Welcome to another Friday together! Before I rattle off another Top Ten list from this week – a few housekeeping items as we approach Memorial Day weekend!
Our offices will close at 3pm today so our broker care support can too get a jump start on the Memorial Day early! Saturday & Sunday we are open regular weekend hours to support you. Monday Closed.
Memorial Day + Computation of Time
When computing time for your purchase and sale agreements, regard this Monday, May 28th as a legal holiday. Memorial Day is a legal holiday under Washington law.
Ok, let’s sweep this week and digest what we can together before we jump into the weekend! I had great feedback last week in providing a Top Ten list in what I’ve noticed. I’m hitting repeat on this approach today – yet with a refreshed list. This Top Ten reflects my week in a 3 hour class on “When Generations Connect” + 3 hour class on “Leadership thru Diversity + and our Windermere Luxury Breakfast focusing on “The Rise of The New Aristocracy” white paper that Luxury Portfolio delivers twice yearly. ***ps, if you’d like a copy of the entire white paper – ping me, I’ll get it to you. It was a great read – and even better discussion
- Baby boomers. What is our top strategy in working with them? Baby boomers: 1946-1964 – 80 million boomers. Strategy: Step up your professional pride with boomers. How you “show up” matters. Example – Mark Zukerberg [CEO of Facebook] appearance on tv interview in flip flops wouldn’t cut it in “professional pride” – although notice he was suited in his testimonies before the Senate.
- Generation X. Generation X: 1965-1979 – 60 million. Strategy: Be a partner in their process. Be a resource not a salesperson. Embrace their inherent skepticism via transparence along the entire process.
- Millennials. What is our top strategy in working with Millennials? Millennials: 1980-1995 – 82+ million! Strategy: Customize the experience. Start in understanding their “why” and then “design” the process with them.
- 92% of Millennials rely on referrals when making purchasing decisions. In 2018 48% of Millennials were referred to their agent compared to 38% of Gen Xers – and less for older.
- There is another Generation coming into our marketplace in the near future: Generation Edge [called many things to date – Gen Edge only one thus far!], 1996-2010 – 61 million. These people want to feel connected, are tech innate, resourceful, competitive and resilient.
- LeadingRE: Leading Real Estate Companies of the World. This is an invitation-only membership into the Largest global networks of locally branded, independent brokerages. You are a member by being within our Company. *Be sure you can speak to this in working with Sellers and winning their business. Need help? Ask a Premier director or me. We can give you a crash course quickly as needed!
- In 2017, personal wealth in the U.S. grew by $8.5 trillion, followed by China with $1.7 trillion growth. The world of wealth continues to grow at breakneck speeds.
- Luxury Portfolio’s 2018 white paper, “The Rise of the New Aristocracy” speaks to this group “being aged 25-49, encompassing both Millennials and the younger portion of Generation X. They coined the term “New Aristocracy” because this group is unlike any American generation before. They will ultimately be larger in number and greater in economic power than the wealthy in the gilded age of the Rockefellers.”
- “What does “The New Aristocracy” mean for real estate? Younger buyers who have grown up with wealth have greater exposure to luxury, are more educated and aware of their likes and dislikes. They know brands, they demand quality and they are familiar with real estate.” Solution in working with this group: My humble opinion, I’d suggest strategies 1-4 above are all relevant and they will be asking those they trust [parents] for referrals in who to work with in real estate.
- tl;dr [*leave a comment in the comment box if you know what this is – it blew my mind this week! Prizes for the first 5 to get it right] Hint hint: this may have applied to this FWL blog post!
Stay curious my friends and have a fantastic Memorial Day weekend in work + play!
Laura Smith, Co-owner | Windermere Real Estate Co.
Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood