PHOENIX (Jan. 21, 2012) — Agents who don’t think that their future success depends on people between the ages of 17 and 35 had better think again. In his morning keynote session today, Travis Robertson said Generation Y makes up 34 percent of today’s U.S. workforce, a number that will increase to 50 percent within two years. More importantly for REALTORS®, this generation purchased 31 percent of all homes sold in the U.S. last year, Robertson said. That’s a market that is simply too big to ignore.
But how can baby-boom era agents relate to today’s Gen Y consumer? The key, Robertson said, is to find emotional triggers that induce people to take action and purchase a home.
Members of Generation Y (also called “Millennials”) tend to prioritize work-life balance more than their boomer parents did. While baby boomers strived for success and displayed it by purchasing large homes and luxury cars, many of their Gen Y children have a different perspective, Robertson said. “I don’t necessarily want to recreate the lifestyle that I had growing up,” he said.
Millennials love collaboration, and they grew up in an environment in which there were no winners or losers. “We got trophies and ribbons for everything,” Robertson said. The 17-to-35 age group also tends to be more aware of multiculturalism. “This is the most sensitive generation towards people who look, feel and act different” than they do themselves, Robertson said.
Generation Y consumers also are much “greener” than any other generation. They would rather live in a smaller home on a smaller lot than have a long daily commute to work, Robertson said. The good news for REALTORS® is that those Generation Y buyers’ parents, who raised them in the suburbs, are also looking for a more urban lifestyle to enjoy in their later years. Smart agents will ask themselves: “How can I position myself…as a lifestyle expert” that can be relevant to both audiences, Robertson said.
And finally, thinking of Generation Y consumers as “technology dependent” doesn’t go far enough, Robertson said. “Technology is no longer optional,” he said. “Technology is a necessity for business.”
