Tracking Gen Y in real estate

Gen Y and the Baby Boomers are among the “next big thing” regarding real estate for the foreseeable future. Understanding markets’ specific cultures, intricacies and idiosyncrasies is crucial to business success.

Thanks to Read Write Web’s recent post of OPML files for focused on Gen Y, I did some market research this weekend. Among my findings are these nuggets:

From SheGeeks:

There’s way too much hype being placed on Generation Y. Sure we’re savvy, but we’re also clueless and most of us don’t care to do the research. We’re waiting for these things to come to us while early adopters are going to them. We’re (sic) weren’t the first on the web, though we pretend to be.

How Tabbed Browsing Changed the Way I think

Amanda: No, I was watching The Office and [NEW TAB] did you see that post on TC? I can’t believe that [NEW TAB] lol Amy you know I don’t watch sports. Anyway, I think that we should check out OM this weekend. Does that work for [NEW TAB]

Brazen Careerist:

In the middle of a marketing presentation, I was talking about integrating Social Media into a pretty large company’s summer marketing and branding plans. I was trying to explain why they needed to blog, be on Twitter and integrate their plan to make seamless integrations between platforms. While spitting this out, I came to the conclusion that Gen-Y, or 16-25 year olds in this case, loves getting brand information from a person. We like connecting and building trust with a live human being who has likes and dislikes and tells it how it is. (bolding mine)

Employee Revolution:

Gen Y is an internet culture. We go to freerice.com and think we’re really making a difference.

The real movement leaders for most of today’s environmental and social initiatives are Generation X and the Baby Boomers. But they’re marketing to Generation Y. So while many of us are getting involved, nobody has stepped up and led. And that makes me wonder when somebody finally will.

I’m still trying to figure out how best to use this “new” insight and target this market, but they likely will be among the next wave of homebuyers and sellers. Attracting them is key.

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1 Comment

  1. Fred May 27, 2008 at 17:46

    Don’t worry about attracting Gen Y buyers–they won’t have the $ to buy for years to come, especially not for C’ville home prices.

    Between student loans, gas prices, food prices, and the fancy tech & clothing & auto “must-haves,” these kids will be living with the parents long after college. Adolescence ends around 34.

    And the parents will no longer be able to ‘help’ with down payments, since their own retirement portfolios, which were ‘diversified,’ are tanking along with the mortgage debacle and credit crunch…and the ‘equity’ in their own homes has disappeared.

    Sad but true.

    Reply

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