Archive for the ‘Demographics’ Category
How Are Builders Catering to the Single Woman Buyer?
Posted by Sibet B Freides in Demographics on December 15th, 2011
Single women continue to be a major force in the real estate market, according to MSNBC and the National Association of Realtors. The demographic accounted for 20 percent of all homebuyers in the past year, whereas single men only made up 12 percent of the total.
Realtors and builders are taking notice of this trend. In new home construction, builders are putting in extras such as security features, gourmet kitchens and yards with little to no maintenance required.
What else is important to this demographic?
Safety. Industry experts also say a building’s proximity to public transit and parking factor into this equation. Late working professional women would take notice of a parking garage and controlled building entrance.
Socializing opportunities and luxury touches. Events, areas for entertaining, spa, massage room and fitness centers with all the bells and whistles are a huge draw for the savvy woman buyer.
Respect. There’s unfortunately still a perception that single women are gullible—that they can be suckered by a wily contractor. In today’s market, that’s an unfair characterization: they’re smart. They’ve done their research. They probably know more about a building’s floorplans than the salesperson.
When women buy for themselves, they are excited about turning the home into something that reflects them and who they are—this is a continuing trend that should not be ignored by builders and developers.
Baby Boomers Finally Contributing to Online Sales
Posted by Sibet B Freides in Demographics on November 17th, 2011
Baby Boomers have finally become more comfortable with technology; they have now started spending a great deal of money online. According to Mediapost, more than 70% of consumers ages 45 to 55 made an online purchase in the past three months.
Consumers ages 56 to 66 spend the most online among all the generations – more than double the amount of what is spent by those ages 18 to 22.
The average online consumer owns two connected devices. Not surprisingly, the ability to go mobile will fuel the trend, as 78% of those adults going online daily.
Nearly all online U.S. adults own a mobile phone, more than one-third own a smartphone, and close to half log on to the Internet through it at least monthly. 67% of these consumers are considered the most sophisticated by a Forrester study because they rely on their phones for email, games, and checking news, sports and weather. They also use their phone to send text messages and watch videos.
The study also suggests that consuming other media has become popular online. 74% of consumers watch TV online at least once weekly.
It is yet to be measured how Boomers are responding to online ads and where they are most reachable. What do you think from your experience? Are Boomers clicking online banner ads, pay-per-click, review sites? What do you think is the best way to reach them online? Share by commenting below or posting on our Facebook page!
What Luxury Agents Do for That Sale
Posted by Sibet B Freides in Demographics, Real Estate Economics, Real Estate Sales, Real Estate Trends on November 8th, 2011
According to the LA Times, real estate agents listing an $8-million home in Santa Monica wanted to ensure a good crowd for an open house last month, so they hired a stilt walker, shirtless male jugglers and a contortionist who floated in the pool, encased in a clear plastic bubble.
Nearby, an agent stationed models in front of a new condominium project. Wearing velour robes and flip-flops, the young men and women served free drinks to promote the cocktail hour lifestyle at the development.
Still another went all the way to Spain to drum up business.
When marketing a multimillion-dollar mansion, a plate of cookies and free coffee simply won’t do in today’s new market. Agents have been outdoing themselves to help get through this market.
Aerial Showgirls, Thai foot massages, and Botox treatments… is all this really necessary? Although agents are putting up thousands of dollars for these remarkable parties, they are definitely seeing up to three times the traffic than they would with a simple display ad or a listing on MLS and some generic signage.
Agents are treating buyers seeking homes in the $2-million and more range like royalty, including facilitating their home tour starting with a red carpet.
Sometimes, it can be as simple as putting a new spin on an old standby, such as staging.
A recent agent recruited a well-known interior designer to outfit the home with vintage and contemporary furniture and art, which was then offered for sale at the open house.
He told the LA times that the cost was less than hiring a traditional staging company, the event drew about 200 people and the property received multiple offers, selling at nearly full price within a week of coming on the market.
To get foot traffic, a condo agent put a new “spin” on a sign-spinner by hiring models to hand out fruit drinks on the sidewalk… and beer, wine and mimosas to adults that came in to see the model units. The agent spent about $5,000 but sold four units on the weekend following Thanksgiving.
What’s the bottom line? You may be afraid to spend the money and think outside the box, but this is the time to go above and beyond and really draw attention to your properties. While we don’t think you should pull out all the stops and hire a circus, there are some worthwhile ideas in the shock and awe mindset that might just get you results.
Affluents Right at Home in the Digital World
Posted by Sibet B Freides in Demographics, Marketing on September 27th, 2011
In a recent survey about lifestyles and attitudes, 79% of affluents shared that in the last decade their lives have become quite intertwined with technology, including digital advertising. Almost 60% said they took action as a result of seeing a digital ad, including clicking, searching for more information, buying the product online, or going to a retail store to purchase.
Agencies have traditionally felt this group was the hardest to reach through any media, especially TV and radio. However, they are actually the heaviest users of digital media, spending at least six hours more a week than the general population.
What does this mean?
The paradigm has shifted; you can expect affluents to respond to digital advertising and even share information about them so they can have a more personal online experience.
They still seek clever and attractive ads that entertain, but affluents look for balance and relevancy, as long as it is on their terms and they are not repeatedly interrupted with ads that demand immediate action.
Boomers: Is the Housing Market’s Cavalry Here?
Posted by Sibet B Freides in Demographics, Real Estate Economics, Real Estate Trends on September 22nd, 2011
Being able to easily meet today’s required 20 percent down payment, boomers should be ready and able to bail this generation out of the housing muddle. So why is this not happening?
Unfortunately, the boomers are too busy taking care of the Gen-Xers that CAN’T qualify for a mortgage in today’s restrictive market.
I still think there’s hope for the market to be recovered by this steadfast generation. For one, they did not purchase their first home during the recent housing boom, so this means they will have a larger home equity cushion and the ability to secure a reverse mortgage.
They are also looking for a different lifestyle and product and are ready to buy. According to the NAHB, specifically appealing to boomers are single-story homes and with all living space on one level.
The 55+ demographic actually account for almost a quarter of all new custom-home purchases, so builders should be catering to this group of middle agers. Unfortunately, homebuilders are contending with a huge overhang of existing homes on the market, and having a harder time getting banks to sign off on construction loans.
Do you think the boomer generation will lead the housing revival? We’ve already seen signs, do you think it’s just a matter of when? Let us know by commenting below or posting on our Facebook page!
Gen Xers are Online the Most
Posted by Sibet B Freides in Demographics, Marketing, Real Estate Trends on September 1st, 2011
It’s not the Millennials that are the most savvy in the digital world. Generation X—the first generation to grow up with PCs—are the ones plugged in the most. These 34- to 45-year-old consumers are heavy users of digital tools, but they also watch more TV than any other age segment.
A new eMarketer report, “Gen X: Demographic Profile and Marketing Approaches” indicates that this group is as comfortable with digital as with traditional media. “To effectively engage with Gen X, brands need a strategy that incorporates multiple channels—including mobile, social and online video—with authentic, relevant messaging,” the report notes.
Since this demographic actively loves TV along with their digital conveniences, video marketing is a smart choice to reach them.
eMarketer forecasts that 74.2.% of Gen X internet users will watch online video at least monthly in 2011, and that percentage is expected to grow to 80% by 2015.
It’s their shopping habits that speak the loudest of this generation. They are more likely than the general population to visit online retail stores mobile retail sites.
Some common characteristics of Gen X
Generation X came of age in an era of two-income families and rising divorce rates. Women joined the workforce in large numbers, spawning an age of “latch-key” children. As a result, Generation X is independent, resourceful and self-sufficient.
The first generation to grow up with computers, Gen Xers are comfortable using smartphones, e-mail, laptops, GPS, iPads, and more.
Many Gen Xers lived through tough economic times in the 1980s and saw their workaholic parents lose hard-earned positions. Because of this, they are less committed to one employer and more willing to change jobs to get ahead than previous generations. They adapt well to change and are tolerant of alternative lifestyles.
Tell us how you market to this audience – do you employ different strategies or use the same message and discipline for all your potential clients?



