The times as well as customer base has changed in the real estate market immensely, especially when it comes to selling to the active adult market.
As boomers dominate the sales landscape with knowledge and purchasing power, real estate agents and marketers need to learn how to tailor their practices. The NAHB’s 50+ Council put together a webinar to explain some of the specifics.
Special considerations have to be taken when marketing to the 50+ consumer, even down to which generation he or she is from. The generations discussed were:
The Greatest Generation – Born 1901 to 1924
The Silent Generation – Born 1925 to 1942
The Boomer Generation – Born 1946 to 1964
Each generation has its own set of experiences and beliefs which should be addressed when selecting marketing materials such as photos. Todd Harff of Creating Results gave several examples from an extensive study his company performed. One of the results showed that those 75 or older like photos of a product more than photos of the product being used. Another study showed that all 50+ age groups had a preference for a single photo over a collage. The only exception was groups which watched a lot of TV and film.
The webinar also focused on exemplary customer service since that can in turn generate referral clients. Also, follow-ups were stressed, especially since you can build a relationship with a 50+ client for a couple years before they make the purchase. Thank you notes, phone calls, community event invitations and contact through social media were all stressed.
Reverse mortgages were also discussed during the webinar by Bill Thomas of MetLife Bank. He touted reverse mortgages as a great way to get buyers 62+ off the fence due to selling their current home. The FHA qualified program is extensive and comes with its own set of rules which will be featured in an upcoming blog post.
The main takeaways from the webinar were that the 50+ crowd is vibrant, active, educated and desire a lifestyle that will reflect their values.