change your focus
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CHANGE YOUR FOCUS. Millennials Cracking the Code. FC Tucker Real Estate Buddy West…Wilmington, Delaware. Facts about Millennials Demographics…national and local Road Blocks Motivators Lead Generation / Marketing Do’s & Don’ts of Selling to Millennials Features & Designs - PowerPoint PPT PresentationTRANSCRIPT
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*CHANGE YOUR FOCUS
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FC Tucker Real EstateBuddy West…Wilmington, Delaware
*MillennialsCracking the Code
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*WHAT WE WILL COVER
*Facts about Millennials*Demographics…national and local*Road Blocks*Motivators*Lead Generation / Marketing*Do’s & Don’ts of Selling to Millennials*Features & Designs*Buying a Boomer’s house
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*FACTS
*Born 1980 – 2000 Ages 14 – 34*Over 90 million strong, 80 million over 22*We are within 6 years of a massive
purchase*Most educated segment ever 55-45
women*Gallop Poll:*14% 24-34 live with parents. *51% pursuing higher education & living at
home*70% 24-34 single and living at home
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*FACTS
*30% live on own*12% of married 24-34 live at home*46% of married 24-34 on their own*Unemployment rate 16% or double national
avg.*Over 60% are not working in their field of
studyOTHER FACTORSPoor job prospects; Availability
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*FACTS
*Tuition 1980 $3000+ 2020 $9000+*Pell grants dropped from 69% in 1980 to 34% in
2010. We have gone from a grant base to a loan base.*Personal debt increased by 40%*BHG Study*Despite these road blocks, over 70% still believe in
“The American Dream. They also believe that homeownership is the biggest indicator of success.48% are planning to invest in real estate in the next 3 to 5 years.
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*FACTS
*Millennials are obsessed with research*They grew up with technology & connectivity*Committed to results & efficiency*Love to laugh*Procrastinate better than most*Quick to influence peer groups*Optimistic. Pay bills & have fun*Politically Independent & may create a 3rd party*Gallop
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*TRENDS
*Risk Adverse.. tough job market, light wallets, they believe luck plays a role in success.*Offer incentives in social media to capture
their attention based on them re-tweeting you.
Want Answers immediately. No BS, clear action steps & quick answers. Offer reasons to take the next step without pressure.Cautious; Entered the workforce in a weak economy & manage their money carefully
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*DEMOGRAPHICS
*Nationally 80 million strong to over 90. Like urbanization with amenities. Walkability, bicycling, restaurants and social meetings*Now starting to branch out into the “burbs” as
long as they have the amenities required to grow their life.*Healthy living, good schools and fun top their
list*1 out of 7 have incomes of $100,000 or more
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*INDIANAPOLIS AREA
*Dated shopping malls are being replaced by mixed use market & living centers*Parks, hiking trails, bicycle paths athletic
fields recreational facilities are important*Indianapolis weekly April 2013 Monon
Trail traversing Carmel and Westfield and many other communities surrounding “Indy” Great selling feature
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*INDIANAPOLIS
*Approximately 205,000 18-34 yr olds*Surrounding suburbs an additional
200,000 including, Meridian Hills, Carmel, Fishers, Whitestown, Noblesville, & Geist (ICOC)*According to CRS Magazine April-May,
Indianapolis ranked # 3 as best places to live in the USA.*Forbes ranked it in the top 5 for 5 years
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*MOTIVATORS
*They like accomplishments, CRS, GRI, MilRES
*Integrity is a must or you will loose them quick
*They flock toward agents who are tech savvy
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*ROADBLOCKS
*There are many roadblocks that face today’s millennium buyers. This was common with boomers during the late 80’s and early 90’s. We as Realtors® need to focus on how to make homeownership possible.*Huge debt Trans Union says avg score is
628 with revolving credit of $23,232*Tuition payments $29,400 up from 23,450
in 2008
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*DO’S & DON’TS
*DO Keep it short and sweet..era of tweets*DO maintain a comprehensive online presence
and use it as your base camp*DO cultivate a laid back presence, under
promising rather than overstating*DON’T try to be someone or something you
aren’t*DON’T play know it all. Positioning yourself as
the only expert will backfire. They will use blog, face book, and You Tube to become informed
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*REAL LIFE
*Erin and Scott Dowling Settled 5.30.14*No kids, purchased 4500 sq ft $600.000*Face to face- 4 times including settlement*E-mails- 86 (sent and received jointly)*Test messages- 60*Referrals (so far) 2
*Note- Ask how they would like to communicate
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* 1. Connecting On-Line - Discussion Groups and Forums
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3.
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4.
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* eyejot
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*ADVERTISING/MARKETING
*Slate Magazine gets it. Check out their FB page. News Media Website directed to millennials.
*Slate is the preferred format for getting information*They shop on line before shopping in a
store and only if they need to go to a store*Amazon’s targeted millennials successfully
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TRADITIONAL MARKETING&
ADVERTISING
NOT …
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TRADITIONAL MARKETING & ADVERTISING
ADVERTISING CLUTTERMEDIA FRAGMENTATIONCONSUMERS TUNED OUTLESS EFFECTIVEMORE EXPENSIVELESS TRUSTEDLOWER ROI
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ONLY 18% OF TV ADS GENERATE POSITIVE ROI
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ONLY 14% TRUST ADS
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69% Seek Ad Blocking
Technologies
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Crea
ting BU
ZZ
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*The Role of 90-10
90% = Choose service provider based on trust, likability, competence, etc.
10% = Choice based primarily upon cost
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LAW OF FEW
10% INFLUENCE PURCHASING BEHAVIOR OF
OTHER 90%
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91% LIKELY TO BUY ON RECOMMENDATION
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92% PREFER WOM RECOMMENDATION
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Networkingvs.
Connecting
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*BOOMERS HOOKING
MILLENNIAL BUYERS
*Huge boomer sell off coming in 4-6 years 1.5 to 5 million homes per year by 2018 to 95 million perspective buyers
*Many homes not ready to attract buyers
*Opportunities abound for the agent
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*Attracting the buyer
*Shell out some bucks to appeal to the millennial buyer. They are looking at HGTV to see what they want. *$15,000 can yield twice that. “Ilyse Glink”*Use modern colors and furniture*Make the home an emotional buy for them
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*INS & OUTS
*In: Granite Out: Formica*In: Media Room Out: Living Room*In: Home Office Out: Dining Room*In: Great wireless Out: Dead zones*In: Bold Colors Out: Neutral walls*In: Hardwood Out: Carpet*In: Stainless Steel Out: Dated appliances
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*ADDITIONAL FACTORS
*Walkability*Public Transportation*Near Parks / recreation areas*Social areas, restaurants, movie theatres*Schools
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*SOLUTIONS
*Visit nearby homes for sale and see how yours compares*Hire a home stager NOTE: most younger
buyers don’t have imagination when they walk into a home with outdated stuff)*Cards saying this room could be….*Repaint walls to add zing*Pull up carpet and freshen up kitchen
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*One size does NOT fit all!
*Lifestyle considerations*Generational considerations*Behavioral styles
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DDominant
DirectDetermined Demanding
Decisive
CCautious
Calculating Conscientious
Contemplative
IInfluencing
InspirationalInteractive
Interested in People
SSteady - Stable
SupportiveStatus Quo
Shy
* Outgoing (Fast Paced)
Reserved (Methodical)
Task
Or
ient
ed
People Oriented
Power
Procedure
People
Predictability
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*2. Go Three Deep:
1.Why?
2.What?
3.Can you Explain?
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*. Words and Music
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*The Home Buying ProcessInterview
Tour Communities
Pre-Approval
Deliver Papers
Home Selection
Reports
Write Proposal
View Homes
Moving Day
Make Selection
Offer Presented
Termite
Verifications
Credit Report
Discuss Strategies
Inspections
B
Rejection Approval
Seller Notified
Home Inspection
Mortgage Co
Underwriting
Negotiate Offer
Appraisal
Loan Approval
Title Company Title Search
Earnest Money
Contract Accepted
Assemble Papers
Settlement
B
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*Home Selling Process
MARKET RESEARCH
LISTING SIGNED
OFFICE
MULTIPLE LISTING
CONTACT PROSPECTS
SHOWINGS
OPEN HOUSE
OFFER RECEIVED
OFFER
CONTRACT ACCEPTED
INSPECTIONS
BROKER’S TOURGRAPHICS OFFICE TOUR
MLS COMPUTER MLS MEMBERS
TRANSACTIONPROCESSINGNET SHEET
COUNTER OFFER
EARNEST MONEY
MLS TOURS
BEGINPROCESS
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*Contract To Close
PROCESSING
MORTGAGE CO. CREDIT REPORT APPRAISAL
LOAN APPROVAL
UNDERWRITING VERIFICATIONS
TITLE CO.
ASSEMBLE PAPERS
SETTLEMENT
HOME SOLD
REJECTION
TRANSACTIONPROCESSING
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“The minute real estate listings went online was the minute that it was no longer sufficient that a real estate broker merely had information about real estate listings.”
Seth Godin
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*All businesses & professionals must
compete In two major ways 1.Positional
advantage2.Capability
advantage
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*The ACT MethodologyCONVERT
TRANSFORM
ATTRACT
RAVING FANS
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TWO THIRDS OF U.S. ECONOMONY DRIVEN
BY WOM
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BRAND ADVOCACY DRIVES BUSINESS GROWTH
Harvard study
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BRAND ADVOCACY EVEN MORE IMPORTANT THAN BRAND IMAGE OR BRAND
SATISFACTION
Harvard study
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BRAND ADVOCATESAVERAGECUSTOMERS,CLIENTS,CONSUMERS
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BUZZ = INFECTIOUS CHATTER
WHAT’S HOTWHAT’S ATTRACTIVE
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11-12 intimate contacts150 social contacts500 – 1,500 weak ties
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BIRDS OF A FEATHER FLOCK TOGETHER
The term homophily stems from study of social networks.
HOMOPHILY
BIRDS OF A FEATHER FLOCK TOGETHER
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CLUSTERS
Interests hobbies beliefs age gender social class ethnicity
religion values politics geography education occupation
CLUSTERS