Different Generations of Home Sellers in Real Estate Market | Styldod

Homeowners depend on and count on real estate agents when they want to see their homes, and all for the right reasons. Sellers can sell their homes faster and at the right price when a real estate agent is involved. But, different generations of home sellers have different wants and needs. As a real estate agent, you need to know and understand the expectations of home sellers from different generations to ensure you are doing everything right to help your clients in the best possible way, and in turn, get your listings to convert into sales. 

Let's take a look at some data that can help establish a few facts about home sellers in the US. As per the National Association of Realtors' Home Buyers and Sellers Generational Trends Report:

• Older sellers who are 65 to 73 years make up the most significant share of home sellers at 23%.
• Nine in 10 home sellers worked with a real estate agent to sell their home, consistent across all generations.
• 66% of recent home sellers used a referral or the same real estate agent they had worked with earlier. That number jumped to 75% for home sellers aged 30 to 39 years.
• 53% of sellers used the same agent to buy and sell their homes. 

The sellers in the real estate markets consist of 23% Baby Boomers, followed by 21% of Generation X sellers and 30% of Millennial and Generation Z sellers.

Baby boomers are most likely looking to sell their big home to downsize while ensuring they upgrade their lifestyles. Generation X sellers are perhaps looking to sell their smaller homes to look for bigger ones for their growing family needs. Similarly, the reasons to sell are different for other generations as well. Whatever be the reason for home sellers to put up their home for sale in the market, all of them probably want their real estate agent to employ the best marketing strategies to promote their property in the best light to potential buyers.

Tips for real estate agents: 

• Take great pictures of the property. Consider hiring a professional real estate photographer or using the services of a virtual staging company.
• Use all available marketing channels, including your website, blog, and active social media profiles, to spread the word.
• Use exceptional marketing materials, from real estate photographs to 3D virtual home tours, to market the home. 
  

If you're looking for a reliable virtual home staging service, get in touch with us at Styldod. We'd love to help you with our virtual staging services that simplify the listing process, making it less expensive, and helping you present homes in their most favorable light online.

14% Baby Boomers (born between 1946-1964), 20% Generation X (born between 1965-1980), 39% young sellers, including Millennial (born between 1981 and 1996) and Generation Z (born between 1997 and the present day) want their agents to fix up their home and sell it for more according the National Association of Realtors' Home Buyers and Sellers Generational Trends Report.

Tips for real estate agents:

• Consider using virtual staging services like clutter removal, occupied to vacant, and vice versa to make the property look appealing to buyers.
• Set a fair and competitive selling price that will increase the odds of a quick sale.
• Don't misrepresent a home's value to get business.
• Use your training, understanding of the market, and comparable sales to set the right price.
  

Once again, according to the National Association of Realtors' Home Buyers and Sellers Generational Trends Report, negotiating skills is one of the top skills that 4% of Baby Boomers, 5% Generation X, 14% young sellers, including Millennials and Generation Z, want in their real estate agent. They want their real estate agent to get the most money for their homes in the least amount of time while facilitating smooth communication with buyers.

Tips for real estate agents:

• Learn what to say to a buyer's representative and when to say it.  
• Strive for the best possible terms for the transaction. 
• Don't send a counter-offer from your client back to the buyer's representative without checking with the seller. 

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As per the same Generational Trends Report by the National Association of Realtors' Home Buyers and Sellers, many real estate agents would have assumed this expectation to top the list. However, only 5% Baby Boomers, 1% Generation X, 12% young sellers made this a priority need.

Tips for real estate agents:

• Guide your client through all of the paperwork and steps that need to be completed in the closing process to officially hand over your keys to the new owner. 
• Even if your seller isn't really looking for any help in this area, offer it anyways as a value-added service. 

Also read: Different Generations Of Home Buyers In Real Estate Market

Knowing what different generations of home sellers expect from their real estate agents should equip you to provide the appropriate service to individual sellers. Besides knowing what sellers expect from you as their real estate agent, it is also essential that you understand each seller's unique needs, requirements, and personality to ensure that you treat each one with equal importance.