Here’s a question with an answer that may or may not seem obvious…
What makes up a REALTORS® market?
Let’s look at 4 characteristics that define your real estate market:
- Geographic
How many times have we heard, “Location! Location! Location!” Geography has always mattered a great deal in real estate, and it always will. So stand out by becoming an expert in your farm area.
- Psychographic
Psychographic characteristics are personality traits. Is your target audience conservative or fun-seeking and adventurous? Are they status-driven? Strengthen your real estate marketing by considering their:
- Attitudes
- Values
- Interests/Hobbies
- Behaviors
- Lifestyles
- Behavioristic
Behavioristic characteristics include brand loyalty, as well as buying habits and patterns. How frequently and at what time of year is your target audience most likely to buy, sell, or rent?
- Demographic
REALTORS® can use demographics to strengthen their marketing by focusing on specific needs and wants. Demographics include factors such as age, income, level of education, migration patterns, occupation, gender, race, etc.
You can see how, when you consider all of the factors, you can really get to know your target audience. And the more specific you can be, the more successful you will be!
In an effort to help you narrow down those specs, let’s look more closely at age.
The youngest group on its way to the real estate market is Gen Z, also called iGen and Centennials. Born in 1997 or after, the average Gen Z-er got their first cell phone at age 10. They grew up on their parents’ mobile devices, and they’ve grown up in a hyper-connected world.
Smartphones are their preferred method of communication.
- Optimize your website for mobile. While this youngest generation presents an opportunity to present the importance of optimizing your real estate website for mobile, this would benefit everyone.
They care deeply about the world’s problems – environmental, political, socio-economic, etc.
- Highlight green features in a building or neighborhood
- Emphasis what you and or your agency does to give back to the community
They care less about brand appeal, and are unlikely to join loyalty programs. (GenX cares deeply about these things.)
Next up… Gen Y. The Millennials, born between 1981 and 1996. People in this age demographic typically have multiple social media accounts, so let’s start there.
Here are the best times to post on social media platforms:
Facebook: Monday through Friday in the morning until lunchtime
LinkedIn: Wednesday at 3 PM, Thursday between 9 – 10 AM, Friday between 11 AM – 12
Twitter: Monday through Thursday between 12 and 2 PM, and Friday at 9 AM
Instagram: Any day before 6 PM, and all day Monday
Pinterest: Evenings and weekends
Many Millennials work from home
- An open floor plan is less important to them (because…)
- They need a quiet space for a home office
Location matters
- Commuters value the convenience of proximity to work
- Millennials prefer quiet areas
Interior and exterior features matter
- They want updated kitchens and bathrooms
- Almost half highly rank the importance of having a home gym
- Millennials prefer a nice back yard, and many want a hot tub and/or pool
Then there are the “in-betweeners,” Gen X, who were born from 1965 – 1980. They are digitally savvy, like the generation that comes after them, but they can also relate to the generation that precedes them.
A typical GenX-er is family-oriented
They LOVE social media, especially Facebook, but they also use traditional media (radio, newspaper, traditional television)
- Video marketing speaks volumes to GenX, and videos are more likely to be shared
They spend more time on devices (smartphones, PCs, and tablets) than Millennials.
Last, Baby Boomers are those born between 1946 and 1964. They are either already retired or approaching retirement.
- Many are ready to sell and downsize
- Many seek active lifestyles
- Forgoing a mortgage is gaining popularity among them
90% have a Facebook account
- They value staying connected to friends and family, so they often move locations to be physically closer to friends and family.
Remember: Use demographic data to reach your audience, but be sure NOT to insult anyone or break any fair housing laws!
