Edward Smith, Jr., Smith Commercial Real EstateGeneration X
Born 1966 – 1980, 35 to 49 years old, practical, self-reliant, independent – they do things their way, reject “rules.” This group came of age in the 80’s and 90’s witnessing the fall of the Berlin Wall, Persian Gulf War and economic recessions.
Typically both of their parents worked, they became known as “latch key kids.” “When you get home from school, lock the doors and don’t let anyone in. Do your homework.” Instead of homework, they played with computers; as kids to them “life was a video game.” They were trained “not to trust anyone.” With their parents working and not available for “consultation,” they became very independent, but to make decisions they consulted with their friends.
They grew up with a mistrust of institutions and traditional values. This generation lives for today, they don’t expect to collect social security.
In contrast to the Baby Boomers they “work to live;” that is their attitude. They work very hard, but what is most important to them is family time. At work at 5 p.m. they are out the door, even if the task is not completed, to be at their children’s ball game. Many are entrepreneurial having developed their own businesses.
Not believing in social security being there for them, they look to investing in real estate as a retirement source. They still retain their childhood friendships and call upon them to help make decisions.
Current focus: Neighborhood and schools. Family is their focus, getting the best and most for their children; getting their children through college and caring for grandchildren and aging parents.
“Selling” Generation X
These are our primary buyers and tenants today. We learned that they have trust issues, so you must build trust with them first through education and guidance. They are on information overload, but want instantaneous facts (answers), statistics and proof.
Concise visual presentations, with plenty of property pictures all delivered via e-mail.
They will be making decisions communally consulting with their circle of friends. Not believing in social security, they will hold onto properties whenever possible as a basis for their retirement. They become repeat investors and, when you help one of these clients, they will refer you to all their friends.
They consider education a necessary evil, preferring only to learn what will be of use to them. They do not want to be told what to do. They also have a short attention span – get to the point!
Older agents, this person has no patience for 30 slides of an hour CMA. Make your presentations short and to the point; six “slides” top. Consider doing a face-to-face, using a PowerPoint placemat (like you see in a diner).
How - Open PowerPoint and resize to a placemat size, 11” X17.” Cut and paste 6-8 slides, put on flash drive, have printed in a stationary store on glossy stock and your all set. Deliver your message over a cup of coffee of right on their desk.
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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