BrokerageIndustry News

Marketing to younger, first-time buyers can pay off

Part 2: How to gain market share in '08

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(This is Part 2 of a three-part series. Read Part 1, "Get rich in a niche," and Part 3, "Consumer secrets Realtors can't afford to ignore.") Have you adjusted your business to fit the changing demographics of today's buyers and sellers? If not, 2008 is a great time to start. In November 2007, NAR released its "Profile of Home Buyers and Sellers for 2007," which contains a wealth of data that aims to help you have a more successful business in the upcoming year. 1. The Generation Gap At the NAR conference in November, John Tuccillo said, "Real estate was invented by boomers for boomers." The median age of Realtors is 52 and yet the median age of all buyers is 39. What is particularly striking is that first-timers accounted for 39 percent of the home purchases in 2007 and 68 percent of these buyers were under the age of 35. Eighty-nine percent were under the age of 45. Opportunity: Older agents who intend to stay in the business will have to make substantial adjustments in how they cond...