Agents: do you know the challenge of client age vs. yours?
Before you read this, take my true-false ‘exam’ to test what you know about Realtor trends. Click here to get it.
How did you do on the true-false ‘exam’? I didn’t create it to ‘test’ you. I created it to crush some old assumptions. And, I want to point out what some of these trends mean to you and what we need to do about them.
Every time a National Association of Realtor survey comes out, I eagerly get it. Why? It gives us clues into the trends and directions of our industry. There are two major reports that come out yearly or every two years: The Member Profile and the Profile of Buyers and Sellers. I highly recommend you get these reports* and use them to educate buyers and sellers. You’ll find you become much more credible when you’re using statistics from a third party source, instead of trying to convince buyers and sellers you’re right—because you know you’re right!
Note: These reports are available at Realtor.org at a discount for Realtors:
http://www.realtor.org/research-and-statistics/research-reports
Now, let’s take a look another of these true-false statements (see my previous blog for the first commentary) Here’s how these statistics are important to you. I’ve put the number of the statement before my comments.
- False the median age of a Realtor has decreased. This, on its face is great. But, the median age of a buyer is still 44 years. And, the largest group of buyers (28%) are in the 25 to 34 age group. What does that mean to you? As a manager, you’ll want to hire those who relate to the target markets you serve. Also, members are starting to retire. (Is this true in your real estate office? How are you going to keep your approach fresh and alive?) Those 65 years and over dropped to 16 percent from 25 percent in 2015.
Because only 13% of agents coming into the business are under 30, we have two challenges:
- Because the average age of a Realtor is 53, they are less fluent in social media and even computer skills.
- Because the largest group of buyers is aged 25-34, we have a mis-match between the agent generation and the buyer generation.
Managers: Solve the problem. Hire more younger agents AND those making real estate their first career!
Agents: How are you going to relate to clients from various age groups? Do you have specific target markets and strategies for them?
Managers: What are you seeing in your office? In your area? Are these trends borne out there? What are you doing about it?
Complimentary Business Planning Webinar Coming Up Nov. 8–Grab your Seat NOW!
If you’re like most real estate professionals, you create some type of a business plan this year. But, maybe it didn’t work for you. Or, maybe—you just didn’t work it! Join us Nov. 8 at 3 PM Pacific time) to get the answers you need—and the inspiration—to make a bullet-proof plan for next year.
During this fast-paced webinar you’ll see:
Why your plan probably didn’t work for you—and what to do about it
- How to definitely find out what will work for YOU (not someone else’s plan!)
- How to anticipate market shifts (!)
- What to STOP doing in 2017
- What one thing will assure your business plan works
-
- Bonus: 10 Creative Marketing Ideas for your plan
Included handouts:
- The strategic planning process created exclusively for real estate professionals by Carla Cross
- Review: Your best sources of business (so you know what to keep doing and where to stop spending marketing $$$$$)
Managers: You’ll get tips on how to help your agents create great plans!
Click here for more information on the webinar and to register.
Affiliates: You’re welcome to invite your agent and manager clients!
