Can Gen X/Z Buy the Homes They Want? And How to Get Better at Cold Calling
First things first: 83% of Gen Z (1995-2012) want to buy a house in the next 5 years. According to Property Shark Gen Z want to buy a house that averages 2,081 sq ft, but they can actually only afford 803 sq ft.
Millennials (born 1980-1994) want to buy a house that is 1883 sq ft, but they can actually only afford 812 sq ft.
Gen X (1965-1979) want to buy a house that is 2116 sqft, but can only afford 974 sq ft.
This is similar to wanting to buy a Ferrari and all you get is a Pontiac Aztek.
All three of our youngest adult generations cannot afford to buy the homes they are planning on buying in the next 5 years. What does that say about us as a country? All three generations also happen to have reasonable expectations about the house size, all under 2,200 sq ft. It’s not like they’re looking to buy mansions.
Why is our industry stagnant?
- We simply can’t afford to buy a house, so we’re renters right now.
- Nobody is actually building the houses we could afford, if we wanted the “pontiac aztek” of a house.
A solution will come:
- We will build more affordable houses to kickstart our national Real Estate industry, by choice.
- If we don’t do that, and we wait too long, the market is going to simply do it for us, prices will continue to drop. Record equity will be lost and we’ll go into another recession.
If you are in Real Estate or Lending, you’re in sales and you need to get on the phone with your past clients, your future clients and just about everyone you know.
Here are a few tips when it comes to calling folks:
- Call reluctance does not end by simply picking up the phone and dialling a number, just talking to somebody is NOT a victory. LISTEN, LISTEN, LISTEN. Find whatever need they have and see if your position can fill that need. If not, is there a referral to another industry lead that could fill that need? Whoever you send the lead to could return the favor in the near future. OR build trust with the person you’re currently on the phone with who will later come back to you looking for a house. The referral could be a loan, landscaping, maintenance, repairs, insurance. A “no” is usually not the end of the conversation. LISTEN to dive deeper and provide value!
- These are REAL human beings that you’re talking to, don’t let your nerves turn you into a robot when you’re talking to them. Practice helps with this, get on more calls. Try to talk to your target like you would talk to one of your friends.
- DO NOT SELL! No one likes to be sold, but everyone likes to buy. Your product helps people, Real Estate will sell itself if ONLY your target is ready to receive your message. The best way to accomplish this is to shut up at every single opportunity, if a person on the phone wants to share absolutely anything with you, shut up and let them finish. This shows interest in the other person.
By becoming more disciplined about cold calling, that discipline will carry over into other areas of your profession making your overall business stronger.
Let’s do this! Victoria Hurney