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CHANGE YOUR FOCUS

CHANGE YOUR FOCUS. Millennials Cracking the Code. FC Tucker Real Estate Buddy West…Wilmington, Delaware. Facts about Millennials Demographics…national and local Road Blocks Motivators Lead Generation / Marketing Do’s & Don’ts of Selling to Millennials Features & Designs

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CHANGE YOUR FOCUS

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  1. CHANGE YOUR FOCUS

  2. MillennialsCracking the Code

    FC Tucker Real Estate Buddy West…Wilmington, Delaware
  3. Facts about Millennials Demographics…national and local Road Blocks Motivators Lead Generation / Marketing Do’s & Don’ts of Selling to Millennials Features & Designs Buying a Boomer’s house WHAT WE WILL COVER
  4. Born 1980 – 2000 Ages 14 – 34 Over 90 million strong, 80 million over 22 We are within 6 years of a massive purchase Most educated segment ever 55-45 women Gallop Poll: 14% 24-34 live with parents. 51% pursuing higher education & living at home 70% 24-34 single and living at home FACTS
  5. 30% live on own 12% of married 24-34 live at home 46% of married 24-34 on their own Unemployment rate 16% or double national avg. Over 60% are not working in their field of study OTHER FACTORS Poor job prospects; Availability FACTS
  6. Tuition 1980 $3000+ 2020 $9000+ Pell grants dropped from 69% in 1980 to 34% in 2010. We have gone from a grant base to a loan base. Personal debt increased by 40% BHG Study Despite these road blocks, over 70% still believe in “The American Dream. They also believe that homeownership is the biggest indicator of success.48% are planning to invest in real estate in the next 3 to 5 years. FACTS
  7. Millennials are obsessed with research They grew up with technology & connectivity Committed to results & efficiency Love to laugh Procrastinate better than most Quick to influence peer groups Optimistic. Pay bills & have fun Politically Independent & may create a 3rd party Gallop FACTS
  8. Risk Adverse.. tough job market, light wallets, they believe luck plays a role in success. Offer incentives in social media to capture their attention based on them re-tweeting you. Want Answers immediately. No BS, clear action steps & quick answers. Offer reasons to take the next step without pressure. Cautious; Entered the workforce in a weak economy & manage their money carefully TRENDS
  9. Nationally 80 million strong to over 90. Like urbanization with amenities. Walkability, bicycling, restaurants and social meetings Now starting to branch out into the “burbs” as long as they have the amenities required to grow their life. Healthy living, good schools and fun top their list 1 out of 7 have incomes of $100,000 or more DEMOGRAPHICS
  10. Dated shopping malls are being replaced by mixed use market & living centers Parks, hiking trails, bicycle paths athletic fields recreational facilities are important Indianapolis weekly April 2013 Monon Trail traversing Carmel and Westfield and many other communities surrounding “Indy” Great selling feature INDIANAPOLIS AREA
  11. Approximately 205,000 18-34 yr olds Surrounding suburbs an additional 200,000 including, Meridian Hills, Carmel, Fishers, Whitestown, Noblesville, & Geist (ICOC) According to CRS Magazine April-May, Indianapolis ranked # 3 as best places to live in the USA. Forbes ranked it in the top 5 for 5 years INDIANAPOLIS
  12. They like accomplishments, CRS, GRI, MilRES Integrity is a must or you will loose them quick They flock toward agents who are tech savvy MOTIVATORS
  13. There are many roadblocks that face today’s millennium buyers. This was common with boomers during the late 80’s and early 90’s. We as Realtors® need to focus on how to make homeownership possible. Huge debt Trans Union says avg score is 628 with revolving credit of $23,232 Tuition payments $29,400 up from 23,450 in 2008 ROADBLOCKS
  14. DO Keep it short and sweet..era of tweets DO maintain a comprehensive online presence and use it as your base camp DO cultivate a laid back presence, under promising rather than overstating DON’T try to be someone or something you aren’t DON’T play know it all. Positioning yourself as the only expert will backfire. They will use blog, face book, and You Tube to become informed DO’S & DON’TS
  15. Erin and Scott Dowling Settled 5.30.14 No kids, purchased 4500 sqft $600.000 Face to face- 4 times including settlement E-mails- 86 (sent and received jointly) Test messages- 60 Referrals (so far) 2 Note- Ask how they would like to communicate REAL LIFE
  16. 1. Connecting On-Line - Discussion Groups and Forums
  17. 3.
  18. 4.
  19. eyejot
  20. Slate Magazine gets it. Check out their FB page. News Media Website directed to millennials. Slate is the preferred format for getting information They shop on line before shopping in a store and only if they need to go to a store Amazon’s targeted millennials successfully ADVERTISING/MARKETING
  21. NOT … TRADITIONAL MARKETING & ADVERTISING
  22. TRADITIONAL MARKETING & ADVERTISING ADVERTISING CLUTTER MEDIA FRAGMENTATION CONSUMERS TUNED OUT LESS EFFECTIVE MORE EXPENSIVE LESS TRUSTED LOWER ROI
  23. ONLY 18% OF TV ADS GENERATE POSITIVE ROI
  24. ONLY 14% TRUST ADS
  25. 69% Seek Ad Blocking Technologies
  26. Creating BUZZ
  27. 90% = Choose service provider based on trust, likability, competence, etc. 10% = Choice based primarily upon cost The Role of 90-10
  28. LAW OF FEW 10% INFLUENCE PURCHASING BEHAVIOR OF OTHER 90%
  29. 91% LIKELY TO BUY ON RECOMMENDATION
  30. 92% PREFER WOM RECOMMENDATION
  31. Networking vs. Connecting
  32. Huge boomer sell off coming in 4-6 years 1.5 to 5 million homes per year by 2018 to 95 million perspective buyers Many homes not ready to attract buyers Opportunities abound for the agent BOOMERS HOOKING MILLENNIAL BUYERS
  33. Shell out some bucks to appeal to the millennial buyer. They are looking at HGTV to see what they want. $15,000 can yield twice that. “IlyseGlink” Use modern colors and furniture Make the home an emotional buy for them Attracting the buyer
  34. In: Granite Out: Formica In: Media Room Out: Living Room In: Home Office Out: Dining Room In: Great wireless Out: Dead zones In: Bold Colors Out: Neutral walls In: Hardwood Out: Carpet In: Stainless Steel Out: Dated appliances INS & OUTS
  35. Walkability Public Transportation Near Parks / recreation areas Social areas, restaurants, movie theatres Schools ADDITIONAL FACTORS
  36. Visit nearby homes for sale and see how yours compares Hire a home stager NOTE: most younger buyers don’t have imagination when they walk into a home with outdated stuff) Cards saying this room could be…. Repaint walls to add zing Pull up carpet and freshen up kitchen SOLUTIONS
  37. Lifestyle considerations Generational considerations Behavioral styles One size does NOT fit all!
  38. D I Influencing Inspirational Interactive Interested in People S Steady - Stable Supportive Status Quo Shy Dominant Direct Determined Demanding Decisive C Cautious Calculating Conscientious Contemplative Power People Task Oriented People Oriented Outgoing (Fast Paced) Predictability Procedure Reserved (Methodical)
  39. Why? What? Can you Explain? 2. Go Three Deep:
  40. . Words and Music
  41. Interview Pre-Approval Tour Communities View Homes Make Selection Home Selection Discuss Strategies Write Proposal Offer Presented B Seller Notified Mortgage Co Credit Report Negotiate Offer Rejection Underwriting Approval Earnest Money Loan Approval Verifications Contract Accepted Deliver Papers The Home Buying Process Title Company Title Search Appraisal Reports Assemble Papers Home Inspection Termite Settlement Inspections Moving Day B
  42. GRAPHICS OFFICE TOUR MLS COMPUTER MLS MEMBERS NET SHEET COUNTER OFFER EARNEST MONEY BEGIN PROCESS MARKET RESEARCH LISTING SIGNED INSPECTIONS OFFICE BROKER’S TOUR MULTIPLE LISTING MLS TOURS CONTACT PROSPECTS SHOWINGS Home Selling Process OPEN HOUSE TRANSACTION PROCESSING OFFER RECEIVED OFFER CONTRACT ACCEPTED
  43. TRANSACTION PROCESSING PROCESSING REJECTION MORTGAGE CO. CREDIT REPORT APPRAISAL UNDERWRITING VERIFICATIONS LOAN APPROVAL Contract To Close TITLE CO. ASSEMBLE PAPERS SETTLEMENT HOME SOLD
  44. “The minute real estate listings went online was the minute that it was no longer sufficient that a real estate broker merely had information about real estate listings.” Seth Godin
  45. Positional advantage Capability advantage All businesses & professionals must compete In two major ways
  46. CONVERT ATTRACT The ACT Methodology TRANSFORM RAVING FANS
  47. TWO THIRDS OF U.S. ECONOMONY DRIVEN BY WOM
  48. BRAND ADVOCACYDRIVES BUSINESS GROWTH Harvard study
  49. BRAND ADVOCACYEVEN MORE IMPORTANT THAN BRAND IMAGE OR BRAND SATISFACTION Harvard study
  50. BRAND ADVOCATES AVERAGE CUSTOMERS, CLIENTS, CONSUMERS
  51. BUZZ = INFECTIOUS CHATTER WHAT’S HOT WHAT’S ATTRACTIVE
  52. 11-12 intimate contacts 150 social contacts 500 – 1,500 weak ties
  53. HOMOPHILY BIRDS OF A FEATHER FLOCK TOGETHER BIRDS OF A FEATHER FLOCK TOGETHER The term homophily stems from study of social networks.
  54. CLUSTERS CLUSTERS Interests hobbies beliefs age gender social class ethnicity religion values politics geography education occupation
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