Download - Fc tucker final presentation
*CHANGE YOUR FOCUS
FC Tucker Real Estate
Buddy West…Wilmington, Delaware
*MillennialsCracking the Code
*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
*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
*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 study
OTHER FACTORS
Poor job prospects; Availability
*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.
*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
*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
*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
*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
*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
*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
*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
*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
*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
3.
4.
* eyejot
*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
TRADITIONAL MARKETING&
ADVERTISING
NOT …
TRADITIONAL MARKETING & ADVERTISING
ADVERTISING CLUTTERMEDIA FRAGMENTATIONCONSUMERS TUNED OUTLESS EFFECTIVEMORE EXPENSIVELESS TRUSTEDLOWER ROI
ONLY 18% OF TV ADS GENERATE POSITIVE ROI
ONLY 14% TRUST ADS
69% Seek Ad Blocking
Technologies
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Cre
ati
ng B
UZ
Z
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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
Networkingvs.
Connecting
*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
*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
*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
*ADDITIONAL FACTORS
*Walkability
*Public Transportation
*Near Parks / recreation areas
*Social areas, restaurants, movie theatres
*Schools
*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
*One size does NOT fit all!
*Lifestyle considerations
*Generational considerations
*Behavioral styles
D
Dominant
Direct
Determined
Demanding
Decisive
CCautious
Calculating
Conscientious
Contemplative
I
Influencing
Inspirational
Interactive
Interested in People
SSteady - Stable
Supportive
Status Quo
Shy
* Outgoing (Fast Paced)
Reserved (Methodical)
Task
O
rien
ted
Peop
le O
rien
ted
Power
Procedure
People
Predictability
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*2. Go Three Deep:
1.Why?
2.What?
3.Can you Explain?
*. Words and Music
*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
*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
TRANSACTIONPROCESSING
NET SHEET
COUNTER OFFER
EARNEST MONEY
MLS TOURS
BEGINPROCESS
*Contract To Close
PROCESSING
MORTGAGE CO. CREDIT REPORT APPRAISAL
LOAN APPROVAL
UNDERWRITING VERIFICATIONS
TITLE CO.
ASSEMBLE PAPERS
SETTLEMENT
HOME SOLD
REJECTION
TRANSACTIONPROCESSING
“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
*All businesses & professionals must
compete In two major ways 1.Positional
advantage
2.Capability advantage
*The ACT Methodology
CONVERT
TRANSFORM
ATTRACT
RAVING FANS
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TWO THIRDS OF U.S. ECONOMONY DRIVEN
BY WOM
BRAND ADVOCACY DRIVES BUSINESS GROWTH
Harvard study
BRAND ADVOCACY EVEN MORE IMPORTANT THAN BRAND IMAGE OR BRAND
SATISFACTION
Harvard study
BRAND ADVOCATES
AVERAGECUSTOMERS,CLIENTS,CONSUMERS
BUZZ = INFECTIOUS CHATTER
WHAT’S HOTWHAT’S ATTRACTIVE
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
CLUSTERS
Interests hobbies beliefs age gender social class ethnicity
religion values politics geography education occupation
CLUSTERS