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In 2024, more Americans — 4.1 million to be exact — turned 65 than ever before in history. This trend is expected to continue through 2027, with economists referring to it as the Silver Tsunami due to the increasing number of Americans entering retirement age with more wealth than previous generations.
This generational shift presents significant opportunities for real estate professionals in the form of a substantial wealth transfer. To leverage these shifts effectively, professionals must understand and adapt to the evolving needs of different generations involved in real estate transactions today. Expect to engage with multiple generations, as 36 percent of aspiring Gen Z and millennial homebuyers anticipate family assistance in financing a home down payment, double the rate from five years ago.
With this in mind, here are three tips for engaging with clients across generations.
Utilize Existing Resources
You don’t have to belong to the same generation as your clients to serve them effectively. However, understanding the preferences, mindsets, and motivations of various demographics is crucial. Ken Dara, a real estate advisor at Engel & Völkers in the Bay Area, has formed an “informal board of directors” to gain insights from professionals and business leaders across different generations. This market research, often over a meal or coffee, can provide valuable insights into your consumer base.
Adopt an ‘Advisor’ Approach
In a market saturated with information, it’s essential for real estate professionals to bring value to client interactions. Moving beyond being just an agent, adopt an advisory role that offers experience, intelligence, and guidance throughout the buying or selling process. Be attentive, available, flexible, and above all, a resource for your clients. Understand their needs, preferences, and goals to make informed decisions and build lasting relationships.
Implement Best Practices
Regardless of the generation you’re working with, industry best practices remain crucial. Don’t assume communication preferences based on generational stereotypes; instead, inquire and adapt your approach accordingly. Invest in a blend of traditional and digital marketing channels to reach clients effectively. Engage with your community through events and causes that resonate across demographics, demonstrating your commitment to social and environmental values.
Customer Service Across Generations
While demographics shift, personalized client service remains paramount. Flexibility is key to engaging clients of all generations, tailoring service to their unique needs and preferences. Stay adaptable and attentive, offering value and expertise to build trust and loyalty among clients across different age groups.
Written by Katelyn Castellano, Senior Vice President of Marketing, Americas at Engel & Völkers. Connect with her on Linkedin.
