 |  |  | | ||
|  Fifteen Benefits of Working with a Buyer’s Representative Advanced tip Understanding Agency Broker tip Contract Terms for Buyer’s Representatives Qualifying the Buyer Advanced tip How Well Do You Listen? Advanced tip Who Are Today’s Buyers? Advanced tip Advanced: Psychographics —Understanding Buyer Motivation Prospecting for Buyers Working with Internet-Empowered Buyers Servicing the Buyer Advanced tips Closing the Deal Advanced tip Due Diligence and Disclosure Advanced tip Staying Safe While Showing Homes Broker tip When to Call It Quits Quiz: Buyer’s Representation Bright Ideas: Working With Buyers Code of Ethics: Working with Buyers More Resources: Working with Buyers Vendor Resources: Working with Buyers | WHO ARE TODAY’S BUYERS? Although every buyer is unique, market researchers have developed some broad demographic guidelines on different buying groups that may give you a head start on the competition. Baby Boomers. This is the largest generation in the nation's history; born between 1946 and 1964, it numbers roughly 81 million people, who head some 40 million households. Homebuying behavior: Baby Boomers have a strong desire for homeownership. They are currently trading up to a second or third home. By 2010 they will range in age from 46 to 64 and will be the prime market for upscale and vacation homes. They don't have a lot of home loan debt, and they don’t rely on the proceeds from the sale of their home as a major source of retirement income. They should be able to purchase homes well into the future. For the Advanced Salesperson 5 Ways to Win Boomers' Appreciation and Business 1. Avoid corniness, cute sayings, and too bright colors in your marketing. 2. Give them lots of statistical information to support your claims about home values, economic trends, and your qualifications. 3. Add intelligent humor to at least some of your marketing and follow-up material. 4. Consider the consequences of aging. Older boomers with dimming eyesight may appreciate type sizes of at least 12 or 13 points and sharply contrasting colors, such as black and white or dark blue and yellow. Avoid subtle color combinations such as blue and green. 5. Meet expectations of superior service by contacting boomers frequently and by following through on promises expediently and completely. Generation X. The nation's 44 million Gen Xers, now in their mid-20s to early 30s, are emerging as the next major homebuying group. They’re affluent and educated, and they buy homes at an earlier age than the Boomers did. More than half of all Xers ages 30 to 31 own their homes. In 1998, the homeownership rate among unmarried Gen-X households was 23.2 percent, according to the U.S. Census Bureau. The high participation of Gen-X women in the workforce has fueled the homebuying market. Homebuying behavior: Gen Xers prefer smaller homes in classic architectural styles. They like established neighborhoods with a sense of community. Because this generation is small, the starter home market is likely to weaken over time. Buyers, next page > | |