Generation Y’s Perception of Real Estate Agents
By Anthony Longo 5 03 2008In an article posted today in the Real Estate Journal, a journalist asks the question -
“Does a young, tech savvy analtyical buyer need a real estate agent”
Our Answer: Yes - but a new kind of real estate agent! One like them, on the same page, at the same speed with the same motives! (hense this is one of the main reasons we started CondoDomain.com - an online intensive brokerage with innovative, sophisticated and motivated team members specializing in one thing - helping you how to BUY!)
The article…
In real estate, there is a growing dichotomy: buyers are getting younger, while real estate agents are growing older, according to articles in the Seattle Post Intelligencer and the Boston Globe.
Using data from the National Association of Realtors, these articles note that while the median age of home buyers was 39 in 2007, the median age among Realtors is 51. And, among first-time home buyers, 49% were between 25 and 34 years old.
This could present a real problem for the real-estate industry, which despite the current overload of real-estate professionals, is actively trying to recruit younger real-estate agents, reports Aubrey Cohen of the Post-Intelligencer. Younger agents will be needed to replace an aging workforce and to create inroads with a uniquely high-tech set of house hunters, the articles say. Youthful home buyers are more independent and rely more on the Internet in the home-buying process than their predecessors did, these articles note.
There is no doubt that Gen Y buyers and sellers are “turned on” by technology. For example, all of my twenty and thirty something clients and many of Gen Y “minded” beyond their thirties are tech-centric in such a way that as sellers they demand things like video be used in marketing their homes and as buyers they won’t even look at properties except those online that include multiple photographs, floor plans and video tours. These same sellers and buyers want responses from their agents within minutes of firing off an email so a BlackBerry or like device is essential. Continued…
To cap this one off. Its not just the young buyers. We are seeing more and more $1M (35 - 45 year old buyers) contacting us to work withing our very unique and incredibly efficient buying process. We plan to release much more data on this in the upcoming months.
Gen Y’ers - ready to start surfing … click here!
Source: Real Estate Journal
I can totally relate. Being a 29 (for a few more months at least), I noticed the difference in what I look for as a young tech savvy person in the real estate industry and what the older generation percieves the real estate industry. In my point of view it is changing to reflect the demands of the growing buyers segment and less of the established buyer segment. Others around don’t view it though saying “it has been this way for eons and will continue to be this way”, highly doubt it.
Toby - Thx for the comment. Your on our page!