Knowing how different generations approach the world can affect your bottom line.
That was the message Affiliates discovered during a featured session, "What Motivates Buying and Selling a Home for Gen X," at the 2009 RE/MAX International Convention.
Most people make a mistake in thinking that everyone views the world just like they do. But it's not true. Depending on which generation you belong to, your wants and needs can be completely different."
Understanding the differences between generations and then using that knowledge in your business can create customers for life.
People do business with people they like and who they think are like them. So you have to ask if you're distinguishing yourself in the right way to the generation you want to target. You need to know who you're working with now and decide if this is the generation you want to be working with in the future. And then you must ask, 'Am I marketing and advertising the way I used to, or am I keeping in mind the motivations of the people in the car with me? But remember, none of these tips trumps market knowledge and exceptional service. These are just the small things you can master to be more like the generations you work with.
The Mature Generation - 64 and older
Their view:
Experience is the best teacher.
Conforming is a good thing.
Still value moderation.
Expect some level of deference.
Believe in something larger than themselves.
Being a "regular Joe" is considered a complement.
Non-individualistic.
Expect value based on their terms.
How to work with them:
Show your value by focusing on your experience.
Ask them to talk about good experiences they've had and then match what you do to those experiences.
Ask them for their rules of engagement. "What do I need to do to work with you?"
Testimonials from institutions are still highly valued. RE/MAX company history, size and accomplishments are a selling point.
Quality is very important, but must be measured through their experience. Ask them "How do you define quality?"
"Standard" and "prepackaged" is considered a positive.
Never mention that something is good for their age group. This is rude unless you're a member of their generation.
Baby Boomers - ages 45-63
Their view:
Defined by job.
Busy people and have been for a while.
Workaholics.
Competitive.
Love their trophies. Success is visible.
Team players.
Optimistic.
First "me" generation.
Forever young and rebellious.
How to work with Boomers:
Sell downsizing as a preference. They're not downsizing; they're moving to a preferred lifestyle or a preferred location. This can be a home near their kids or friends or a home that costs less so they have extra cash flow and a better lifestyle.
However you define success, the Baby Boomers are the ones who are going to make it happen as either your customers or your employers. Remember that this is the most influential generation.
Emphasize the time-saving elements you provide.
Help them gain control of their surroundings with your service.
Don't assume they're pro-technology. Discover if they like technology and then work with them accordingly.
Help them feel victorious when they make a decision. Tell them they made a "good decision" or "the right move."
Be optimistic.
Become a member of their team. Use dialogues such as, "I intend to be a part of your team." Teamwork means something special to this generation.
Remember that Baby Boomers are the first "me" generation. Tell them how you can customize your service to fit their needs. Ask them what works with their schedule. Use dialogues like "Here's what I can do for you."
Their children's opinions are important. Involve them in the process.
Generation X - ages 30-44
Their view:
Driven by individuality.
"Seize the day" worldview. They think three to five years ahead at the most.
Cynical.
Pessimistic.
Taught to always question authority.
Have no shared heroes. Heroes are a parent, grandparent or a coach ? someone who they've tested and retested.
Prove-it-to-me attitude.
The most loyal of all generations. They find people they can trust and they stay close, but they'll run you through the ringer in the process.
Look for short-term solutions.
They don't buy, they stalk. They gather a lot of information before buying.
They want to be involved. They use technology to double check everything.
Value their time above relationships.
Are in a position to buy and keep on buying.
Murphy's Law exists for this group. They're always looking for a Plan B.
How to work with them:
You, by doing what you do, are an authority. They were taught to question all authority so be ready to answer a lot of questions.
List every thing you have to offer them. All your service options, everything.
Have a pocketful of references from other Gen X'ers ready to give them.
Be prepared to answer "What have you done lately?" You and your company's history is not important.
Provide short-term solutions. Use dialogues such as, "We can have this done by the end of the day."
Provide backup plans. If something doesn't work out, have a plan B and C ready, and let your clients know what these are.
Involve them in the sales process. Give them the information you have and help them double-check your findings.
Your marketing should sell the steak. Tell them what it is, what it does and what it's for. No fluff, just the facts.
Be prepared to answer the question "why" a lot. This is not an attack on your credibility; it's how they were taught.
No hard sales.
Either enjoy, or appear to enjoy, your work. Have fun.
Create an e-mail list for this group and e-mail them neighborhood statistics and deals on homes in neighborhoods they might want to move to. Personalize these e-mails and then give your clients the choice to opt out.
Prove that your service can give them back their time.
Millennial - ages 29 and younger
Their view:
Optimistic
They've always been well-cared for.
Group oriented. They travel in packs.
Busy and stressed at a young age.
Future is short term. Instant gratification.
Raised as their parents' friends.
Not adolescents and not yet adults.
Huge goals, but are clueless on how to achieve them.
View adulthood as something they'll get to later. The Millennial at 28 or 29 was the Boomer at 21.
Peer-to-peer interaction is important.
How to work with them:
Remember, you can't look at someone who is 29 and think that you remember what it was like to be that age and it should be similar. It's not.
Whatever you do must have an immediate application to them. "Before the end of this meeting, this is what I'll do to help you." "Before this end of this phone call, this is how working with me will benefit you."
Tailor your business for them. What you do must be unique for them.
Show interest in them. Spend time with them. Answer questions. Become a non-stressful provider of information.
Capitalize on the group mentality. Find one that is well respected (not your kid) and take him and a group of his friends out to lunch. Then have them fill out a simple questionnaire about themselves, what makes them different and what those differences would look like in a home. Then teach them. Make them the experts.
Never sell to this group. Offer to help.
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