You may look around and see headlines that mention “Millennials This” and “Millennials That.” You likely see references to the “Baby Boomers” reaching yet another milestone or see a focus on the “Sandwich Generation” and the struggles they face. You might be so used to seeing these headlines that you don’t even give it too much as a second glance, whether you, yourself, are a millennial, boomer, or part of the sandwich generation.
But, you’re making a mistake to ignore information on any demographic or generation. Why? This demographic and generational knowledge is valuable to help you sell more houses.
How is this possible?
Gain a deeper understanding of who your clients, would-be clients and up and coming clients are. Appreciating the trends and atmosphere creating who they are, what is important to them, how their resulting needs arise can give you insight. Discussions about specific generations may not outline the exact type of house desired or even discuss housing needs, but if you read between the lines, you can start to sketch out what each generation is searching for to solve their housing problems. And if you can anticipate exactly what they’re looking for in a home before they do – you’re more likely to be able to secure their business before your competition does.
Discover how housing is being affected by these trends. We’re not talking the demise of the formal living room; we’re talking about how to effectively house two – or three – generations under one roof. What kind of housing really works when adult kids and grandkids return to live with parents? How do empty-nester adults bring an elderly parent or two back into the household fold, safely and easily? Can a family with several adult wage earners (not just one traditional married couple) who want to pool resources to buy a true “family” home for their extended family find a suitable property? You can get a glimpse by looking at new-home builders and remodeling/design industries responding to these growing trends. Take a peek at international housing standards that may be ahead of US trends too.
Embrace these new needs. As a successful real estate pro, you’ve proven that you can work with any home buyer or seller. Broaden your outlook to uncover these new home buyers and sellers and their unique needs. Get creative in figuring out how existing housing stock can work for these different groups’ requirements. It’s going to be challenging, but with buyers in tow, brainstorm with local contractors, designers and lenders to get buyers exactly what they need.
Today’s real estate marketplace is ever-changing. Don’t miss out on the trends that are shaping the homes of tomorrow!