Tag: Home sales

How to Deliver Better Service to Gen Z Buyers

Anne Hartnett Leave a comment

Agents need to better understand the particular needs and aspirations that buyers have when it comes to homebuying in order for the process to be smooth. That may be even more true when you’re dealing with younger clients, specifically those in the Gen Z demographic (born mid-1990s to mid-2000s).

This blog entry lays out the homebuying concerns that Gen Zs have, as well as how they stack up against other age demographics like Generation X. We’ll also provide tips on how to better serve this age group effectively.

Gen Z’s Homebuying Obstacles

In a recent survey by PropertyShark, 83 percent of Gen Z respondents said they see themselves entering the real estate market within the next five years. This comes on the heels of approximately 100,000 Gen Z homebuyers. That figure is only posed to increase; however, it doesn’t come without some potential roadblocks.

Student Debt

A notable takeaway from the survey is that Gen Z sees student debt as their biggest obstacle, with almost a third (32 percent) stating it’s their biggest obstacle to buying a home. This is a significant contrast to the only 7 percent of Gen Xers who reported the same issue.

Down Payments

The second largest obstacle for Gen Zs is coming up with a down payment for their home. This is an area that many age demographics agree is a roadblock, as 31 percent of Gen Xers and 35 percent of millennials reported the same.

Home Prices

Interestingly, unlike Gen Xers and millennials, Gen Z does not see increasing home prices as a significant obstacle in buying a home. While 14 percent of Gen Xers and 13 percent of millennials see this as a potential roadblock, only 5 percent of Gen Z reported the same.

Monthly Payments

Another brighter side for Gen Z is that only 1.2 percent of Gen Z homeowners are more than 60 days late on mortgage payments. This compares to the 1.6 percent of baby boomers and millennials and 2.3 percent of Gen Xers.

Gen Z Aspire to Different Things

Gen Zs have a different aspirational lifestyle compared to millennials. One area of difference is the amount of space they want; where Gen Z wants their homes to be 2,081 square feet on average, that’s 200 feet more than millennials.

Other areas in a home search that Gen Z value are: location, parking spaces, lifestyle amenities, smart appliances and smart homes. The report went on to state, “Considering the youth of Gen Z, the importance of smart systems is likely to increase as more of their cohort enters the housing market.”

Optimistic About Homebuying

One area that may spell bad news for smaller, rural markets, is the urban lifestyle that Gen Z aspires to. In a similar response to millennials, 30 percent of Gen Z say they want to live in large metro areas whereas 60 percent want to live in suburban areas, leaving only 10 percent for rural markets.

Living at home is still what’s most practical for many millennials and Gen Zers;  they’re doing so while also saving money to afford their own home. The report found that 40 percent of Gen Z respondents said the biggest reason they stay home is to save up money.

In all, Gen Z is considered the most optimistic about owning a home while also getting the lifestyle they want. Although they’re coming into the homebuying process with extra baggage, and specific desires, as an agent you can adapt to every buyer’s needs. Moreover, communication is key in not only establishing common ground with your Gen Z buyer but also helping them keeping their options open with flexibility.

Understanding their obstacles and formatting your services to better assist a Gen Z buyer can make the process much smoother, which can also lead to future contacts via recommendation. To learn more about better representing your buyers and best practices for any situation, begin your seven-day free trial of AgentEDU and gain access to our essential, “Representing Buyers” track.

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AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth. For a 7-day free trial sign up here.

AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning.

4 Ways an Assistant Markets a Listing

Anne Hartnett Leave a comment

Attracting qualified buyers to purchase properties is one of the most important skills that sellers expect from their agents. An assistant can be very useful in helping to reach the right customers. In this blog you’ll learn more about four ways an assistant can help marketing listings to sell a home.

#1. Traditional Advertising

Although all this may seem like a lot for an assistant to handle, there is still much to do in traditional advertising. In many cases, traditional media is still very effective for the real estate business. Your agent may be getting great results from direct mail postcards and advertising in print and online.

Using postcards to let neighbors know what an agent just listed or just sold works because it offers market information, plus exposure for listings and the agent. Make sure the photos look great, the message and the call to action are clear and that the brand is properly reflected. Advertising in print is effective in certain markets, not in others.

Online advertising allows potential clients to click through the ad to the agent’s website or email. And don’t forget to look into marketing opportunities on syndication sites like Zillow. These can help with lead generation. Ultimately, advertising works best when you know who your target market is and how to best reach them.

#2. Social Media

With social media’s important role in marketing, most real estate agents maintain at least one social media account for their business. Facebook, Twitter, Pinterest, Instagram and Snapchat are among the most popular, but additional networks may emerge and you’ll need to be ready. The idea is to keep your company relevant and useful.

If you can find a specific angle that can bolster your brand, all the better. Create an editorial calendar going three months out so that you can map out a strategy and use any analytics that are available to optimize and refine your message. Social media holds a varying level of importance, depending on your target market, but no agent should ever appear to be technologically challenged. Be mindful of keeping the agents you work for up to date.

#3. Surveys, Testimonials and Reviews

And there is much more marketing that you can help with as an assistant. A completed transaction is not the end of the relationship. There is still marketing work to do! Start with surveys, testimonials and reviews. It’s a good idea to send a survey to clients after a transaction is finished to let them share the pros and cons of their experience with the agent. This information is useful to agents so they can make improvements to their systems and services.

It’s also a low-pressure tactic used to ask for a testimonial and an online review. There are third party survey services that are simple and inexpensive to put into practice. This should be part of your operating procedure at the close of every sale. And getting testimonials and reviews on sites like Yelp can really help an agent get new clients and stand out from the competition.

#4. Participate in the Neighborhood

Lastly, one of the best ways to market the business is by simply being top of mind when it comes to real estate in your neighborhood. The simplest and most effective way to do this is by actually spending time participating in the neighborhood. Have a presence at festivals and town meetings. Consider volunteering at the local school. Suggest that your agent sponsor neighborhood events, or simply make sure to get a table at them.

You may want to keep track of event opportunities for your agent and maybe even attend yourself. Seek out opportunities to put your agent in front of the right target market.

No one likes someone who only talks business, but there’s nothing wrong with being helpful and relevant. If you keep your ears open and participate with people, you will find organic ways to help market the company that makes businesses and residents truly feel like the company is part of the neighborhood.

All in all, it’s important to remember that selling homes is just one part of your business. It’s just as imperative to ensure that your business has a future flow of potential customers and that your brand and reputation is being managed in the best way for your company. To learn more about an assistant’s role working with an agent, start your free 7-day trial of AgentEDU today explore our 8-course track, dedicated entirely to training assistants in the unique needs and demands of the real estate industry.

_________________________

AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth. For a 7-day free trial sign up here.

AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning.