As a real estate agent it is important to understand the market segments that your product intends to reach. One of these segments is the Baby Boomer generation, those who are between the ages of 42 and 62 years old, and account for 77 million people in the United States.
Do to the closeness with the United States, it is important to know how this type of consumer acts, so we can satisfy their needs in an effective way. The more you anticipate the consumer’s behavior the more chances for you to convince him of buying.
In the last years, we’ve been witnesses of the increase of American residents in the Baja region, a reason not to overlook this market segment that is willing to invest in the area.
Baby boomers tend to spend constantly, they use credit for purchasing goods and services, look for low down payments and flexibility for negotiation. They like going on vacation to different places. When retired, they look for places with amenities that will keep them active, they have a positive attitude towards the future, but are not prepared for retirement just yet. Baby boomers invest in retirement funds, medical plans and real estate.
Baby boomers have a higher rate of owning property than the national rate, 1 of 4 own more than 1 property, according to a study of the National Association of Real Estate Agents.
Close to 8 out of 10 boomers own their house and 9 out of 10 have been owners in some point in their life. 96% thinks that owning property is a financial investment and are more active in the second home market, baby boomers own 57% of all vacation properties and 58% rental properties.
It is time to start focusing on the needs of this market segment, how does the market behave?
Age is a decisive factor in making decisions, with age comes wisdom and one searches for more information, baby boomers ask a lot of questions because this is an intelligent buyer, he wants to know exactly what it is he is buying, he looks for credibility in the seller, knows what he wants, and if necessary will take a long time to decide whether to buy or not.
As a seller you have to be conscious of the habits of your market, when you promote a development, home, condo, land, whatever the product is, you have to focus on the product that most relates to your client’s needs.
Gather information about the buyer’s preferences by asking about previous homes, this information will be useful to define the type of product your client is looking for.
The baby boomer generally has buying experience, so that makes him a more demanding client.
Boomers are focused on large and big spaces, they are searching for spaces that make them feel comfortable and free of any kind of stress.
Women of the Baby Boomer generation focus on the kitchen amenities, as they have spent many years working and have not had the time to enjoy cooking. Have all this buyer needs present and show them options that offer functionality and high quality.
Do not forget that the more you know your market the more successful you will be satisfying their needs!!!