My friends over at 1000 Watt recently completed some original research on home ownership with Millennials and older Gen Z individuals. 600 participated and were made up of 24% living with family and 76% renting independently.
Despite the daunting reality of high rates and high prices and the corresponding cultural awareness of an affordability crisis, 95% of respondents express a desire to own a home. This is up from 91% from the August 2021 survey.
Most respondents are motivated by emotional sentiments in their desire. “Pride of ownership” and “a place for me and my family to call home” outweigh “good investment or builds wealth” significantly. Moreover, only 26% view where they currently live as “home,” and 68% think ownership is required for a “place to truly feel like home.”
It is clear that marketing to this cohort should be directed largely toward the heart.
The challenges young people face – people who very much want to own a home – are nonetheless daunting. Good marketing can’t lower interest rates or build more houses. But it can help you connect with those among this cohort who become capable of surmounting those challenges.
Millions of Gen Z and Millennial Americans will buy homes in the coming years.
Those brokers and agents who take the time to understand them, help them solve their problems, and give them candid advice, will be their real estate professionals for life.
95% of respondents express a desire to own a home.
You’re probably already working with various clients if you’re a real estate agent. Newer agents I work with say, “I’ll go anywhere with anyone,” yet the seasoned agents are “Crystal clear on who and where they invest their time and energy.”
Have you ever thought about how many different types of buyers or sellers you might be working with?
Working with first-time home buyers or sellers is vastly different than working with retirees who are downsizing into an active adult community. Both groups are different from second-chance home buyers entering the market again after recovering from a job loss or financial distress.
Not only do each of these subsets require different considerations and industry knowledge, but they also have different audiences, which means they do not share the exact needs, concerns, or goals.
To resonate with prospects, you must understand their pains, problems, desires, and triumphs. The first step toward doing that is to create a buyer and seller persona.
This exercise can lead to information and perspective that will inform your marketing efforts, messaging, and how you present your brand.
PS: For broker-owners and managers, this same exercise applies to you as it relates to your ideal agent and team.
To resonate with prospects, you must understand their pains, problems, desires, and triumphs.
Difficult doesn’t mean impossible. It simply means how can I get more resourceful? How can I work smarter, harder, quicker or be more nimble. The Wright brothers didn’t have a pilots license!
My coast to coast airplane ride mindset: Geoff Colvin’s “Humans Are Underrated. What High Achievers Know That Brilliant Machines Never Will.”
With all the buzz on AI and ChatGPT I was reflecting on this leading edge book from 2015.
The answer lies not in the nature of technology but in the nature of humans.
Regardless of what computers achieve, our greatest advantage lies in what we humans are most powerfully driven to do for and with one another, arising from our deepest, most essentially human abilities:
In December, as the new year approached, I was inspired to document my observations of success from my leadership, coaching, and work experience.
The first 20 days came easy, the next 20 a challenge, and the 60 to finish tough. Yet I did it. And here are the top 7 most engaged, commented, or shared of the 100:
#1 Was Day 58 of 100
Ten excuses that all peak performers made yet figured out a way to bust through:
1. I don’t have time
2. I don’t have the money
3. I will try it next year
4. I don’t have enough data
5. I am too tired, skeptical, or biased
6. No one ever did it before
7. It’s too much work
8. I could fail
9. I will wait until I retire
10. It’s too risky
You can bust through too.
#2 Was Day 35 of 100
Those building a consistent business resist the urge to recreate the wheel, instead, they learn from other’s mistakes.
Observe what works for others – or fails – and make it your own. (One benefit of a coach)
Many top performers have documented “a plan” that works in books, videos, or podcasts, and you can read, listen, or observe what took them a decade to uncover in a few hours. Listing Boss, Atomic Habits, The Miracle Morning, Up In Your Business, Never Split the Difference, and many more.
Others share their experiences: apply them and grow, then pay it forward.
#3 Was Day 2 of 100
Take action! We can’t do everything today but we can do one thing, even a small thing.
The winners are the daily doers.
Research: Those who do not feel they are taking steps toward their goals are 5 times more likely to give up. Elliott ‘99.
# 4 Was Day 30 of 100
It’s not one big thing in your business or life that brings you success, it’s a lot of little things done well, over time, that bring you success.
Tips for the day?
• Let your yes be yes, and your no be no.
• If you don’t follow up with prospects, someone else will. The money is in the follow-up.
#5 was Day 1 of 100
“Whether You Think You Can Or Think You Can’t, You’re Right.” ~Henry Ford
Only you can say if this is a world you can succeed in.
Research – Franklin & Mizell – showed that the more optimistic people viewed their surroundings, the greater their satisfaction with jobs and their outlook for future success.
#6 Was Day 45 of 100
There are two ways to teach someone how to swim:
1. Showing them YouTube videos and telling them about the concept of swimming.
2. Putting them in the pool and helping them try it.
Both have a place, yet the actual experience is critical; the challenge: You might flounder in the pool awhile or discover swimming isn’t your thing and try running.
The bottom line is that peak performers know to scale; you have to let your team members swim, show you what they are capable of, and be open if their passion or skill is something else like running.
#7 Was Day 3 of 100
“In playing ball, and in life, a person occasionally gets the opportunity to do something great. When that time comes, only two things matter: being prepared to seize the moment and having the courage to take your best swing.” ~ Hank Aaron
How To Seize The Moment?
C > F = R
You get the desired result when your commitment exceeds your feelings.
How To Build The Courage?
C > F = R
You get the desired result when your courage is greater than your fear.
His mother, no longer able to provide for him, turned him over to the foster care system. At 22, he was homeless with a two-year-old son to care for.
The only way he could go was up. With $700 start-up cash, he pursued his vision.
Paul Mitchell hair products and eventually Patrón tequila.
One of the most significant traits of his success, he says, was overcoming rejection.
“You’ve got to be prepared in life for a lot of rejections.”
Pointing to a time, he had to sell encyclopedias door-to-door to put food on the table. Many doors, literally, closed in his face. As a result, he came to expect rejection, which proved to be beneficial, as he learned this:
“You must be just as enthusiastic on door 51 as you were on door 50, even if all 50 of those doors are closed in your face!”
John Paul DeJoria’s journey from homeless to entrepreneur and philanthropist – now you know…the rest of the story.
You can’t see the picture when you are in the frame. (Ask Billie Bean or Michael Jordan – client and Phil Jackson – coach.)
Whenever I get frustrated I use a model, “symptom, source, solution.” (Models can be so helpful).
Ever play Whac-a-Mole? Every time you knock one down, another mole pops up. To stop that from happening, you must address the source. In the case of the game, one solution is to unplug the machine and no more moles pop up!
The idea here is that if you really understand what the real source – the root cause – of your challenge is, the resolution becomes clearer.
Behind every behavior is a feeling and behind every feeling is a need and when you get to the need you get to the root cause and more effective solutions.
