I was in line at a grocery store the other day and the woman in front of me had a son about 5 or 6 years old. Every few minutes the child would ask a question (the topic didn’t seem to matter) and the Mom would patiently answer each question without a hint of irritation. I don’t know about you but the answers that I got at that age were “because I said so that’s why!” It occurred to me then that the scenario I had witnessed at least partially explained our new generation of buyers. It shouldn’t be called Generation “Y” it should be called Generation “Why?”

One of the hottest topics in real estate right now is generational selling, in other words how to adjust your style and sales approaches to communicate with other generations. It was surprising to learn that the average age of a first time home buyer is 26 years old while the average age of a REALTOR® is 58 years old. No wonder some can drive you stark, raving mad! Too many demands, too many questions and no appreciation of the current market, frustrating to say the least. It might help to understand where they’re at. Consumers under 40 have usually been raised taking most home amenities for granted, while consumer over 40 were raised without those “luxuries”. Granite countertops, upgraded appliances, luxurious master suites, baths with jetted tubs and huge walk-in closets are common now but were unheard of for the “Baby Boomer” generation that most real estate agents were born in. Additionally, we are all suffering from information overload, victims to information that is incomplete, irrelevant and frequently just plain wrong. Between the desire for “the best” and the consumer’s lack of consistent meaningful information, you have your job cut out for you especially when you work with Generation “WHY?”

So how do you prepare for that eventuality? Be ready with accurate information about today’s market in their particular area of interest. Be able to talk “absorption factors”, financing and new government regulations, use the AAR Buyer Advisory (Generation Y loves to research) to give them meaningful information and avoid lots of liability. You might even consider using Google to research available information on generational selling. Or read Rocking The Ages by J. Walker Smith, PhD.

Be ready for Generation “WHY?” and your sales batting average will improve, and besides “because I said so that’s WHY” (I had to use it once anyway.)

DF