Generational differences mean that you may need to do things differently in order to be successful in your interactions with clients. You may have primarily been working with baby boomers but have started getting interest from the millennial generation (generation Y). If this is the case, you need to ask yourself specific questions; questions that will help you provide the best possible service to your clients and execute the real estate transaction in the smoothest way possible.
1. What’s the best way to communicate with them?
Before working with your client, talk with them about what the best communication approach is. Never assume. Also, think about your communication style. Perhaps you’re used to speaking with clients, face-to-face, in a very in-depth, detail oriented way. But the right approach with your gen Y client may be to be more concise and get right to the point. You’ll have to get to know your client, adapt to their personality style, and understand how to communicate best.
2. What are their goals and priorities?
While considerations like price and location are of major importance for your gen X clients, your millennial clients might have different goals; perhaps they have a particular style of home in mind (a loft, for instance) or put a lot of value in the building’s external appearance. Perhaps they value a theatre room more than a pool. Or maybe they prefer a large, walk-in closet to a big family room. Check out the article, “Dream homes vary by generation” to learn more. Be sure to sit down with a new client before working with them to get an overview of their needs, wants, goals, and priorities.
3. Where do they need some extra help or support?
Millennials may need a lot more help and support than perhaps you’re used to giving, for example when it comes to things like financial management and planning. These clients may have a lot of debt and loans to pay off so they may not be able to afford the same type of down payment as some of your baby boomer or gen X clients. You’ll need to walk them through, step-by-step, what types of financial calculations they need to make and perhaps advise them on their financing options based on what they can afford.
Be sure to use your real estate contact management software to make notes about your clients’ preferences, goals, and priorities. Each time you meet with the client, look in your CRM for Agents to see any notes and past email correspondence you’ve had with them. The software will help keep you organized, prevent you from having to remember things, and make it easy for you to ensure a smooth and enjoyable transaction for both parties involved.
Ultimately, it’s essential to have a good understanding of the key differences between gen X and gen Y and then make certain that you adjust your style and approach when dealing with each group.
What opportunities or challenges do you see working with generation Y clients? Please leave a comment below!