Realtors: Why use Referral Marketing
17 August 2018
You know Baby Boomers. You know Generation X. You know Millennials (and if you don’t, read this article, Millennial Home Buying Facts, Stats and Marketing Tips that Realtors Need to Know).
But do you know Xennials?
Xennials are a micro-generation that’s sandwiched between Gen X and Millennials. They are a specific group of people, born in the late 1970s to early 1980s, which makes them currently in their late 30’s to early 40s.
So why does this select group deserve its own generational name? Well, it’s because, while they share many of the same demographical characteristics as Millennials and Boomers, they are quite different in their behavior. This makes them unique, and they require a unique marketing and communications strategy if you would like to be their real estate agent of choice. And trust us, with 25 million Xennials across North America, many of whom are buying first homes or a second home, you definitely want to be their real estate agent of choice.
So, what do you need to know about Xennials?
First, just like Boomers, they spent their childhoods watching cable television in the living room and reading comics after school. However, they spent their teens figuring out the internet (admittedly, it was over phone lines, so they were stuck with that screeching dial-up sound when the line was busy).
Second, Xennials are the generation that went through the most significant technological advancement in our history. As such, they require both old school (think phone conversations and in-person visits that remind them of their teens when they talked on the phone or hung out with a friend for hours) and new school techniques (social media, online reviews, etc. to get their attention and trust).
Third, it is important to know how to best appeal to Xennials. When appealing to Millennials, for example, the one mindset you can almost always rely on is FOMO (Fear of Missing Out). Millennials are highly motivated by the appeal of being in on the latest trends, using the latest technology and being at all the cool places. FOMO is a huge motivational factor when marketing and selling to Millennials.
Xennials, on the other hand, are motivated by their sense of nostalgia. Because technological and societal advancements occurred at hyper speed during their formative years, they jump on trends, items, etc. that remind them of their past. How does this help you as a real estate agent? Multiple ways! It’s not just the phone conversations that they appreciate. Consider the smell of baking cookies at showings, or retro advertising imagery. Do you remember She-Rah, Princess of Power and Lion-O from ThunderCats? Because they do! Think about this when you’re trying to connect with them in conversation.
In other words, grab an Xennial’s attention through the use of online strategies such as social media, virtual tours of the homes you’re selling, maintaining a strong online reputation through customer reviews as you would with a Millennial, but build a relationship with the tools you use when selling to a Baby Boomer – phone conversations, face-to-face meetings, personalized direct mail and hand-written notes.
Fourth, as a group, Xennials are financially secure. And they have a “no time like the present” attitude. In other words, they possess a “get it done right now” mentality. It can actually hurt you to pose the question, “Would you like some time to think this over?” Dragging out follow-ups or giving them space to make up their minds is usually unnecessary and, believe it or not, unwelcome. Instead, help them figure out how to get into their new home as quickly as possible.
The final consideration that you need to note is one that we’ve already touched upon but deserves emphasis. Reputation is key. Build a reputation through online reviews. Put testimonials into your direct mail newsletters on your real estate website. Even go so far as to highlight your reviews and testimonials when leaving material behind after a face-to-face visit.
There are a lot of great articles online, should you want to learn more about Xennials, including this one by Target Marketing. If you are ready to get started marketing to Xennials right now, however, consider a Real Estate Marketing Success System. Morris Real Estate Marketing Success Systems will help you deliver the right messaging at the correct intervals with a multi-touch (email, social media and direct mail) strategy. And it’s powered though the real estate industry’s leading CRM, IXACT Contact.