The Age Gap Between Buyers and Real Estate Agents : The Real Estate Bloggers

The Age Gap Between Buyers and Real Estate Agents

March 5th, 2008 • Related • Filed Under

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TwentysomethingcoupleThe Wall Street Journal Development Blog has an interesting post on the age gap that is occurring between buyers and agents. The average age of real estate agents in the United States is 51 while the average buyer was 39.

Mostly this is a non issue and I was glossing over the post until I read the comments. There was anger in them about the disconnect between what the agents perceived their role was and what the young buyers are looking for.

Here is a sample comment:

I have to admit that old school agents make me nuts. Half the time they come at me with a couple NAR talking points, not realizing that us younger buyers are running the numbers and doing the research online. It makes them sound archaic and I always wonder if they really think we’re that dumb?

If you are reading this post odds are you are not caught in the old school way of selling real estate, but I will bet that someone in your office is. If they have a young client there is a good chance they are hurting the firms reputation and are are not giving the service that is needed, or worse, the client thinks they are being insulted. 

I wonder if this is a wide open niche that can be exploited. Instead of taking the traditional route in your marketing, aim it directly at the twenty something buyers. Build you web site out as they want to use it and use the tools that they use.

I bet just offering  services that fit the clients needs and wants would create a great long term business for you.

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There Are 9 Responses So Far. »

  1. Comment by Santa Barbara Real Estate Voice on 5 March 2008:

    Great post. I have thought about this before and the conversation has come up with agents in our office. I think that if you are younger, you have to have an interactive blog style web presence these days. Outside of this I only see a younger client working with an older agent if there is a true business connection, family connection etc.

    take care

  2. Comment by Mike Farmer on 5 March 2008:

    It’s true too often. I hear the old spiel all the time. Agents stuck in that mindset will disappear, quickly.

  3. Comment by Joe P on 5 March 2008:

    Interesting article, seeing as how I am involved my self with online real estate advertisement (that is I sell it, I consult for it) we try everyday to help agents step into the electronic age so to speak, and build a presence that appeals to what the current crop of buyers and sellers are looking for.

    Interactive blogs, interactive reporting, how to leverage ALL aspects of the internet.

    The biggest problem and has been the question of “Will this work for me?” Yes. “Will this work for me TODAY?” NO.

    It takes time to build a presence and be seen, and in the face of the drastic market changes we find ourselves in it takes time to catch up to those already established.

  4. Comment by pam,1986 RE Broker on 5 March 2008:

    I disagree.
    I’ve been in the business from the 80’s and have found that experience and the breath of knowledge one perceives from all the real estate cycles is invaluable.
    The truly professional broker (within the over 50’s age group), have not only gained tremendous insight but can advise and counsel their clients as well as supply them with ALL of the necessary tools for their clients to make the right decisions.
    This highly technological enviroment of blogs, webs, emails etc. have replaced many of the more personal aspects of doing business.
    Faster, yes.But at what cost?
    And actually, being able to combine the past with the present is a skill that certain age groups can bring to the table with a great deal of confidence and aplomb

  5. Comment by Joshua Dorkin on 5 March 2008:

    While I do see the age gap as contributing to communication and other issues between younger buyers and the realtors trying to sell to them, I also see the use of “Realtor Talking Points” as another one.

    I used to sell real estate and am very aware of these talking points. Its “a great time to buy” or some other crap is always being spewed at buyers . . . while that may be true now that we’re in a buyers market, the use of these talking points to manipulate people has been happening forever.

    Its funny - the mortgage business gets a lot of blame for the housing blowup, but the Realtors managed to escape that one unscathed. Looks like its another score for those talking points.

  6. Comment by Tom on 5 March 2008:

    Joe -
    I think the age gap is not the answer, but the use of the tools that the twenty somethings use is what will define many a real estate agents business in the coming years.

    I may have phrased it incorrectly, but the truth remains that even how one sold real estate 5 years ago will not work with the generation that has had technology as a major focus of their lives.

    Josh

    The point was more for emphasis that this is the perception that the twenty somethings perceive older realtors. I had a great boss in the restaurant industry when I was younger who said that perception is reality when it is the customers perception.

    So if they think that a Realtor is spouting talking points instead of the recognizing their knowledge, they will not do business with them.

    But think of how cool it would be if an agent who was older caught the call and said here is my AIM, my twitter , my skype, my email and I will answer text messages up till 8 at night. Bet they will be thrilled they found an agent with EXPERIENCE who understood them?

  7. Comment by Joe P on 7 March 2008:

    Tom, correct. I did understand your original point and was not necessarily pointing out age as the main culprit. I came out of the technology sector and am appalled at how little of the best technology is being leveraged by realtors in general.

    It’s not meant to discount the knowledge of an expert veteran real estate agent, but how they are communicating with and coming into contact with GEN y and GEN x buyers and sellers.

  8. Comment by Tom on 7 March 2008:

    Joe

    What is interesting is how little IT has entered real estate in proportion to the use of it by agents. I think this has to do with the amount of money floating around real estate and agent being bombarded by solutions to the point that they discount everything.

    I was talking to a 50-100 agent firm about coming on as a full time IT solution provider. I showed them that having a solid infrastructure, adding some high tech techniques and gizmos for the agents, and having solutions provided round the clock would catapult their business.

    They of course declined because no one else was doing many of these techniques back in 2004. Now many are mainstream and they are still wallowing. I truly believe a real estate agent or agency can get a significant competitive advantage by properly utilizing the technology available in ways that benefit the customer. (God that sounded trite, but it is true.)

  9. Comment by dallas on 31 March 2008:

    Perhaps many of the older agents will eventually understand most people search real estate online first, and the potential buyers already know what homes are available in the local area.

    The younger generation does indepth researh, via search engines, Blogs, and other WEB 2.0 portal networks. Often the younger buyers, have already looked at property maps, 3-d tours, and neighborhood information.

    Often the buyers only need the realtors to bring the keys as they walk around the home to confirm what they have already researched. The realtors need to talk with the buyers, and not at them.

    The younger generation is interested in refreshing interactive information, and often the local realtors website is about themselves, and then pictures of homes for sale.

    a reference wiki can share more information than a picture of a realtor!

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