Generation X vs. Millennials—Which Is the Better Real Estate Client
Knowing who to sell or lease your land property is vital to making a profit from your investment.
Generation X and Millennials are the focal points in this article. We will examine the facts that will affect plans and strategies to reach them.
A good salesperson will know better to know precisely who they are marketing to.
In this article, we will list information to help you decide who you should look to when finding a client.
Now, let the battle commence! Generation X vs. Millennials, which is the better real estate client?
Generation X: The Independent
These are individuals born around 1965 to 1976.
Most of the people in this group have financial responsibilities like children and living in their own homes.
Principle in Life
Since time is your worth, Gen X can help you in this department.
They value independence and autonomy. This is why you don’t need a lot of educating for them to understand what you are pitching them.
They have an entrepreneurial spirit. Because they put a premium in independence, they tend to do things their way, especially in making money and achieving their goals.
Real Estate Perception
Many in this group don’t see renting as a waste of money.
The Recession pushed many in this group outside of the homeownership market. About 4.2 million homeowners lost their homes in the housing crisis.
They are mobile, and big motor homes are attractive to them. They would also want to be near the vicinity of restaurants and parks.
Since this group had the first experience of the computer, you can bet they will visit several websites and forums before purchasing a home.
Generation Xers’ (the mid-30s to early 50s) primary concern is their family and future. They’re going to look for locations near school districts and long-term investments.
Millennials: the Wildcard
It is commonly agreed that Millennials are age 23 to 41 (born 1977 to 1995, some even say born from 1980 to 2000, thus, the name millennials).
Communal over Private
This group prefers cohabitation. This gives birth to a communal lifestyle where they play video games, watch movies, and eat together.
However, this sought-after lifestyle home prices will be out of reach for this young group so they cohabitate in smaller home footprints.
These residents live as much outside their homes, as inside. They are active in pursuing their dreams and aspirations than owning real estate.
With a focus on life choices, millennials will choose homeownership much later in life.
Bonus: Here’s a look into how millennials think:
The human resource (HR) director of a large beverage distribution company in one of the largest cities in the United States was approached by his 26-year old top-of-the-line truck driver. The driver informed the HR director that he was putting in his notice to quit. The HR director was astounded, as he told the driver that he was one of the company’s leading employees, showered with praises and accolades for top performance. And that his $50,000+ salary would continue to grow and could lead to a management position. He then asked the driver, “What are you going to do?” The driver informed him that he had been living with his parents and saved enough money to take off three months and hike the Appalachian Trail!” After that, he would re-evaluate his employment opportunities.
Catering rental housing to this significant group is a great investment strategy. Homes with WiFi, large televisions, and numerous power outlets are just some of the options millennials desire.
Stagnant income, which was evident in the first half of the 2010 decade, will not allow this generation to purchase the typical home in urban cities. They will have to opt for smaller, affordable housing.
Both generations have their good and bad. These are opportunities for real estate companies to bank on and create strategies that can reach both generations.
But if we are to declare a clear winner, it would have to be Generation X. This is primarily because of their ability and interest in purchasing real estate property.
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