How to Overcome Generational Differences Challenging Today’s Realtors

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RISMEDIA, Jan. 24, 2007-Although there are a number of characteristics that separate the generations comprising the U.S. population today, there is one quality they all share: every demographic represents a huge source of both potential and actual revenue for the real estate industry. The challenge facing real estate professionals? Understanding and adapting to demographic differences to find a way to effectively market to every generation.

The solution? Integration. Implementing a marketing strategy that reaches every consumer segment, regardless of demographics and media usage habits.

"Why limit your marketing power? Don't divide your marketing initiatives. Diversify. Employ a strategy that gives you broad reach and flexibility," said Ernie Blood, executive vice president of Harmon Homes.

The impact of the Internet on the real estate industry is tremendous. With research from the National Association of Realtors® indicating that three out of four home buyers used the Internet in their home search last year, it's nearly impossible for real estate professionals to deny the need for a strong online presence. However, traditional advertising vehicles like targeted print should not be removed from the marketing mix.

"Put all of your proverbial eggs in one basket and you risk missing out on some big opportunities, especially when it comes to the older generations of homebuyers and sellers," said Dave Mangold, vice president of Business Development for Harmon Homes. "Their purchasing power is real and it demands attention."

Large portions of the Traditionalist and Baby Boomer Generations (those who are 40+ years in age) show definite preferences for utilizing traditional media and resources for consumer actions. Generation X and Y (those less than 40 years of age) demonstrate higher percentages of Internet use and tend to gravitate online for consumer actions.

Despite these differences, all groups have distinct housing needs upon which real estate professionals can capitalize. Members of every generation are apt to change their housing situation based on their source's general and discretionary income and changing needs.

While Traditionalists may be looking to downsize, members of Generation X may be looking for larger accommodations for their growing households. As Baby Boomers begin to reach the "empty nest" stage, older members of Generation Y are starting their own families and buying their first homes. All of these tasks require home search resources and real estate services, and all are viable sources of business for the real estate industry.

"Use too much online advertising and you leave 157 million Traditionalists and Baby Boomers behind. Use print advertising alone and 122 million Generation X and Y consumers are not exposed to your listings. Our solution is the integration of print and Internet, the traditional and the technological, to reach every consumer segment," says Kent Nies, Vice President of National Sales for Broker Media Services.

The 76 million that comprise the Generation Y group (23 & under) are accustomed to technology and rely heavily on it. They will be the largest buying power since the Baby Boomers and are likely to marry and start new households sooner.

Although the Internet is a highly valuable advertising outlet, the power of print should not be underestimated. With the 2006 AAF Survey of Industry leaders on Advertising Industry and News Media Trends revealing that print magazines are the number one source for leading people to the Internet, the need for print is without question.

It is essential for real estate professionals to expose their listings to all demographics in their target market in an effective and unique way. Harmon Homes has developed a combined solution allowing agents and brokers to combine the tradition of print and the technology of the Internet. Brokers can purchase the PrinterNet Hybrid, which gives real estate professionals a marketing plan enabling them to reach all demographics. The PrinterNet Hybrid offers clients a wealth of marketing possibilities through the combination of a customized print magazine; an eBook, which is a digital replica of their custom magazine on the Internet; as well as exposure of all listings on HarmonHomes.com and Homes.com. This combination of print and Internet is proven to provide clients with high-response marketing results by bringing buyers and sellers right to them.

"Prior to our magazine publication launch, we tracked just shy of 40,000 first-time visitors to our Web site. The week after our first issue hit the stands, we tracked over 111,000 first-time visitors to our site. The eBook and integration with print definitely works. Our associates and clients are thrilled," says Chad Ochsner, managing broker for RE/MAX Alliance in Denver, CO.

For more information on the PrinterNet Hybrid, visit http://www.PrinterNetHybrid.com and www.HarmonHomes.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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