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THE GREAT AGE DIVIDE How the young and the older buy real estate differently and what marketers need to know about it YOUNG PEOPLE ARE AVOIDING REAL ESTATE BROKERSS THE MORE A BUYER EARNS, THE MORE LIKELY THEY ARE TO WORK WITH A BROKER MOBILE APPS ARE ASCENDANT AMONG THE YOUNG AND AFFLUENT SHOW ME THE DATA: HEAD WINS OUT OVER THE HEART YOUR NEW HOME COULD BE A CLICK AWAY THE WAY CONSUMERS BUY PROPERTY IS SHIFTING QUICKLY. Which means the way developers are selling residential units must also change. While the popularity of online real estate tools and resources has been increasing over the last decade, www.neoscape.com Data becomes increasingly important for those who are affluent. The heart doesn’t always win out in the end. technological change is shortening the transaction cycle and changing the perception of real estate brokers, perhaps permanently. So what resources do buyers rely on most? How do consumers feel about working with a broker? Do they make real estate decisions based mostly on their heart or their head? HERE’S WHAT WE FOUND OUT Among buyers of all ages within the past year: 64% of those who earn more than $100,000 reported using a broker 72% rank a broker as their most used resource when looking for a new home 51% of 25-34 year olds prefer getting their info from marketing materials, renderings and websites, not brokers 62% of people over 55 years old prefer to work with a broker of people over 55 use mobile apps Only 14% 85% said property websites most influenced their decision to buy a home 77% said word of mouth 67% said raw data 64% said media sites Brokers and mobile apps tied at 62% which is why brokers need to use mobile apps differently for different age groups and income levels vs 60% of people who make more than $100,000 think with their head rather than their heart 94% of those who earn more than $100,000 use property websites to gather data when deciding to purchase a home Of those who think with their heart over their head, almost half of them (46%) make less than $50,000 55% of those under 34 years old find a mobile app more influential than a broker Brokers need to harness technology to remain relevant with the younger demographic – especially millennials – and use technology in conjunction with traditional media for those who are older.

The Great Age Divide

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THE GREAT AGE DIVIDEHow the young and the older buy real estate differently

and what marketers need to know about it

YOUNG PEOPLEARE AVOIDINGREAL ESTATE BROKERSS

THE MORE A BUYEREARNS, THE MORE LIKELYTHEY ARE TO WORKWITH A BROKER

MOBILE APPS AREASCENDANT AMONGTHE YOUNG AND AFFLUENT

SHOW ME THE DATA:HEAD WINS OUT OVERTHE HEART

YOUR NEW HOME COULDBE A CLICK AWAY

THE WAY CONSUMERS BUY PROPERTY IS SHIFTING QUICKLY. Which means the way developers are selling residential units must also change. While the popularity of online real estate tools and resources has been increasing over the last decade,

www.neoscape.com

Data becomes increasingly important for those who areaffluent. The heart doesn’t always win out in the end.

technological change is shortening the transaction cycle and changing the perception of real estate brokers, perhaps permanently. So what resources do buyers rely on most? How do consumers feel about working with a broker? Do they make real estate decisions based mostly on their heart or their head?

HERE’S WHAT WE FOUND OUT

Among buyers of all ages within the past year:

64%of those who earn more than $100,000 reported usinga broker

72%rank a broker as their most used resource when looking for a new home

51%of 25-34 year olds prefer getting their info from marketing materials, renderings and websites,not brokers

62%of people over 55 years old prefer to work with a broker

of people over 55 use mobile apps

Only14%

85%said property websites most influenced their decision to buy a home

77%said word of mouth

67%said raw data

64%said media sites

Brokers and mobile apps tied at 62% which is why brokers need to use mobile apps differently for different age groups and income levels

vs

60%of people who make more than $100,000 think with their head rather than their heart

94%of those who earn more than $100,000 use property websites to gather data when deciding to purchase a home

Of those who think with their heart over their head, almost half of them (46%) make less than $50,000

55%of those under 34 years old find a mobile app more influential than a broker

Brokers need to harness technology to remain relevant with the younger demographic – especially millennials – and use technology in conjunction with traditional media for those who are older.