And you thought all you needed was a web site
Do you target first time home buyers? This article gives some tips on what you'll need to be up to date on when the "echo boomers" start buying real estate.
RISMEDIA, Dec. 16—“Echo boomers, also known as Generation Y, will drive home sales into higher price points over the next five years,” according to Pamela O’Connor, CEO and president of Leading Real Estate Companies of the World™ (http://www.leadingre.com/), the largest network of independent residential real estate firms in the world.
“There are nearly 80 million of this new generation and they’re already having a significant impact on the economy.” Born between 1982 and 1995, Echo Boomers, so called because they are the demographic echo of their Baby Boomer parents, make up nearly a third of the U.S. population and already spend $170 billion a year of their own and their parents' money.
O’Connor suggests some possible ways to prepare for these up-and-coming buyers: Become Media/Tech Savvy – Since Echo Boomers are the most sophisticated media generation ever, creating their own Web sites and making their own CDs and DVDs, real estate agents need to ensure they’re proficient in the use of developing technologies.
Familiarize Yourself with Pop Culture Trends – Since Echo Boomers determine and affect pop culture, Realtors should be aware of trends in music, entertainment, celebrities and fashion.
Familiarize Yourself with Popular Brands – Hoping to drive future home sales, many products and designers are partnering with residential developments to create appealing brands.
Don’t Forget Their Parents –Many wealthy retiring Baby Boomers are likely to invest in homes for their children.