The Role of Demographics in Real Estate

[Beth Anne Grib]

How important are demographics in the scheme of REAL ESTATE? Huge my friend...huge. Demographic trends determine the destiny of real estate, the economy and even politics to some extent. They drive the machine.

As the first batch of "Baby Boomers" now reach age 65, the face of the US Population is changing rapidly. Also, primarily due to economic conditions, they remain part of the active workforce. In 2018, for at least a quarter of the US population, retirement will not be an option according to labor stats. Most of these folks already own homes, so the few that are looking to rent will focus on the bottom line more than options. 

We 80's babies are working hard, living on a budget, trying to put our kids through college and making payments. We're exploring the world of refinancing and tax re-assessment, looking for ways to trim expense.

The "Millennials" are becoming the dominating powerhouses in the apartment rentals arena. Mortgage requirements stiffened like a well-starched collar in the last few years, making it more challenging for this group to "achieve the American dream" of home ownership. While the majority of this assemblage are not sitting in executive offices, they are highly influential as to where commercial real estate trends will traverse in the next ten years or so. They are the mavens and aficionados of technology and social media, and will most likely seek out positions within companies that have similar modus operandi...companies continuously being birthed from new inventive technology.

So, how do we reach this diverse assortment? How do you know what to market to whom? What marketing avenues are right for what genre? Well, you could drive yourself crazy as a REALTOR trying to "microtarget" the plethera of prospects. However, there are some general rules that will work, negotiating the diversified expanse.

 

 

 

 

 

Be the GO-TO person: What I mean by this is be the REALTOR that everyone knows and goes to for information because you know your stuff. You are well-aquainted with your service area and current market conditions.

 

 

 

You have the REP: You have built a reputation because you shoot straight from the hip with your clientele. You don't cave in when you know that it will never sell at that price. You are both knowledgable and realistic - a GREAT combination that brings success.

 

 

 

 

You know how to dance to more than one tune: Flexibility and adaptability in your methods of marketing your properties has always been key. Your versatility must be the constant....does that make sense? As the world spirals all different directions of growth and movement around you, you remain free to adjust where needed for a particular situation or circumstance.

 

 

 

Your ears still work: Remember when your mom and dad told you that listening was so important? Well, they're STILL correct about that. Listening to a client is probably the most important thing that you can do as a REALTOR. It shows that personal service is still on your essentials list. It puts them at a priority level in your eyes. Put down the phone, the i-pad, the laptop and take off the bluetooth and be attentive. It will make all of the difference.

 

 

 

Beiler-Campbell Commercial has been serving the business community of the Greater Delaware Valley community for over 35 years. We have well-established relationships locally, regionally and nationally in order to provide our clients with the best service possible. Locally managed, we care about the communities we serve. We have built a reputation for solid work ethic, attention to detail and top-notch service to our clients...every time...every transaction.