffic in. My point in what you highlighted is that more and more people are catching on to this implied “new way” and yeah, it looks new. I think we all call this 2.0.

    the idea of the wide net approach is costly, and expensive, so the goal was to try to find out just who the 77% is. we’re not breaking ground on anything new here, we’re trying to understand what what 1000s of marketing people around the world are saying and how it will apply to our marketing strategies in real estate. there are just to many folks begging why in the hell are they bothering with social media, and it doesn’t have to be that way…

    follow up posts forth coming.

  • http://singlepointerealty.com/category/blog Benn Rosales

    Ines, I am so glad you picked up on that. We’re going to break it down even further than that…

  • Pingback: agentgenius.com- national real estate opinion column » Blog Archive » The Secret Life of a “Generation X” Consumer … My Story

  • http://www.daltonsazhomes.com Jonathan Dalton

    > My point in what you highlighted is that more and more people are catching on to this implied “new way” and yeah, it looks new. I think we all call this 2.0.

    Understood. But there’s far more to 2.0 than one company surviving only on the basis of the VC that has been pumped their way. I don’t hold Redfin up as a 2.0 success story.

  • Jen

    Does anyone know the average number of residences people have from ages 19-35, rent versus buy, roommates, etc.?

  • http://www.princetonrealestatehomes.com Faina Sechzer

    Demographics point out another group which would become influential in terms of real estate – Millennials (born 1970-1995). Their numbers will peek by 2015 and the ability to relate to them in their “language” would be very important.