My Take On Generational Stereotypes & Real Estate

I start out my business day as many people do, by opening email.  Almost everyday I am faced with "new perspectives" on the Millennials or the Baby Boomers and how I should market myself to them.

The general gist is that baby boomers are empty nesters who will be downsizing as they retire.  They are typically not as tech savvy and will want a more personal touch, more phone calls, less digital contact.  A more traditional marketing campaign would be best to reach these potential clients.

Millennials on the other hand are very tech savvy and will prefer text messaging and email.  They will spend more time reviewing agents online, checking reviews and social media, etc before deciding who to work with.  Millennials will be looking for agents who have an eye catching website, have demonstrated their knowledge through blogging, or posting through social media, etc.  Building a strong online presence will be more important than ever before.

I just missed being a baby boomer myself by about a year and a half, and am considered a member of generation X.  I guess I am an interesting mix of the two aforementioned generations.  So basically my take on all of this is while these marketing philosophies have obvious merit, I have never liked lumping people into stereotypes.  Granted doing so would make marketing much easier, but just does not seem as genuine to me.

The first error I see in breaking people down into these generations is that in doing so I would be approaching my business from a transaction viewpoint.  Which generation do I feel will I profit the most from.  What are my risk vs. rewards involved.  That was never why I got into the business.  I believe that real estate is a business that is built on relationships.  Understanding that each person that I come into contact with every day is an individual, with unique experiences, circumstances, and goals.  Without taking the time to get to know that person, and learn these things about them, how can I honestly expect to represent them as my client.  I can help get them through a transaction, that is not what I am saying.  I am talking about building a relational foundation that will last for many years, in which I will have a deeper understanding of my client's goals, short and long term, and develop an understanding of how to assist them in reaching their goals.  In turn, hopefully I will earn their trust, and referral business along the way, leading to new relationships.

So my two cents worth would be to stop worrying about how to approach someone because of their age, generation, or any other stereotypical grouping, and take the time to foster the relationships you are presented with every day.  You will be amazed with how fascinating people are once you open yourself up to them.  You may also be surprised how much business comes your way.