Inside the Psyches of Land Millennials Anaheim Tradition Center October 5, 2010.

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Q: What rate of your land exchanges in the previous 12 months ... Q: Which long range interpersonal communication sites do you use in your land business? ...
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Inside the Minds of Real Estate Millennials Anaheim Convention Center October 5, 2010 Joel Singer Executive Vice President CALIFORNIA ASSOCIATION OF REALTORS®

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Who Are Millennials?

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"Millennial" Profile a.k.a. "Era Y" or "Reverberation Boomers" "Dwindle Pan Generation" Delayed move into adulthood Born around 1980 and before 2000 Children of Baby Boomers 10% unemployed Top needs: Being a decent parent (52%) Having an effective marriage (30%) Helping others in need (21%) Source: Pew Research Center, Wikipedia, accumulated by C.A.R.

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Demographics - 45.8 Million People (U.S.) - Source: Pew Research Center – Millennial: A Portrait of Generation Next (2010)

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Demographics - 6.3 Million People (California) - Source: California Department of Finance 2010

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Describing Millennials Confident Tech sagacious 75% have profile on long range interpersonal communication site (contrasted with half of Gen X, and 30% of Baby Boomers) 88% content on wireless (contrasted with 77% of Gen X, and 51% of Baby Boomers) Educated 15% of guys have 4 years of school or more (contrasted with 13% of Gen X, and 13% of Baby Boomers) 20% of females have 4 years of school or more (contrasted with 15% of Gen X, and 11% of Baby Boomers) Multi-taskers Open minded Source: Pew Research Center, accumulated by C.A.R.

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Defining Events 9/11 Economic Crises Dot com bubble Housing bubble Great retreat Iraq War Afghanistan War The web Mobile innovation Social media

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The Next Generation Client: Home Buyers & Sellers of Today

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Age Buyers & Sellers Buyers All purchasers: 37 First time purchasers: 30 Repeat purchasers: 44 Sellers All merchants: 41 First time venders: 39 Repeat dealers: 43

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Percent of First-Time Buyers & Sellers Q. Is it accurate to say that this was your first home buy/deal?

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Internet Use in Transaction Source: C.A.R. 2005 Internet Versus Traditional Buyer Survey and C.A.R. 2006 California Home Seller Survey

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How Real Estate Clients Use the Internet - Top 3 Activities - Buyers Preview homes (74%) Find operator (70%) ID homes to see with specialist (63%) Millennial Buyers Preview homes (74%) Find operator (69%) ID homes to see with operator (63%) Sellers Research practically identical costs (81%) Updates on neighborhood deals (51%) Find specialist (42%) Millennial Sellers Research tantamount costs (67%) Updates on neighborhood deals (46%) Find operator (40%)

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Over Half of Millennial Clients Found Their Agents On the Internet

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Consumer Attitude Towards Homeownership Desirability 67% think purchasing a house is a protected speculation (down 16% from 2003) Renting versus Owning 63% of leaseholders would preferably lease than purchase 83% of tenants think owning requires money related penance 54% of leaseholders trust a house is a sheltered venture Financing 54% trust it is hard to get a credit Delinquency 19% know somebody who has deliberately defaulted 17% accept budgetary misery makes it adequate to quit making contract installments Source: Fannie Mae – National Housing Survey (September 2010)

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Are REALTORS ® Keeping Up With Their Millennial Clients?

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Over Half of All Transactions Started on the Internet Q: What rate of your land exchanges in the previous 12 months began with an Internet contact?

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Portable Computers More Widely Used Laptop, Tablet or iPad Q: Do you utilize your Portable PC tablet PC when you lead private land business in the field?

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REALTORS® Going Wireless Have a Smart Phone for their private land business Q: Do you have a Smart telephone (e.g. Blackberry/Treo, and so forth.) for your private land business?

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Top Ten Mobile Applications Q: Which versatile applications do you use on your PDA?

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Social Networking Sites Becoming More Popular Among Agents Q: Which long range informal communication sites do you use in your land business?

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REALTORS® With Smart Phone Responded More Promptly to Clients Q: How frequently do you answer messages from customers? Q: What is your normal reaction time to messages from customers?

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Some Words of Wisdom

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Buyers\' Advice to Agents on How to Improve Service to Clients Negotiate all the more forcefully (56%) Improve correspondence speed (31%) Provide loan specialist references (28%) Improve learning of taking care of upset property exchanges (22%) Provide quality land market information (17%)

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Buyers\' Advice to Agents on How to Improve Service to Clients Find postings before customers do as such (11%) Improve nature of interchanges (11%) Listen to customers\' needs better (10%) Pre-qualify homes before demonstrating them (9%) Provide estimate data on financing costs (6%) Thank You!

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