When you’re a real estate agent, you may have to change your strategies somewhat depending on who you’re working with. There are things that Millennials might be looking for, that Baby Boomers may or may not be looking for. Then again, you can’t always make sweeping generalizations and say that one group always does this, while another group always does that. On this page we’re going to give you some tips to try to help you navigate through the requirements of working with clients from different generations.
Working with Millennials
The majority of millennials are first time homebuyers. They may be looking for starter homes that are a bit smaller and more affordable than some of the homes that your other clients may be looking for.
You can also help them find and take advantage of first-time homeowner programs. For example, the FHA will guarantee a portion of home loans and this allows lenders to accept more borrowers, many of whom will be able to purchase a house with as little as 3.5% as a down payment.
There are also programs like HUD 203(k) loans that are designed to help buyers who want to purchase a fixer-upper. There are also programs designed to encourage people to purchase energy-efficient homes. Anything that can make purchasing a home easier or more affordable is something that they would likely be interested in.
Of course not all millennials are first time homebuyers. Some are buying their second or third home. They may be upgrading from a smaller home, to a larger one.
It’s also important to remember that millennials are the generation who grew up with technology. Generally speaking, they crave information, consume a lot of it, and when they want it, they want it immediately. You must make information readily available to them by keeping your website updated and maintaining a presence on social media. You may also want to refer them to certain apps they can download like mortgage calculators, crime mapping apps, or apps that update home listings regularly.
Working with Baby Boomers
It may seem logical to assume that most baby boomers will be looking to downsize for retirement. Their kids are grown up and have gone off to college, and now they want to move to a smaller house that is cheaper and easier to maintain. However, this is not always the case. While that may be true for some Baby Boomers, others may be looking to buy a comparable house in the different area, while others may be looking to upgrade to something bigger.
Baby Boomers are members of a huge generation that spans two decades from 1946 to 1964. With people ranging in age from 50 to 70 years old, it’s impossible to put all of these people into the same category. Trulia.com published an article last year saying that while 53% of Baby Boomers are already living in a home that is just the right size for them, 21% said that their ideal residence would be smaller than their current home, while 26% said they wanted a larger home.
As you can see, you can’t always say that group A is going to do this while group B is going to do that. Our advice would be to talk to your clients. Figure out what they want and give that to them. This advice will work for you regardless of how old your clients are.