The Next Generation of Homebuyers

August 28, 2008

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Has anyone heard of the Benoit College Survey? Probably very few of you have but they produce an interesting survey on what the world looks like to their incoming freshmen, people you will be trying to sell homes to in the not so far away future. It provides a look at the cultural landmarks that shape the lives of these students entering college. It may seem far off, but these students will soon be potential buyers and they require a new way of advertising and marketing that many real estate brokerages aren’t prepared for.

As we read this survey let’s ask ourselves a few questions:

  • Are we doing enough today to prepare for a generation that grew up in a wired and digital world?
  • How I am going to connect with a generation that has never used a landline or pay phone?
  • What is it going to take to recruit this generation into our organization?

The teenagers entering college over the next few weeks were probably born around 1990. That in mind, I am going to attempt my best David Letterman, Top 10 observations from this generation’s “mindset.” Please feel free to post your top 10.

  1. GPS satellite navigation systems have always been availableMobile Interface
  2. They may have been given a Nintendo Game Boy to play with in the crib
  3. Caller ID has always been available on phones
  4. Windows 3.0 operating system made IBM PCs user-friendly the year they were born
  5. Coke and Pepsi have always used recycled plastic bottles
  6. IBM has never made typewriters
  7. Michael Milken has always been a philanthropist promoting prostate cancer research
  8. Employers have always been able to do credit checks on employees
  9. Electronic filing of tax returns has always been an option
  10. Gas stations have never fixed flats, but most serve cappuccino

According to Benoit, “The class of 2012 has grown up in an era where computers and rapid communication are the norm, and colleges no longer trumpet the fact that residence halls are ‘wired’ and equipped with the latest hardware. These students will hardly recognize the availability of telephones in their rooms since they have seldom utilized landlines during their adolescence. They will continue to live on their cell phones and communicate via texting. Roommates, few of whom have ever shared a bedroom, have already checked out each other on Facebook where they have shared their most personal thoughts with the whole world.”

One thing is for sure; if you think that small static ad of a home in the Sunday newspaper is going to get them excited, good luck. The next generation of home buyers thrives on technology. For them, print is already a thing of the past.

Check out the Benoit College Survey for a more in depth look at this issue and then join us back here to contemplate the questions asked above.

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Comments

  1. Comment by Lori Bee — August 29, 2008

    Oh jeez….

    way to go making me feel really old. Sigh….

  2. Comment by Pak Tam — September 28, 2008

    Great ! Hope you don’t mind if I put a link from my blog to this. Cheers, Pak Tam.

  3. Trackback by home buyers survey — December 6, 2008

    home buyers survey…

    Well spoken. I have to research more on this as it is really vital info….

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