Every conference, blog and industry coach seams to have touched on the top of “the millennial consumer” when it comes to buying and selling Real Estate. Though the definition of a millennial is arguable, most apply it to individuals who reached adulthood around the turn of the 21st century.
Millennials are likely the most stereotyped group on the planet. There are countless research studies stating how their preferences, behaviours and attitudes are different. When it comes to the real estate business, most coaches and trainers are singing the same tune, citing research as a huge impetus for change in how agents target, engage and transact with this “new and unique” generation.
There’s no doubt the world has changed and we are seeing a unique generation emerging, however, being successful today has little to do with millennials. In the last decade, the vast amount of information being delivered right into every consumer’s palm via smartphones and connected devices is overwhelming to even think about. This impacts EVERYONE. Young, old, all generations, all geographies. Consumer preferences are changing – quickly!
Why? It’s simple. Access to Information=empowerment. If information can topple governments and regimes, it can and will impact your business. Customers are more empowered than ever and their expectations are higher than ever. They want to instant gratification and extraordinary experiences and most businesses quite frankly, cannot deliver.
However, those who understand their customer and can meet their needs are leaving carnage of their competitors. Take Amazon as an example. Two weeks ago, their stock surged by a few percentage points, gaining $60bn in the company’s value. Now put that in perspective. $60bn is enough to buy Sears twenty times and JC Penny ten times, and Neiman Marcus and to then buy Nordstrom & Macy’s & Dillards and then have enough left to buy Whole Foods twice again, and still have change.
“My clients are older, they’re not millennials” – I must hear this line at least twice a week. Frankly, that’s a miserable excuse to keep the status quo. Almost everyone, including my 76 year-old mother now has access to information like never before. Their preferences are changing, much like yours have.
No matter your age, a quick moment to reflect on how you make purchasing decisions today as opposed to 5 years ago will be all telling. All consumers are changing, not just millennials.