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FC Tucker Real Estate Buddy West…Wilmington, Delaware.

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Presentation on theme: "FC Tucker Real Estate Buddy West…Wilmington, Delaware."— Presentation transcript:

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2 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

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 women * Gallop Poll: * 14% live with parents. * 51% pursuing higher education & living at home * 70% single and living at home

5 * 30% live on own * 12% of married live at home * 46% of married 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

6 * Tuition 1980 $ $9000+ * Pell grants dropped from 69% in 1980 to 34% in 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.

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 3 rd party * Gallop

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

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

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

11 * Approximately 205, 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

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

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

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

15 * Erin and Scott Dowling Settled * No kids, purchased 4500 sq ft $ * Face to face- 4 times including settlement * s- 86 (sent and received jointly) * Test messages- 60 * Referrals (so far) 2 * Note- Ask how they would like to communicate

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23 * 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

24 TRADITIONAL MARKETING & ADVERTISING NOT …

25 TRADITIONAL MARKETING & ADVERTISING ADVERTISING CLUTTER MEDIA FRAGMENTATION CONSUMERS TUNED OUT LESS EFFECTIVE MORE EXPENSIVE LESS TRUSTED LOWER ROI

26 18% ONLY 18% OF TV ADS GENERATE POSITIVE ROI

27 ONLY 14% TRUST ADS

28 69% Seek Ad Blocking Technologies

29 29 Creating BUZZ

30 30 90% = Choose service provider based on trust, likability, competence, etc. 10% = Choice based primarily upon cost

31 31 LAW OF FEW 10% INFLUENCE PURCHASING BEHAVIOR OF OTHER 90%

32 32 91% LIKELY TO BUY ON RECOMMENDATION

33 33 92% PREFER WOM RECOMMENDATION

34 Networking vs. Connecting

35 * 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

36 * 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. “Ilyse Glink” * Use modern colors and furniture * Make the home an emotional buy for them

37 * In: Granite Out: Formica * In: Media Room Out: Living Room * In: Home OfficeOut: Dining Room * In: Great wirelessOut: Dead zones * In: Bold ColorsOut: Neutral walls * In: HardwoodOut: Carpet * In: Stainless SteelOut: Dated appliances

38 * Walkability * Public Transportation * Near Parks / recreation areas * Social areas, restaurants, movie theatres * Schools

39 * 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

40 * Lifestyle considerations * Generational considerations * Behavioral styles

41 Dominant Direct Determined Demanding DecisiveCCautiousCalculatingConscientiousContemplative Influencing Inspirational Interactive Interested in People S Steady - Stable Supportive Status Quo Shy Reserved (Methodical) Task Oriented People Oriented Power Procedure People Predictability

42 42 1.Why? 2.What? 3.Can you Explain?

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44 Interview Tour Communities Pre-Approval Deliver Papers Home Selection Reports Write Proposal View Homes Moving Day Make Selection Offer Presented Termite Verifications Credit Report Discuss Strategies Inspections B RejectionApproval Seller Notified Home Inspection Mortgage Co Underwriting Negotiate Offer Appraisal Loan Approval Title CompanyTitle Search Earnest Money Contract Accepted Assemble Papers Settlement B

45 MARKET RESEARCH LISTING SIGNED OFFICE MULTIPLE LISTING SHOWINGS OPEN HOUSE OFFER RECEIVED OFFER CONTRACT ACCEPTED INSPECTIONS BROKER’S TOUR GRAPHICSOFFICE TOURMLS COMPUTERMLS MEMBERS TRANSACTION PROCESSING TRANSACTION PROCESSING NET SHEETCOUNTER OFFEREARNEST MONEY MLS TOURS BEGIN PROCESS

46 PROCESSING MORTGAGE CO.CREDIT REPORTAPPRAISAL LOAN APPROVAL UNDERWRITINGVERIFICATIONS TITLE CO. ASSEMBLE PAPERS SETTLEMENT HOME SOLD REJECTION TRANSACTION PROCESSING TRANSACTION PROCESSING

47 “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

48 1. Positional advantage 2. Capability advantage

49 CONVERT TRANSFORM ATTRACT RAVING FANS

50 50 TWO THIRDS OF U.S. ECONOMONY DRIVEN BY WOM

51 BRAND ADVOCACY DRIVES BUSINESS GROWTH Harvard study

52 BRAND ADVOCACY EVEN MORE IMPORTANT THAN BRAND IMAGE OR BRAND SATISFACTION Harvard study

53 BRAND ADVOCATES AVERAGE CUSTOMERS, CLIENTS, CONSUMERS

54 BUZZ = INFECTIOUS CHATTER WHAT’S HOT WHAT’S ATTRACTIVE

55 11-12 intimate contacts 150 social contacts 500 – 1,500 weak ties

56 56 BIRDS OF A FEATHER FLOCK TOGETHER The term homophily stems from study of social networks. HOMOPHILY BIRDS OF A FEATHER FLOCK TOGETHER

57 CLUSTERS Interests hobbies beliefs age gender social class ethnicity religion values politics geography education occupation CLUSTERS


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