Talk about a booming market! By most reports, a growing segment of the “baby boomer” demographic — the 55+ crowd — are either selling or thinking of selling in the near future. That’s huge when you consider that, by some estimates, there are more than 50 million boomers in Canada and the U.S.
So how do you target this demographic to get listings? Consider these ideas:
1. Understand their motivations
Why are boomers selling?
Although every seller is unique, boomers in general are selling because they’re looking for a big change in lifestyle. They may want to downsize and simplify, decrease housing expenses, or live closer to relatives and amenities.
Boomers tend to have a clear vision of what they want the next chapter of their lives to look like. As a real estate agent, if you demonstrate that you can help them achieve that dream, they’ll want to work with you.
2. Customize your client service
You may already provide stellar client service. However, boomer prospects tend to want a more personal approach. For example, they may prefer more phone conversations than email exchanges, as well as more in-person updates and meetings.
That doesn’t mean boomers don’t embrace email, texting and the internet. They do in large numbers! But, as a demographic, they have a heightened appreciation for the personal touch. They want to see you.
3. Don’t make them feel old.
It’s a big mistake to think of boomers as the stereotype: old, set in their ways, not internet savvy, etc. On the contrary, many boomers have active careers, are starting new ventures, and are planning on an active (rather than leisurely) retirement.
According to research published in MarketingWeek Magazine, 59% of boomers feel younger than they are. When you approach boomer prospects, keep in mind that this is an energetic and adventurous group.
3. Start now to build loyalty
The best way to get more boomer listings is to start communicating with these prospects now. That way, you can build awareness and loyalty over time, so when they’re ready to list you’ll be top-of-mind.
How do you do that?
As a demographic, boomers respond very well to real estate direct mail. In fact, according to many studies, direct mail has a high response rate in this group. Boomers tend to trust direct mail more, read it more thoroughly, and keep it more often.
Of course, that doesn’t mean that boomers don’t also respond well to email and social media marketing. They do. So the best approach is to reach them with a well-rounded real estate marketing system that uses all these components.
Final takeaway: Boomers tend to work with real estate agents they like and trust. So the sooner you build loyalty with these prospects, the more referrals and listings you’ll get.
On the other side of the coin, if you’re looking for information on marketing to Millennials, check out these interesting articles: