Marketing Your Naples Home for Sale to Different Generations
December 6, 2016 | nella
Buyers looking for an Estero home for sale are as diverse as the properties they are searching for. They come from different walks of life (and even different countries) and have different needs and desires.
Still, you can increase the chances of finding a buyer by understanding the different groups of people that are in the market who are united by common characteristics. One way to look at buyers is to group them by generation.
Here are some of the defining characteristics of the three main buyer groups in the Estero real estate market today: Baby Boomers; Generation X; and Millennials.
Marketing to Baby Boomers
Baby Boomers – those born between 1946 and 1964 – were at one point members of the most numerous generation in America. They are either at retirement age or close to it, and this impacts what kind of homes they’re looking for.
Younger Boomers – those from 52 to 61 in general – tend to have the highest median household incomes in this generation because many of them haven’t yet retired. Some still have children under the age of 18 at home, and those who have older children may be looking for larger space to host family gatherings.
Older Boomers have less income because they are mostly retired, and generally prefer to downsize. That doesn’t mean they don’t want great value, though.
Tips for Marketing to Baby Boomers:
- This generation constitutes the fastest-growing demographic on Facebook, which is a good tool to use
- They prefer a personalized approach and don’t like pushy tactics
- Boomers think investments are very important and will pay close attention to the investment potential of a property
Marketing to Generation X
The next generation, Generation X, consists of people born from 1965 to 1979. Over 26 percent of all buyers nationally are members of Generation X. This generation is known for having the most buying power; as of 2015, they had the highest median household income of $104,700. They also bought the most expensive homes, on average, and the largest homes as well.
Families in this cohort have younger children, and they place a premium on living in family-friendly communities. The neighborhood is just as important as the home. Another big factor is location as it relates to convenience; they want to be fairly close to where they work so commuting times are low.
Tips for Marketing to Generation X:
- 64 percent of Generation X buyers find their homes through mobile apps
- They are the most distrustful of the real estate process of all generations, mostly due to the housing market crash
- Generation X buyers are most interested in facts, demographics, statistics, and tangible information – not fluff or appeals to emotion
Marketing to Millennials
Millennials constitute the up-and-coming generation of buyers, those born from 1980 to 1997. Of the three generations, Millennials have the least buying power and lowest median household incomes. Many of those who are of buying age are starting careers and families, and thus are mostly in search of starter homes and those at the lower end of the spectrum.
Millennials care less about investment potential and more about the lifestyle associated with a community. They tend to be more involved in their communities, and are heavy users of technology (71 percent find their homes through mobile apps, and the Internet is the first place they look for properties).
Tips for Marketing to Millennials:
- Millennials pay close attention to marketing trends and stats
- They don’t visit open houses as often as other generations do, and prefer virtual tours
- Social media is by far the best tool for reaching these buyers
Work with your real estate advisor to best position your Estero home for sale for the buyers in your market.