Decoding demographics: Prospecting strategies across 5 generations

The real estate market thrives on understanding your audience. But with multiple generations actively buying and selling homes, a one-size-fits-all prospecting strategy simply won’t cut it. Weichert® has guidance to help you tailor your approach to each audience. 

The Silent Generation

• Who are they? Buyers and sellers born before 1946.

• What’s their presence in the market statistically? According to the National Association of REALTORS®, the Silent Gen:

  • Represents one of the smallest shares of buyers at just 4%.
  • Has the highest percentage of military veterans at 40%.

• What do they value? Personal connections and trust. They might choose a neighborhood based on convenience to places like health facilities or family and friends.

• What’s their superpower? They’re seasoned, and they know what they want! They may be least likely to compromise, since this may be the last home they buy and/or sell.

Prospecting strategies:

• Leverage referrals: This generation highly respects recommendations from friends and family. Cultivate strong relationships with past clients and encourage them to spread the word.
• Host in-person events: Organize workshops or open houses focused on downsizing, retirement living, or navigating the modern market.
• Direct mail campaigns: Don’t underestimate the power of a well-crafted brochure or personalized letter highlighting your expertise in their specific needs.

 

Baby Boomers 

• Who are they? Buyers and sellers born between 1946 and 1964.
• What’s their presence in the market statistically? According to the National Association of REALTORS®, Baby Boomers:

  • Make up the largest share of sellers at 45%.
  • Represent the “time to downsize” market (typically ages 69 to 77).
  • Typically owned their home for 15 years before selling it.
• What do they value? Research and clear communication; often tech-savvy but can be cautious about it too; being near family and friends.

• What’s their superpower? Purchasing power! They may no longer have a mortgage plus may have access to 401ks and other funding. They may also be eager to start a new chapter in their lives.
  

Prospecting strategies:

• Content marketing: Create informative blog posts, social media content, or email newsletters addressing their concerns, like navigating the pre-retirement housing market or maximizing home value.
• Targeted online ads: Run pay-per-click campaigns on search engines or social media platforms frequented by Boomers, focusing on keywords related to their interests (e.g., “downsizing tips” or “investment properties”).
• Build a strong online presence: Maintain a professional website showcasing your listings, testimonials, and local market expertise.

 

Generation X 

• Who are they? Buyers and sellers born between 1965 and 1980. 
• What’s their presence in the market statistically? According to the National Association of REALTORS®, Gen X:

  • Remains as one of the highest-earning home buyers, with a median income of $126,900 in 2023.
  • Are typically married couples (58%) with dual incomes.
• What do they value? Dependability, safety, and stability for their family.
• What’s their superpower? They’re often independent and pragmatic, ready to make decisions based on their needs.

Prospecting strategies:

• Focus on digital communication: Utilize email marketing, targeted social media ads, and text messaging for quick updates and communication.
• Highlight your negotiation skills: Gen Xers appreciate a strong advocate who can secure them the best deal.
• Showcase your tech-savviness: Utilize virtual tours, online document sharing, and e-signatures to streamline the buying or selling process.

 

Millennials 

• Who are they? Buyers and sellers born between 1981 and 1996. 
• What’s their presence in the market statistically? 

  • According to reports, millennials currently form 35% of the world’s workforce, and this number will increase to a whopping 75% by the end of 2025(NAR).
  • 45% to 50% of millennials originally found their real estate agent through a friend or family member.

• What do they value? Authenticity and visual content.
• What’s their superpower? They’re often tech-dependent and socially conscious. They care about the world.

Prospecting strategies:

• Lead with strong visuals in your marketing: Include floor plans and professional photography on listings.
• Leverage up-to-date technologies: Live stream, virtual reality, and smartphone apps.
• Embrace social media marketing: Be active on platforms like Instagram and Facebook, showcasing properties with high-quality photos and engaging videos.
• Partner with local influencers: Collaborate with local social media personalities who resonate with your target audience.
• Highlight your community involvement: Millennials value social responsibility. Showcase your involvement in local causes or environmentally friendly practices.

For more information, read up on the top things millennials look for when buying homes.

 

Generation Z

• Who are they? Buyers and sellers born between 1997 and 2012. 
• What’s their presence in the market statistically? According to the National Association of REALTORS®, Gen Z:

  • Make up just 3% of buyers and 2% of sellers.
  • Are likely unmarried nor do they have children under the age of 18 in their home.

• What do they value? Experiences over ownership and authenticity.
• What’s their superpower? As the first digital natives who were raised on technology, they have an innate comfort with tech and seek opportunities to pull it through many aspects of their lives.

Prospecting strategies:

• Highlight homes that have built-in tech: Play up smart features of a home, from alarm systems to heating/cooling systems. If you’re selling their smart home, brush up on how these features work so you truly understand how it works. (This will make it easier to sell it!)
• Embrace video marketing: Utilize virtual reality tours, short-form videos on platforms like TikTok, and interactive content to showcase properties in a captivating way.
• Focus on affordability and flexibility: Highlight first-time buyer programs, rent-to-own options, or co-living arrangements.
• Be transparent and real: Gen Z values genuine communication. Build trust by being upfront, responding promptly, and showcasing your expertise in navigating the complex housing market for young adults.

By understanding the different generations of buyers and sellers you can gain insight to really personalize your prospecting. But remember, while this information can offer insight into the personas of these generations, people are people. As we say at Weichert, take a people-first approach with everything you do. 

Contact us for more information on how we can put you and your people first.