Connecting With Generation X, by Carrie Benuska, San Marino Real Estate

The San Marino Real Estate Report, as seen weekly in the San Marino Tribune

Connecting With Generation X, by Carrie Benuska, San Marino Real Estate

Last week I began discussing how an understanding of generational differences can be helpful in the residential real estate process.  In a society that is progressing so quickly, driven by dramatic technological advances, there are sweeping differences in the way each generation views the world.  These differences affect every decision an individual makes, including the purchase of a home.

My premise for this article is that a large portion of San Marino home owners belong to the “Baby Boomer” generation, with birth dates between 1946 and 1964. Whether it is to buy a larger home, downsize after entering the “empty nest” years, or retire to the beach, “Baby Boomers” will most likely sell their home to someone of a younger generation.  Embracing the unique qualities of these buyers will allow “Baby Boomers” to tailor their home sale strategy to best connect with the values and ideals of their target audience.

“Generation X” (born between 1965 and 1981) is a much small group than the generations on either side of them.  Birth rates during the “Gen X” era dropped fifteen to twenty percent, and if it were not for a large number of immigrants, there would be a large hole in this age group.  It is important to note that the generational stereotypes I discuss only apply to people who were raised in the U.S.

The website CRM.com, points out that “Generation X” was the first generation required to check Halloween candy for razor blades, witnessed the start of the AIDS crisis, and were personally affected by the burst of the dot-com bubble.”  Known as latchkey kids due to a growing number of dual income families, this generation tends to be skeptical and value honesty and transparency.  According to Wikipedia, “This generation’s men made less (by 12%) than their fathers had at the same age in 1974, thus reversing a historical trend.”  Without the assurance that they will do better than their own parents, they are very protective over their money.

Growing up with technology, they spend a lot of time on the internet and should be treated as very informed consumers.  They thoroughly research everything, almost to the point of excess, before making a purchase. According to Jay Ehret, founder and dean of marketing know-how at TheMarketingSpot, a Texas-based marketing education and resource center, members of “Generation X” tend to be more risk-averse, take a more cautious approach, and like to play it safe.

“Baby Boomers” should consider the following when working with members of Generation X:

1. Make sure that your listing is highly visible on the internet and confirm with your Realtor that your listing will be dispersed to all of the real estate websites.  Ask your Realtor to upload at least twenty beautiful and complimentary photos of your home  into the Multiple Listing Service.  Good photos are the best way to draw “Generation X” consumers to your listing.  Ensure that the marketing description is specific and highlights the important features of the home.
2. Use full disclosure when explaining the condition of the home.  Members of “Generation X” want to know the straight truth.  Providing honest information about any problems that have occurred will build rapport and create a sense of trust.  Full disclosure is important no matter who you sell to, but honesty and transparency are particularly important to this generation.  Members of “Generation X” will study and digest your disclosures to ensure they understand what they are buying.
3. Be ready to answer a lot of questions.  Realize that someone from “Generation X” is going to fully research your home and want to know a wide variety of facts (i.e. “Why are you moving?”).  Even though it might feel intrusive, try to answer questions honestly and openly, realizing that the information is an important part of their process.

To finalize my series on the next generation of home buyers, next week I will delve into what is important to “Generation Y” and how “Baby Boomers” can better understand this age group.

For information about real estate in Pasadena, San Marino’s next door neighbor, go to Everything’s Coming Up Roses

Carrie Benuska, Teles Properties, 210 S. Orange Grove Blvd., Pasadena

The Next Generation of Home Buyers by Carrie Benuska, San Marino Real Estate

The San Marino Real Estate Report, as seen weekly in the San Marino Tribune

Our society has come to agree that we each fall into a basic generational category.  Each generation has a name that is publicly recognized, and many books and articles have been written about the generalized qualities of individuals in each category.  It has become such an important area of study that there are even organizations that provide consulting to companies on managing their business across the generations.

At first glance, the study of generational differences seems a bit trivial.  My mind naturally goes to my mom’s frustration over my desire to get a ride to school.  Although she usually ended up taking me, it was not before she reminded me of her own journeys to school on foot during a snow storm.  Even though I bristled at my mom’s comparisons, I find myself doing the same thing with my own kids.

As our society continues to catapult forward at a faster and faster pace, understanding generational differences is valuable across all aspects of business, especially in the sale of residential real estate.  Just as it is important for sellers to understand the likes and dislikes of various cultures, it is also helpful to know what makes people of different ages tick.

My premise will be that a large portion of San Marino home owners belong to the “Baby Boomer” generation, with birth dates between 1946 and 1964.  As the name implies, this is a huge group who came into existence in the early part of the Cold War.  Caught up in the effects of two world wars and the “Great Depression,” they were taught to work hard and be intensely loyal.  Although they saw important signs of progress, much of the huge technological advances happened later in their lives.  Many “Baby Boomers” have become adept on the computer, wield an iPhone, and even text with their kids, but this is all learned behavior.

As the “Baby Boomers” age and their housing needs change, they likely will be selling their home to someone from a later generation.  How can an understanding and appreciation of the next generations aid in the sales process?  Are there things that could be done differently to make the home more attractive to a certain age set?  Should a seller alter their negotiation style depending on the age of their potential buyer?  Many experts agree that seeking a greater understanding of generational differences is of vital importance in today’s quickly changing world.

“Baby Boomers” might be selling their home to an individual or couple of the following generational categories:

“Generation X”

Born between 1965 and 1981, this much smaller group of individuals was raised during the advent of dual-income families.  With plenty of money but reduced parental involvement, they were “latchkey kids” and were trained to be self-sufficient and resourceful.  In the translation, they also lost the blind loyalty of their parent’s generation, which pushes them to change job often, in an effort to better their position.  Riding the beginning wave of technological advances, technology has been a part of their lives since their early years and they use it to enhance their lives and better market themselves.

“Generation Y”

Born between 1982 and 1994, this much larger group of individuals was doted on by their diligent and involved “Generation Y” parents.  The antithesis of the “Generation X” “Latchkey Kids,” members of Generation Y were scheduled, tutored, and guided.  They were raised with technology from day one and depend on it in every aspect of their lives.  They are focused on achievement, have a deep sense of entitlement, and have been told they can do whatever they want.

In my next article, I will help my “Baby Boomer” readers understand how they can use a deeper understanding of the next generations to improve the sales process.  In addition to using the information to minimize frustration, sellers can use this knowledge as a means of maximizing their proceeds from the sale of their home.

For information about real estate in Pasadena, San Marino’s next door neighbor, go to Everything’s Coming Up Roses

Carrie Benuska, Teles Properties, 210 S. Orange Grove Blvd., Pasadena