Edward Smith, Jr., Smith Commercial Real EstateBaby Boomer Generation
Born 1946 – 1965, 50 to 69 years old, this is a very large and powerful generation. The older boomers were the “me” generation, who feel entitled to the “good life.” They came of age in the 60’s. The younger boomers embraced a more conservative behavior, but both want to do things by themselves as individuals. If they want to sell their home they will try to market it themselves. If they fail, they will then hire a Realtor. They grew up watching major cultural events on TV; it was their learning media, news, world events, space exploration and the civil rights movements. Their parents, who had saved their money, wanted their children to have a better life than they had, so they paid for or subsidized their education. This generation had unprecedented opportunities for education and employment (the post war boom years). But they also experienced or served in the Vietnam War. Those in college were considered social-cause oriented; many joined protests on campus over various causes. Many also experimented with “sex, drugs and rock & roll.” The generation has been labeled as being self-absorbed. They are known to seek instant gratification.
Baby Boomer’s like to work, they “Live to Work.” When doing their job, if they have to stay “after 5 p.m.” to finish a task they will do so. They are considered to be workaholics, sacrificing a home life for career. Many have said they are to “cool” to retire. As a result of the 2008 economic crashes, now many can’t afford to retire.
Current Focus: Older Baby Boomers born 1946 – 1954 ages 61 – 69: They desire to be near family; and to be able to afford retirement. Many lost sizable amount of their retirement savings in the 2008 crashes.
Current Focus: Younger Baby Boomers born 1955 –1965 ages 49 – 60: Family members moving back in with them (children and parents). Their children went to college but have not been able to get good jobs after they graduated and are saddled with high student loan debt; now moving back in with their parents. Their aging parents are moving in too, not wanting too or unable to afford assisted living or nursing home care.
“Selling” Baby Boomers
This generation is our primary market of property sellers and often they will be buying at the same time. Increasing their status and their image of success are important to them; how will this transaction do that? They need to be educated how to acquire more. They require a full listing presentation; you need to show the value you bring to the transaction. What can you do for them; that they cannot do for themselves? This is the “show me” generation. They have technical skills and are comfortable with computer presentations or flip-books. They split communication between e-mail, texting and phone; they like the personal touch of a phone call follow up. But they need a quick reply, they are impatient.
In school they learned by discussion of topics and the ability to ask questions. Deliver a face-to-face full listing presentation. Show them the comparable properties you used for pricing, your detailed marketing plan, exactly what you will be doing for them – Show your value! Have the answer to any question they may ask you.
Edward Smith, Jr., CREI, ITI, CIC, GREEN, MICP, CNE, is a commercial real estate consultant, instructor and broker at Smith Commercial Real Estate, Sandy Hook, CT.
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