How to Work with all Generations

By Carmen Lostetter MulthaufRISMEDIA, Sept. 24, 2007-Generational housing-is there a need to learn to work with each age group, or is it just a myth that each generation approaches real estate decisions differently? Niche specialization in real estate means being an expert consultant with an understanding of the issues affecting the client in order to provide customized service and solutions. To develop this expertise, it is essential to learn about the life experiences and the housing desires of different clients.

But do generational differences matter when we are concerned about housing? Yes, in fact they make a profound difference. The GIs, who called themselves “seniors,” brought us the age of invention and put us on the moon, but they may now be downsizing or moving to assisted living. The comparatively non-assertive Silents, who followed the GIs and exceeded them in prosperity, though not in leadership, are now enjoying their wealth, secure in lifetime benefit retirement plans.

The idealistic Baby Boomers-still the drivers in society-are beginning to join the ranks of retirees (but don’t call them “seniors”). They are in their peak earning years and have become the ultimate upscalers to reflect their lifestyle desires but also to accommodate their aging parents or boomerang kids. They are buying second homes and vacation homes (not to be called “retirement” homes).

But the big buyers today are the Gen Xers-not the Boomers. Their housing decisions are impacted by a desire for more family time, which drives a search for shorter commutes even at the expense of smaller lots. They have legitimate concerns about their less-than-certain retirement future, so housing also has to fill investment criteria. Finally, the Millennials are buying earlier than any generation before them, and they are looking again at the city center spurring the growth of urban renewal.

It is not a myth that generations have distinct “personalities” that persist through life stages; or, that generations, even in the same stage of life, are distinctly, sometimes dramatically, different. Working with Gen Xers is different from working with Boomers today, or even when the Boomers were the Gen Xers’ age. The key to successful transactions is understanding the personalities and aspirations of different generations, and having the skills and knowledge to ensure that they receive clear and understandable finance information, and estate planning and taxation advice that is tailored to their needs.

In today’s complex world of real estate understanding how to work with each of the different generations has become a necessity. One of the best ways to attain this knowledge is to take the new Generational Housing Specialist (GHS) course. To find a school nearest you offering the course visit www.RealtyUSchools.com. RE

Carmen Multhauf ABR, ASR, CRS, GRI, SHS has a distinguished career as a Broker in California. She is also author of various educational books and courses for real estate agents.

For more information, visit www.GenerationalHousingSpecialist.com.

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