The Great Age Divide: How the young and the older buy real estate differently and what marketers need to know about it

THE GREAT AGE DIVIDE How the young and the older buy real estate differently and what marketers need to know about it technological change is shortening the transaction cycle and changing the perception of real estate brokers, perhaps permanently. So what resources do buyers rely on most? How do consumers feel about working with a broker? Do they make real estate decisions based mostly on their heart or their head? THE WAY CONSUMERS BUY PROPERTY IS SHIFTING QUICKLY. Which means the way developers are selling residential units must also change. While the popularity of online real estate tools and resources has been increasing over the last decade, HERE'S WHAT WE FOUND OUT Brokers need to harness technology to remain relevant with the younger demographic – especially millennials – and use technology in conjunction with traditional media for those who are older. YOUNG PEOPLE ARE AVOIDING REAL ESTATE BROKERS 51% 62% of 25-34 year olds prefer getting their info from marketing materials, renderings and websites, not brokers of people over 55 years old prefer to work with a broker THE MORE A BUYER EARNS, THE MORE LIKELY THEY ARE TO WORK WITH A BROKER 64% 72% of those who earn more than $100,000 reported using a broker rank a broker as their most used resource when looking for a new home MOBILE APPS ARE ASCENDANT AMONG THE YOUNG AND AFFLUENT 55% of those under 34 years old find a mobile app more influential than a broker Only 14% of people over 55 use mobile apps Among buyers of all ages within the past year: 85% said property websites most influenced their decision to buy a home YOUR NEW HOME COULD 77% 67% 64% BE A CLICK AWAY said word of mouth said raw data said media sites Brokers and mobile apps tied at 62% which is why brokers need to use mobile apps differently for different age groups and income levels Data becomes increasingly important for those who are affluent. The heart doesn't VS always win out in the end. 60% 94% SHOW ME THE DATA: of people who make more than $100,000 think with their head rather than their heart of those who earn more than $100,000 use property websites to gather data when deciding to purchase a home HEAD WINS OUT OVER THE HEART Of those who think with their heart over their head, almost half of them (46%) make less than $50,000 NEOSCAPE' www.neoscape.com %24 %24