Should you be in the real estate business Today?
Should You Be in the Real Estate Business Today? Baby Boomer real estate leads – as this generation ages, generating leads in this all important segment becomes critical to real estate success. Baby boomers are still going to pick up magazines in grocery stores, while everyone else is looking online first, researching second and then picking up the phone.
Myths like the above paragraph above about baby boomers abound and it’s useless to try to dispell all of them, especially to younger generations. Suffice it to say, however, about 87 percent of young boomers, adults between the ages of 54 and 64, are regular internet users while nearly 70 percent of older boomers (65 to 72) use the internet, according to the Pew Research firm.
So, despite the aforementioned agents vision of a doddering oldster, browsing the books at the local grocery store, the fact is that a boomer is just as likely to find his or her agent or investor, and next home via the internet as many other generations do.
There are certain members of this demographic won’t bother telling you about themselves, but will expect you to know. Baby Boomer real estate leads aren’t what you might think. Should you be in the real estate business today?
They are not old! Baby boomers, born from 1946 to 1964, won’t tell you that they don’t consider themselves old or elderly, or even senior citizens. But they either laugh at you or choose another investor if treated as such. It happens a lot!
This generation is active
They are vibrant and much healthier than the previous generation, the one on the current stereotypes are based on. “They will not tolerate typecasting, stereotypes pandering or ageism”. They will invest in products or services that resonate, and they will reward those who crack the idiosyncratic marketing code.
Now, to the second secret your Boomer clients won’t share with you. They will reward you. As they are every good at referrals. Should you be in the real estate business today?
As of last year, the Census Bureau estimates that there are 65.2 million American -born baby boomers. Add in immigrant boomers and that number rises to 76.4 million. According to a study by ThirdAge and JWT Boom, where I got this crazy idea, (later with that). A whopping 96 percent of these people (73 million) participate in word-of-mouth marketing.
What this means for the real estate investor is that a boomer client who is happy with the service he or she receives is highly likely to pass on your information to friends, colleagues and family members. Will they tell you this? Probably not, but it’s something you should keep in the back of your mind when working with this generation. Referrals from any segment can be gold, from a boomer, it can be money in your pocket. Should you be in the real estate business today?
Many boomers are also considering renting, of this generation’s members that say they’ll be moving, 41 percent say the will purchase a home. Only 10 percent will rent. So it’s up to you the investor or agent to convince the over 45 are undecided boomers. Sell them the benefits of owning vs renting. Are you aware of those benefits for this age group of boomers? In my personal experience, some boomers wold rather sell their home and move into a rental simply not to have to do yard work or maintenance to the house.
They Expect Excellent Customer Service
A big mistake that many marketers make, in my book at least, is assuming that all boomers are hippies. Boomers have very high expectations with their interactions with businesses. They expect a high degree of customization, personnalization and on-demand service. Now, whether this is true of all Boomers, or most of them isn’t explained yet. But the nugget of knowledge provided is invaluable when working with your older clients.
Right now the housing recovery has been fueled by baby boomers with good credit and lots of equity. It’s been mainly the blue chip buyers who’s brought the market back from the abyss.
So, how do you generate Baby Boomer real estate leads for investors? Go through your website and delete all mentions of retirees, seniors, and elderly. Replace those terms with Baby Boomers or 50+, or if you want “older adults”. Should you be in the real estate business today?
Remember, many Boomers are still active in the workforce. Even more important, you’r referring to the Peter Pan generation and growing old is something they don’t want to be reminded of. Forget everything you think you know, and a lot of what yo read online about this generation. Even if retired, most refuse to be considered out to pasture, so arts and crafts classes at the local senior center aren’t a hot button.
Boomers are a varied bunch of folks, who typically enjoy:
Travel – AARP conducted a study two years ago that found 99 percent of Baby Boomers were planning to take vacations that year.
Walking, running, jogging, hiking
Playing online and video games
Entertaining and Socializing
Home Improvement projects
Since not all of your blog and social media posts should be real estate related, sprinkle in some hyper-local posts about the above topics. Baby Boomers are today’s repeat buyers. Baby Boomer real estate leads can help your business grow – ignore them at your own risk, just don’t wait too long, as these Boomers will keep moving on.