Defining Generations- Mike loves millenials. Apparently, he just loves us. That’s what I thought. All right. So let’s let’s jump right in here. So we’ve got we’re going to start with the boomer generation. The technical definition for boomers is anywhere from nineteen forty six born between 1946 and nineteen sixty four. What do you have there?
No, I’ll keep going. I’m just having breakfast right now.
Ok, perfect. So Boomers, the main reason they’re adapting to new technology, particularly social media, is to reconnect with old friends. They’re not doing a whole lot of transactions or anything like that online or digitally.
They they really just primarily engage in things, you know, to to keep in touch with old friends. They still prefer largely person to person interaction, especially for transactions like buying a house, getting a mortgage or any major life change.
You think about how many, whether it’s State Farm franchises or Edward Jones franchises that are, you know, seem to be on every single corner, kind of like Starbucks. They, you know, largely still prefer to have that person to person interaction.
So a fun fact I did not know is that boomers actually have the highest growth in student loan debt, which is kind of counterintuitive because they’re obviously probably not going to school anymore. But what it is, is them taking taking care of their kids is one of their values, setting the setting them up in life. So they’re cosigning or taking out student loans for their children’s education.
So a little fun fact that I did not know prior to doing research on the different generations, I would have guessed it was the millennials are Gen Z that had the highest student loan debt, but apparently they’re getting loans taken out for them by mom and dad.
So I would have thought not me. Sometimes helping is hurting now, despite the lack of interaction on social media or other Internet sources for transactions or business, e commerce, anything like that, 90 percent of boomers actually have a Facebook.
So they can probably be engaged in some way, shape or form, although that’s not the primary way that they’re going to consume, you know, whatever it is, you know, they do related to real estate or anything that we do. So 90 percent have Facebook.
I guess it did start when we were, what, in college?
It was two seven. So, yeah, that would have put me at middle school. But yeah, we’re getting old. Oh, yeah, next hour, our Gen Xers dates of birth anywhere between nineteen sixty five to nineteen eighty, these people spend about seven hours per week on Facebook on average. Whether it’s I mean, if you think about that, that’s almost a full working day every week that they spend, that they spend every week. So it’s kind of crazy, the generational jump there and this generation.
So the Gen Xers, they will do research and try and self educate a little bit, but they still do largely prefer person to person transactions for for e-commerce, for real estate, for mortgage and things of that nature as well. So you kind of see a little bit of a shift away from the boomers to the Gen Xers when it comes to social media engagement and self research online.
But largely, you know, like I said, I still would prefer a person person. Do you see that at all? And in your business or, you know, do you have a lot of people that want to meet face to face? Obviously, probably pre covid, but is a good comparison.
But even during covid, I would say that nine out of 10 of my clients that are over the age of 40 still are asking me, hey, are you open to me? Can we go have lunch? Can you meet at my office? Can you come to my house? Because they prefer the transfer of information face to face.
They judge so much of the trust of me as an individual, me and my company, based on our interactions, you know, belly to belly versus I’m sure you’ll get into it as we move to the millennial and GenZE. A lot of their trust comes from online reviews, online presence, what they’re what their friends are saying digitally. So, I mean, you have to on that.
Yeah. And I want to know from you guys in the chat if you can put in a comment, have you ever not had anybody want to meet face to face initially or have you had any weird situations about like, oh, you actually don’t want to meet me at all or anything like that? You know, let me know. Let us know what’s going on. Yeah.
So that takes care of our Gen Xers. Next is my personal favorite, the millennials date of birth anywhere between nineteen eighty sorry, in nineteen eighty one to ninety six as our millennials. Millennials tend to have less brand loyalty. There are more price conscious. They prefer to shop product and features first and then we have very little patience. I say we very little patience for for poor service, like a bad service experience. So we’re very impatient. We like immediate, like instant gratification.
You think about Amazon, how it’s all spoiled our generation to two day delivery. I mean, shoot, I can get like a gallon of milk delivered. Same day delivery from Amazon. That’s coming, Klutch, a couple of times. Clutches of millennial word for like basically showing up on time because, I mean, it’s showing up on time or in a moment of need, I suppose.
So sports fans out there, sorry if I and I also feel free to put in the comments. Any words that we use that may be like lit. That means something is really good.
Yeah, I don’t know a lot of those words. Well, you have to play some more millennial monopoly. You want another fun fact? I do want another fun community chess card number two. You literally can’t even pay your student loan bill, go to jail, do not collect owe money, but hey, you want to hear a fun fact about student debt? Yeah, let’s hear it. It’s the biggest scam of the last two decades, really, and that’s my opinion.
But I want to tell you what. College is actually free for everyone. If you have a good mind, a good body or a good heart, it’s free. And if you want to go deep into how that happens, we can maybe address it on a later episode. Debt free college for everyone. Let’s do it. That would be awesome.
Hashtag BERNEY Twenty twenty four hashtag good hardbody mind.
I’m going to need you can do it yourself. All right, let’s wrap up the millennials.
There’s also different reasons that millennials are buying house buying houses as opposed to older generations. They want a backyard for their dog. They want privacy.
They want control over what they do with their living space. They want to feel engaged in their community. But always at the front of millennials minds will be, is it affordable? Same with a lot of people from across all generations. Is it affordable? Can I see myself living here long term? And they want to know that it’s it’s safe and everything like that.
So next is our genes. Our genes are still a little bit young for home buyers, although we are seeing them up and coming there. Nineteen ninety seven in 2012. So these, this generation saw their parents grow up or they grew up through their parents going through the 2008 crisis.
So they are a lot less likely to be debt leveraged. They want to avoid debt in general that at all costs they got their own, their first phone at 10 years old, which I did not know, and a lot of them grew up connected to their parents devices, crazy when they’re at restaurants and stuff like that.
So their primary source of information is going to be social media, anything online connected that you see on your on your phone. So they spend a lot more time on social media and Internet sources than than other generations. So good or bad, they’re also the first generation to not have experienced life before the advent of the Internet and other technology.
Just kind of crazy hard to imagine that, you know, I was kind of at the back end of that with floppy disks and CD-ROMs and old style computers, those kinds of things. But, yeah, I think that does it. Next, we’ll talk about how can we, as real estate agents, help or appeal to the next generation of homebuyers being millennial and GenZE.
All right, and before we jump in, let’s hit another community, chest cards, boom, this game, if you love Monopoly, do not buy this game. I tried to play it and I just want to pull my hair out because how you win is with getting life experience points. And in order to do that, you actually have to go into debt. So it’s a terrible game. I wouldn’t recommend it. But these cards are awesome.
So can we just get a fourth job? Hashtag hussle, hashtag side gig, hashtag, no days off, collect 45 experience points. Do you know that 39 percent of millennials have side jobs? I did not know. So that’s a relatively new phenomenon. And, you know, with boomers that you had dual income households, that was one of the first generations.
And now with with millennials, they have a lot of side jobs. Just know if they if you’ve been doing it for less than two years, it doesn’t count as verifiable income for a home loan. But it’s a great way to save and it’s a great way to pay off debt. So, yeah, fun fact. Oh, absolutely.
And that was my next question is how do we account that that side gig towards the to the mortgage income?