The factors involved in helping empty nest baby boomers sell their longtime family home are quite different from assisting millennials moving out of their starter home. They may desire different marketing tactics, channels of communication, or types of statistics and information, according to Andrey Nokhrin, founder and CEO of Flipt, a predictive technology firm.
Whether you’re working with Generation Y, Generation X, baby boomers, late boomers, or folks in the silent generation, learn how to tailor your approach to get the best results possible with these tips from Nokhrin.
Millennials/Gen Y: First time sellers
According to the National Association of REALTORS®, millennials already make up the largest share of home buyers, at
34 percent. Now, they’re starting to sell. A
new report from Bank of America shows millennials plan to own multiple homes throughout their lifetimes, with 68 percent stating their current home is a stepping stone toward the home they really want to end up in, Nokhrin says.
NAR’s 2017 Home Buyer and Seller Generational Trends Report shows that 69 percent of surveyed millennials prefer agents send property info and communicates via text message, however, 75 percent surveyed also say they prefer a phone call to inform of important activities. Millennials expect transparency, Nokhrin says. “Real estate agents need to be proactive in providing the right information in a timely manner, and should use technology to give recaps of information given to the client, and also to give regular updates about progress—whether requested or not,” he says.
Gen X: Secondary home sellers
Similar to millennials, this is generally Gen Xers’ first sale, possibly their second. Many sellers in this age group had to wait, because they were unable to sell when they originally wanted to due to the recession and loss of equity, Nokhrin says. They’re more likely to be married and have young children in the home.
“Generation X sellers tend to have more funds at their disposal, so [they] may also be open to suggestions to fixing up a property to raise the value and invest more money into staging their property for viewings,” Nokhrin says. “Rather than wasting time talking about the ‘basics’ of selling a home, real estate agents should instead focus on highlighting exactly what they can best do to serve the needs of the seller.”
Baby boomers/silent generation: Experienced sellers
This group of sellers no longer have children in the home, are preparing for retirement, and are likely downsizing, moving closer to family or considering a move to a warmer climate. More prefer personal phone calls (80 percent) or face-to-face meetings, according to NAR’s report.
“Most boomer sellers put great value on real estate agents who show an interest in their background, family, history of the property, and reasons for selling, and are more likely to open up to a real estate agent who shares information about themselves too,” Nokhrin says. Boomers prioritize location and quality of life over price, and may want one real estate professional to sell their house and help them secure their next one, he adds.
Source: “Know Who You Are Selling For: How Estate Agents Can Build Relationships With Different Types of Home Sellers,” July 2017
