We’ve seen a lot of great content about Millennials and their stereotypes, tendencies, and contributions to the work force, but how do commercial real estate advisors appeal to and connect with this generation, when it comes to their commercial real estate needs? What about the needs of people who come from other generations? In the blog post excerpted below, the author discusses how to connect with, and sell to, the buyers and decision-makers of different generations. From Millennials (ages 18-34), Generation X( ages 35-49), and Baby Boomers (ages 50-69), she discusses the variables of marketing and varying tactics to use when appealing to different people, based on what generation they are from. Read Cathy’s excerpt below, and if it intrigues you enough, we encourage you to read the entire article, by clicking the green button at the end of the excerpt.
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Connecting With Commercial Buyers of Different Generations
The generation gap is especially pronounced these days thanks to a rapid increase in technology, which can make connecting with commercial buyers of different generations challenging. If you’ve been in commercial real estate for many years, you may find it difficult to reach younger buyers through traditional techniques. Likewise, if you’re brand-new to the commercial real estate realm, you may find it just as difficult to attract buyers from older generations.
Here’s a look at the three generations most likely to buy commercial real estate and the unique approach each one takes to decision making and buying.
Millennials (Generation Y)
Millennials (also known as Generation Y) are typically in their late teens or 20s and 30s. They are the up-and-coming professionals who not only represent the largest population of home buyers, but also form a sizable proportion of current and future commercial real estate buyers. As entrepreneurs in this generation start their own businesses, they’ll need office space to operate out of. Millennials were exposed to technology from a young age and are typically tech-savvy.
Baby Boomers were born from 1946 to around the mid-60s, and people in this generation are at various stages of their working lives. Some have already retired, some are quickly approaching retirement and others still have a decade or two left as business leaders. In short, it is hard to pigeon-hole baby boomers.
One thing that baby boomers do have in common is that they were not exposed to rapid changes in technology or the dot-com boom until their adult lives. Whereas millennials have always known a world that moves at a fast pace, baby boomers have been transitioning from….