{"id":3027,"date":"2008-04-27T11:41:12","date_gmt":"2008-04-27T18:41:12","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=3027"},"modified":"2008-04-27T11:44:38","modified_gmt":"2008-04-27T18:44:38","slug":"gen-x-gen-y-and-the-end-of-the-traditional-real-estate-business-model","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3027\/gen-x-gen-y-and-the-end-of-the-traditional-real-estate-business-model\/","title":{"rendered":"Gen X, Gen Y, And the End Of The Traditional Real Estate Business Model"},"content":{"rendered":"

\u00a0\"Real<\/h1>\n

With the median age of real estate agents being 52 years of age (source NAR), new Realtors hoping to make their mark in the real estate business are casting aside conventional wisdom.<\/p>\n

New Real Estate Agents Seeking Gen X And Gen Y Buyers Break From The Mold<\/em><\/strong><\/p>\n

New real estate agents, cognizant of the fact that 84% of homebuyers start their home buying journey on the Internet and that the median age of first time home buyers is 32, now realize that what may have worked for the elder-statesmen of the industry is not what their clientele are looking for.<\/p>\n

In a demographic wherein 50% of which use social networking websites,the axioms of traditional real estate sales is not viewed as being prudent.<\/p>\n

Young agents are now finding that chaperoning prospective buyers from house to house and acting as the veritable liaison between the Buyer and Seller is not generating sales among the Gen X and Gen Y hip and technologically advanced home buyer.<\/p>\n

\u201cPeople, especially my peers, aren\u2019t looking for a ride to the property or a go-between; they want to IM me to find out how big the basement is,\u201d said Lisa Johnson, 33, who works for Coldwell Banker in Haverhill. \u201cThey often have more information on the properties than most realtors. They don\u2019t want a new friend; they want answers fast and will make decisions quickly when you provide them. I know this because I\u2019m the same way.\u201d (As reported recently in the Boston Globe<\/a>.)<\/p>\n

It is becoming more and more apparent that a fresh, younger, breed of real estate agent is in great demand in an aging industry struggling to keep pace with a market populated with an emerging younger homebuyer. The dilemma? The real estate industry continues to get older while the industry\u2019s consumer base begins to skew younger.<\/p>\n

This widening gap poses a great conundrum for traditional real estate agents.Younger prospective home buyers seek to do their own research, on their own time, and in their own manner. They expect a real estate agent to \u201cchill-out\u201d<\/em> and just be there when they are ready. They definitely do not want to be involved Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 With the median age of real estate agents being 52 years of age (source NAR), new Realtors hoping to make their mark in the real estate business are casting aside conventional wisdom. New Real Estate Agents Seeking Gen X And Gen Y Buyers Break From The Mold New real estate agents, cognizant of the […]<\/p>\n","protected":false},"author":37,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,6,5],"tags":[],"class_list":{"0":"post-3027","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-disintermediation","7":"category-marketing","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3007,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3007\/sometimes-change-need-not-be-subtle\/","url_meta":{"origin":3027,"position":0},"title":"Sometimes Change Need Not Be Subtle","author":"Barry Cunningham","date":"April 23, 2008","format":false,"excerpt":"The old way is out and the new way is in. The manner in which you are presently engaged will cease to exist. You must change. You will have no choice! The date of the metamorphosis has been announced. February 17, 2009 is the day of reckoning. You will either\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"Real Estate Radio USA | Real Estate Changes","src":"https:\/\/i0.wp.com\/www.realestateradiousa.com\/blog\/wp-content\/uploads\/2008\/04\/type.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":541,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/541\/why-the-traditional-real-estate-commission-model-is-broken-and-needs-to-be-replaced\/","url_meta":{"origin":3027,"position":1},"title":"Why the traditional real estate commission model is broken and needs to be replaced . . .","author":"Greg Swann","date":"October 15, 2006","format":false,"excerpt":"These are the concluding paragraphs of Mark Nadel's white paper on real estate commissions. The executive summary has been quoted all over, but I think this text is more compelling. For what it's worth, I think Nadel has hit a home run. There are things he doesn't know about, which\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5017,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5017\/point-counter-point\/","url_meta":{"origin":3027,"position":2},"title":"Point \/ Counter-Point","author":"Sean Purcell","date":"October 16, 2008","format":false,"excerpt":"Michael Cook wrote a thought provoking post earlier entitled What Happens to the Early Worm.\u00a0 So thought provoking that I found my comments drifting to post length.\u00a0 So how about a little point\/counter-point? Michael, a very detailed and thoughtful post. I would not disagree with you that cautiousness is a\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5446,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5446\/offering-more-service-to-buyers-for-a-bigger-slice-of-the-buyers-agents-commission-redfin-moves-closer-to-traditional-real-estate\/","url_meta":{"origin":3027,"position":3},"title":"Offering more service to buyers for a bigger slice of the buyer’s agent’s commission, Redfin moves closer to traditional real estate","author":"Greg Swann","date":"November 6, 2008","format":false,"excerpt":"When I represent buyers, I see my biggest responsibility as taking the fear away. Yes, I need to find and show houses. Yes, I need to write contracts and supervise inspections. Yes, I need to husband everything through the lender and the title company. But the job of jobs is\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2179,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2179\/a-consumers-guide-to-the-divorced-real-estate-commission-why-buyers-and-sellers-each-paying-for-their-own-representation-is-the-most-significant-reform-that-can-be-made-today-in-residential-real-estat\/","url_meta":{"origin":3027,"position":4},"title":"A consumer’s guide to the divorced real estate commission: Why buyers and sellers each paying for their own representation is the most significant reform that can be made today in residential real estate","author":"Greg Swann","date":"November 7, 2007","format":false,"excerpt":"Part I: How we got into this mess in the first place Can we be straight with each other? 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