High School Class of 1968. If you're a Boomer like me, that doesn't seem all that long ago. And we're reaching the age of 65 at the rate of 10,000 per day, according to PEW Research. That's going to continue for the next 19 years!
High Opportunity
While many agents and loan officers bemoan the current long-lived housing downturn, others of us are taking advantage of a promotable competitive edge with this demographic group, creating a powerful marketing message, and reaping the benefits.
Low Competition
"But everybody knows this," you say, "Isn't there a lot of competition for this age group?" Surprisingly, the answer is a resounding NO! And that's the reason you might want to focus on this segment of the market.
Try this: do a Google keyword search for "baby boomers." At the moment, only three global searches rank "high" in the Competition column. These are
(1) baby boomer dating,
(2) baby boomer dating sites, and
(3) advertising to baby boomers.
This surprised me. I'm a Boomer, and we Boomers like to do research. A little more digging led me to two conclusions that may be useful for you as you evaluate this niche of the current real estate market.
Younger agents would prefer not to deal with us for a number of reasons. Here's why:
- We like to have someone pick up the phone when we call them.
- We don't like voicemail.
- We get ticked off when people don't return our calls.
- We're not addicted to texting.
- We're opinionated, and that can be intimidating to some agents and loan officers.
- We're not big on social media.
Boomers like to do business with other Boomers
- We tend to trust people of our own generation to do what they say they'll do. That trust doesn't generally extend to our kids' generation.
- We share the same historical context.
- We use the same contextual language. Words change meaning from generation to generation, and it's easier to converse with someone who "speaks my language."
Does this mean that younger agents cannot be successful with Boomers as a target market? Not at all. You can be very successful if you'll take those bullet points (above) to heart.
Don't text me. Call me.
Don't put me into voicemail if you can help it. Pick up the phone.
Don't expect me to respond to your "message" on facebook just because I have an account. I probably log on once a week or so...
...and loan officers...please don't take me for granted.
There's a world of opportunity out there, my friends. Grab it by the horns!
_____________________
I'm Mike in Tucson, your preferred Tucson Arizona Mortgage Lender
NMLS #223495
SUNSTREET MORTGAGE LLC ~ Correspondent Mortgage Bank
Offices in Mesa, Tucson, Sierra Vista & Nogales
usdaruralhomeloans.com
OMG - Mike, you are SO FUNNY and I love all of your points. I wonder how the younger generation, who've gotten so used to "non-personal" communication methods of texting and voice mailing are ever gonna "get it" in real life? It's so easy to hide behind the keyboard or smart phone - it's pretty anonymous. What happened to just talking?
PS - talk to you soon, LOL.
Great post and so right on all points - I hate to cut you out but most of the boomers I deal with are paying cash.
Have A Great Day
This is a great post and a good reminder that the boomers are on the move. It is a good idea to remember how the boomers operate and communicate.
Mike
The Baby Bloomers are and will be a big part of the real estate market for years to come, and your right on target and create a big business opportunity.
Good luck and success.
Lou Ludwig
Great post Mike......and your right we baby boomers have the edge. We can talk the talk with our peers and we are smart enough and willing to work hard enough to understand the younger generation.
Mike - I know what you mean. Thankfully I have no problems with any method of communication.
Great post. It is important to communicate the way the other party is used to. We just need to be aware enough to flex to what our customers want and how they want to communicate.
Very funny but totally true blog! However, I have equal amount of "baby boomer" buyers who prefer I text them for one reason or other! Phone call? What is that? Problem with texting to me is it has to be short and sweet! What if you really want to have a conversation? I always ask when I meet someone what form of communication they would like to use.
As agents we have to adapt to our clients' and customers' needs. I can understand both sides since being an agent. Thanks for your post today,
All very good points, Mike, that resonate to my ears. Of course, I am a baby boomer! Congrats on the feature!
Mike, terrific post and very well written. I too am a boomer and prefer the phone. :)
Mike, 10,000 a day? That's astounding! I am a boomer also but I admit I trend down to the younger generation in some things. I LOVE texting but there is a definite time for the phone as well. I also like Social Media - been here for 4 years :)
Sharon
Great post about Baby Boomers, Mike! Love the article on PEW.
Mike -- 10K a day for 19 years is an astounding figure. I actually had someone tell me they were looking for someone like me to work with instead of a 'younger' person. haha I am not sure what 'someone like me' translated to in age, but I made the cut.
Mike, I like doing business with boomers as well as younger generation. Must say it's a great observation. This will also help changing market - for better.
Trust, integrity, our word, and following through on what we say are all important as is doing business on a personal level - as opposed to electronic media
wow what a number to know.. that and over 12750 homes sell every day on average! great info to pass on to buyers and sellers!
What a fun post Mike! It pushed me into getting serious about a boomer marketing plan sort of percolating in my aging brain for a few months. Ours has always been a powerful demographic and nothing about that has changed!
One other small requirement that many baby boomers desire: Don't send me to your website to get prequalified. I want to talk with you or see the whites of your eyes as I provide you with my confidential information.
Mike, as the baby boomers age I can see a huge niche market there. Guilty on all counts.
Some agents are all over this gold mine you so adequately described...mature people know what works and what they want...those in the service business key into it and success follows...good post thank you
Mike - Boomers are the primary market for our development. I also speak their language. :)
Mike,
This is great!
Opportunity?
You bet!
Thanks for the post.
Mike- Great post I have been focusing on Down sizing Baby boomers seeking low maintenance golf living for the past few years and I love it.
Mike, all of your points are valid! Boomers are a great opportunity. There are even niches within the Boomer groups!
I agree about the huge opportunity. Thanks for posting today.
Go Boomers! Very good points and reminder about opportunity abounding.
There are many boomers looking to buy in active adult communities. Many people attend my open houses.
Thanks for the advice Mike, amazing how accurate your research is. I feel like you were describing me personally.
Mike - Thanks so much for your referal! You are the BEST!
HI Mike~
As usual, I totally agree with you...come to think of it...checkout "white hair baby boomers" on Google...and you may see just how much I agree with ya'!
Boomer Sooner! Boomer Sooner! Boomer Sooner!
HaHaHaha
AW.. really good points that you make.
I do have some boomers though that live on the internet and text better than I do.. Wait! I"m a boomer! Does that mean that I can stop with all the techy stuff??
:)
Loved the post Mike.
I'm working with two sets of Clients right now; both Boomers! And both found me via my new WordPress web site and blog.
Mike - I just noticed that this is your most recent post yet it's almost a month old now. Hope all is well with you and yours.
AND they love working with fellow Boomers! That is a win-win!!!! Great post, Mike!
Those are crazy statistics for baby boomers reaching 65! I keep telling my teenagers about this but didn't have actual statistics until I read your post. I tell my kids there will be room in the job force when the BB retire so get prepared!!!
nice number to give to us to throw around to our clientele.. you better buy soon or there will be 10000 possible prospects looking to buy it before you tomorrow!
Mike, I am proud to be a baby boomer and graduated class of 69. My husband was class of 68 and they were a wilder bunch and very non-traditional. Are you in that category, too?
OK, you got me. High School class of '67. So, I'm in on this post 100%