Inside the Minds of Real Estate Millennials
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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

Joel Singer

Executive Vice President

CALIFORNIA ASSOCIATION OF REALTORS®



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“Millennial” Profile

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

10% unemployed

Top priorities:

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.


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Demographics - 45.8 Million People (U.S.) -

Source: Pew Research Center – Millennial: A Portrait of Generation Next (2010)


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Demographics - 6.3 Million People (California) -

Source: California Department of Finance 2010


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Describing Millennials

Confident

Tech savvy

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)

Educated

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)

Multi-taskers

Open minded

Source: Pew Research Center, compiled by C.A.R.


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Defining Events

9/11

Economic Crises

Dot com bubble

Housing bubble

Great recession

Iraq War

Afghanistan War

The internet

Mobile technology

Social media


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The Next Generation Client:Home Buyers & Sellers of Today


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Age

  • Buyers & Sellers

Buyers

All buyers: 37

First time buyers: 30

Repeat buyers: 44

Sellers

All sellers: 41

First time sellers: 39

Repeat sellers: 43


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Percent of First-Time Buyers & Sellers

Q. Was this your first home purchase/sale?


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Internet Use in Transaction

Source: C.A.R. 2005 Internet Versus Traditional Buyer Survey and C.A.R. 2006 California Home Seller Survey


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How Real Estate Clients Use the Internet- Top 3 Activities -

  • Buyers

  • Preview homes (74%)

  • Find agent (70%)

  • ID homes to view with agent (63%)

  • Millennial Buyers

  • Preview homes (74%)

  • Find agent (69%)

  • ID homes to view with agent (63%)

  • Sellers

  • Research comparable prices (81%)

  • Updates on neighborhood sales (51%)

  • Find agent (42%)

  • Millennial Sellers

  • Research comparable prices (67%)

  • Updates on neighborhood sales (46%)

  • Find agent (40%)


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Over Half of Millennial Clients Found Their Agents On the Internet


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Consumer Attitude Towards Homeownership

Desirability

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

Financing

54% believe it would be difficult to get a loan

Delinquency

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)


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Are REALTORS® Keeping Up With Their Millennial Clients?


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Over Half of All Transactions Started on the Internet

Q: What percentage of your real estate transactions in the past 12 months originated with an Internet contact?


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Portable Computers More Widely UsedLaptop, Tablet or iPad

Q: Do you use your laptop computer or tablet computer when you conduct residential real estate business in the field?


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REALTORS® Going Wireless

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?


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Top Ten Mobile Applications

Q: Which mobile applications do you utilize on your smart phone?


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Social Networking Sites Becoming More Popular Among Agents

Q: Which social networking websites do you use in your real estate business?


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REALTORS® With Smart Phone Responded More Promptly to Clients

Q: How often do you answer emails from clients?

Q: What is your average response time to e-mails from clients?



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Buyers’ Advice to Agents on How to Improve Service to Clients

  • Negotiate more aggressively (56%)

  • Improve communication speed (31%)

  • Provide lender references (28%)

  • Improve knowledge of handling distressed property transactions (22%)

  • Provide quality real estate market data (17%)


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Buyers’ Advice to Agents on How to Improve Service to Clients

  • Find listings before clients do so (11%)

  • Improve quality of communications (11%)

  • Listen to clients’ needs better (10%)

  • Pre-qualify homes before showing them (9%)

  • Provide forecast information on interest rates (6%)

Thank You!


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