Inside the Minds of Real Estate Millennials Anaheim Convention Center October 5, 2010. Joel Singer Executive Vice President CALIFORNIA ASSOCIATION OF REALTORS®. Who Are Millennials?. “Millennial” Profile. a.k.a. “Generation Y” or “Echo Boomers” “Peter Pan Generation”
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Inside the Minds of Real Estate Millennials Anaheim Convention Center October 5, 2010
Executive Vice President
CALIFORNIA ASSOCIATION OF REALTORS®
a.k.a. “Generation Y” or “Echo Boomers”
“Peter Pan Generation”
Delayed transition into adulthood
Born circa 1980 and before 2000
Children of Baby Boomers
Being a good parent (52%)
Having a successful marriage (30%)
Helping others in need (21%)
Source: Pew Research Center, Wikipedia, compiled by C.A.R.
Source: Pew Research Center – Millennial: A Portrait of Generation Next (2010)
Source: California Department of Finance 2010
75% have profile on social networking site
(compared to 50% of Gen X, and 30% of Baby Boomers)
88% text on cell phone
(compared to 77% of Gen X, and 51% of Baby Boomers)
15% of males have 4 years of college or more
(compared to 13% of Gen X, and 13% of Baby Boomers)
20% of females have 4 years of college or more
(compared to 15% of Gen X, and 11% of Baby Boomers)
Source: Pew Research Center, compiled by C.A.R.
Dot com bubble
The Next Generation Client:Home Buyers & Sellers of Today
All buyers: 37
First time buyers: 30
Repeat buyers: 44
All sellers: 41
First time sellers: 39
Repeat sellers: 43
Q. Was this your first home purchase/sale?
Source: C.A.R. 2005 Internet Versus Traditional Buyer Survey and C.A.R. 2006 California Home Seller Survey
67% believe buying a home is a safe investment (down 16% from 2003)
Renting vs. Owning
63% of renters would rather rent than buy
83% of renters believe owning requires financial sacrifice
54% of renters believe a home is a safe investment
54% believe it would be difficult to get a loan
19% know someone who has strategically defaulted
17% believe financial distress makes it acceptable to stop making mortgage payments
Source: Fannie Mae – National Housing Survey (September 2010)
Are REALTORS® Keeping Up With Their Millennial Clients?
Q: What percentage of your real estate transactions in the past 12 months originated with an Internet contact?
Q: Do you use your laptop computer or tablet computer when you conduct residential real estate business in the field?
Have a Smart Phone for
their residential real estate business
Q: Do you have a Smart phone (e.g. Blackberry/Treo, etc.) for your residential real estate business?
Q: Which mobile applications do you utilize on your smart phone?
Q: Which social networking websites do you use in your real estate business?
Q: How often do you answer emails from clients?
Q: What is your average response time to e-mails from clients?