Where have all your customers gone?

October 21, 2009 | Posted by Carolyn Pikoulas
According to new reports from WAV Group, a professional consulting service to the Real Estate industry, 40% of homebuyers are under the age of 35, and 66% of buyers and sellers are between ages 25 and 44. But get this: 71% of Realtors are over the age of 45! So, how well do you think you know young folks? Do you even know what "krumping" is? If not, it may be time for you to take a closer look at how this generation is making buying decisions, and reevaluate your marketing strategy.

The expectations of today's homebuyer and sellers are different than previous generations. One difference is in the way they choose a Realtor. The majority of homebuyers have gone to the Internet to help with the home buying process. They expect to find objective feedback about a Realtor through a variety of online resources: blog, forums, social networks, etc. They don't just want to read positive testimonials on the Realtor's website. Sometimes, they'll even go out of their way to find negative comments about a Realtor through any threads online. It's the new form of word-of-mouth referrals.

The way people are buying goods and services has forever changed. If you're not willing to change your strategy and keep up with the needs of today's consumer, it's likely that your business will struggle. Here are 5 things you can do to help reach your younger cliental, while keeping your current ones happy:

1. Find your niche.
   You should already know what you do best and what you're passionate about most in Real Estate. What you may not know is how to own your niche. Define what your unique services are, and focus on them through all your marketing efforts.
2. Focus on the marketing media that is best for your target market.
   Not all your customers fit in the same category. Your younger customers will be doing all their research online, so being involved in the Social Networking arena will be part of the key. Your older crowd is still influenced by radio, direct mail, and newspaper/magazines.
3. Provide valuable inside info.
   Today's consumer does not want to be "sold" anything. Instead, they want information to make informed decisions. Instead of touting that you're #1 in the local market, give your customers tips and advice that would be relevant specifically to them; whether it's about pre-qualifying, neighborhood statistics, mortgages, insurance, legal issues, etc. Use this type of knowledge-based information to show your audience that you have the experience they're looking for. Home sellers, for example, want to know how many homes have sold in their neighborhood, what they've sold for, and how quickly they went off the market. If you can provide these answers quickly and easily, you may have yourself a customer.
4. Allow people to forward info.
   Don't make it difficult for your consumers to pass along info to their friends and family. Join into the conversation on LinkedIn Groups. Comment on local blogs and news articles that are relevant to your business. Consumers are in control of your brand, so help them make your message go "viral."
5. Above all, deliver excellent service.
   Great customer service is the best form of advertising. It's the best way to build your reputation and credibility. Don't just meet expectations - exceed them, and anticipate your customer's needs. Good service will deliver long-term results to your brand's strength.