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GenY – Turning the Corner in Real Estate

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We wrote some GenY Primers

No Agent left behind

(unless you want to be, then good luck with that)

Many scoffed at the idea of discussing GenY without understanding the point of the background we were laying out for what is upcoming. What I found to be interesting is that GenX in the west seemed to have problems with what we are describing, yet Redfin just let us all know that 90% of their clients are less than 45 years of age. Are you sure you’re not missing something here? You cannot argue with data, it’s factual, all you can do is try to understand it and adapt.

Sure, the data we presented in earlier posts is about internet, computers, iPods, and cell phones, and you’re no piece of electronics. But if your marketing isn’t reaching the core audience, then it is more than likely that you’re not reaching the electronic stream that GenY is accessing daily, and hourly. Remember, this is the largest demo since the boomers.

The Question to ask yourself

If you truly believe that GenY has no real new expectations of you, then why do you blog? If you truly believe that GenY doesn’t get their information online from peers using social media, then why do you Twitter? If you truly believe this new generation Y doesn’t come complete with its own culture, then you are wasting your time online.

Most GenX could care less about what a blog or Twitter is unless their kids are using them, and even then, they’re warning their children away from you. The bottom line is that we want to try to help you turn that waste of time into primetime online real estate, and to do this you must understand the generational gap and the new merge taking place.

Why the first article was so dramatic and from the hip

…and smacked of sarcasm and grit

Because a GenY wrote it. Again, welcome to GenY- it was simply to make a point, that some missed.

Why we’re writing this series

Without understanding where GenY and soon GenZ mingle and congregate seeking the wisdom of the crowd, then how in the world do you stand a chance to be that wisdom- you can’t and you won’t.

Speaking from experience

This is Lani’s Facebook (in case you’re not on Facebook, I added an image at the top), and you see her list of 216 friends. Besides the usual suspects of Real Estate professionals, you see that her Facebook is loaded up with GenY friends that are now all around the world. She truly mingles in the GenY social media circle. Yet, some would doubt what she demonstrates effectively, daily. I would also acknowledge that she mingles with GenX quite nicely as well, so her ability to mingle in both realms should give anyone pause at just how well networked GenY really is. How many actual consumers are in your Facebook, Twitter, or Myspace feeds? Don’t fear, soon we’ll illustrate what works most efficiently and what doesn’t.

Here’s what we know

Show me one GenY client or person you know, and I’ll show you 20 GenYs I’ve closed (here’s three). The truth is, most agents have not one clue as to what will soon hit businesses in droves in the next few years. The oldest age of a GenY consumer is roughly 28 years of age, we’ll add 5 years to include a cusp which would mean that if the majority of your demographic isn’t 33 or younger, then you may want to sit back and grab a pen.

What we know about data

Demographic realities are just that, realities- it is a fact that your upcoming clients will be found on the internet. Chances are that your marketing is stab in the dark failures in the social department, which is probably true if you’re surrounded with other Realtors instead of potential buyers, that means you will miss out on the largest sector of buyers coming in the next 5 years- wrap your brain around that.

So, this closes the basis of what GenY is, and now you’ll be seeing upcoming articles about how GenY’s move in online social streams and how it will effect your business and how you can tap in. If you’re not up for this challenge then don’t read our up coming social media articles, but if you could use some serious input on how to find your way to the stream– stay tuned, but until then, here’s some more meat to chew on:

Why we chose Redfin as an example

It wasn’t because we knew you’d smell blood and attack, it was because of this simple fact- if you believe there are plenty of GenXers to still work with, you may be wrong. Entities in mainstream media such as the New York Times and others have already injected companies like Redfin into the Xer’s consciousness, and guess what, it’s resonating. Take Glenn’s assertion for example, “90% of our customers are under 45.” This means that clients from the age of 28 and older are using them, they’ve found the alternative, and it’s real whether you believe they offer service or not, and most certainly whether you believe they can survive- another company will just pop up in their place and do it bigger and better, and then what?

Don’t fear, we’re not here to tout the end of the world

Our goal is to break down these unique realities and begin to define niche options in marketing, together. The mission now becomes finding opportunities to break into social streams to offer the alternative, but it must be done in a way that speaks to a 2.0 buyer or seller authentically in whatever generation they’re in. We’ve lined up some interesting information that will help all of us tool what most are already doing poorly into something that wins. Our hope is that we can start a collaborative conversation on the future of real estate and how we can begin to shape it as we move towards rebarcamp08, rather than shot in the dark dribble- this is gonna be a lot fun…

Benn Rosales is the Founder and CEO of The American Genius (AG), national news network for tech and entrepreneurs, proudly celebrating 10 years in publishing, recently ranked as the #5 startup in Austin. Before founding AG, he founded one of the first digital media strategy firms in the nation and also acquired several other firms. His resume prior includes roles at Apple and Kroger Foods, specializing in marketing, communications, and technology integration. He is a recipient of the Statesman Texas Social Media Award and is an Inman Innovator Award winner. He has consulted for numerous startups (both early- and late-stage), has built partnerships and bridges between tech recruiters and the best tech talent in the industry, and is well known for organizing the digital community through popular monthly networking events. Benn does not venture into the spotlight often, rather believes his biggest accomplishments are the talent he recruits, develops, and gives all credit to those he's empowered.

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10 Comments

10 Comments

  1. Scott Rogers

    February 4, 2008 at 12:15 am

    Glenn’s data remains a bit nebulous — I’m curious how the 90% of customers under 45 years old actually breaks down. Are most of them Gen-X consumers (age 30-45), or are there a decent number of Gen-Y consumers?

    Glenn seems to be implying that Redfin indeed appeals to Gen-Y consumers (which I would imagine to be the case), but when he backs it with the under 45 data, I’m wondering whether what the numbers look like for under 30 years old.

  2. Benn Rosales

    February 4, 2008 at 12:18 am

    Scott, we’re curious too, we’re actually hoping to get that answer.

  3. Ines

    February 4, 2008 at 8:54 am

    The part I liked most about this post is “If you truly believe that GenY has no real new expectations of you, then why do you blog? If you truly believe that GenY doesn’t get their information online from peers using social media, then why do you Twitter? If you truly believe this new generation Y doesn’t come complete with its own culture, then you are wasting your time online.”

    That really says it all – by making believe that you don’t understand and you don’t believe in generational studies, you are really denying yourself of a marketing truth that is more powerful than words.

  4. Jonathan Dalton

    February 4, 2008 at 9:20 am

    > Entities in mainstream media such as the New York Times and others have already injected companies like Redfin into the Xer’s consciousness, and guess what, it’s resonating.

    Really? Has their market share improved? Are they doing anything more than imitating the great discounters and rebaters of the past, except with a really neat website?

    Some will argue that every generation looks at future generations with a “bah humbug, we were far more sophisticated, worldly, pick-a-word” kind of view. Personally, I look back and realize that when I was the same age as the folks in Gen Y are now, I didn’t know nearly as much as I thought I did. What’s the old line? The older I got, the wiser my father became? You’ll object now and in 10 years look and say, oh … wait …

    Hinging internet marketing on one particular generation is short-sighted. But again, I’m only a guy who successfully markets to retirement communities online. So what would I know …

  5. Benn Rosales

    February 4, 2008 at 10:00 am

    Really? Has their market share improved? Are they doing anything more than imitating the great discounters and rebaters of the past, except with a really neat website?

    its the really neat website, venacular, and social media that we’re actually talking about- how you’re marketing, and where you’re blowing your marketing cash. The idea that 77% of the consumer experience is online is just a statement, our goal is to try to break that down to how your marketing touches that 77% in a way that pulls traffic in. My point in what you highlighted is that more and more people are catching on to this implied “new way” and yeah, it looks new. I think we all call this 2.0.

    the idea of the wide net approach is costly, and expensive, so the goal was to try to find out just who the 77% is. we’re not breaking ground on anything new here, we’re trying to understand what what 1000s of marketing people around the world are saying and how it will apply to our marketing strategies in real estate. there are just to many folks begging why in the hell are they bothering with social media, and it doesn’t have to be that way…

    follow up posts forth coming.

  6. Benn Rosales

    February 4, 2008 at 10:07 am

    Ines, I am so glad you picked up on that. We’re going to break it down even further than that…

  7. Jonathan Dalton

    February 4, 2008 at 1:45 pm

    > My point in what you highlighted is that more and more people are catching on to this implied “new way” and yeah, it looks new. I think we all call this 2.0.

    Understood. But there’s far more to 2.0 than one company surviving only on the basis of the VC that has been pumped their way. I don’t hold Redfin up as a 2.0 success story.

  8. Jen

    April 3, 2008 at 1:19 pm

    Does anyone know the average number of residences people have from ages 19-35, rent versus buy, roommates, etc.?

  9. Faina Sechzer

    June 28, 2008 at 5:05 pm

    Demographics point out another group which would become influential in terms of real estate – Millennials (born 1970-1995). Their numbers will peek by 2015 and the ability to relate to them in their “language” would be very important.

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Business Marketing

Canva is catching on to content trends, launches in-app video editor

(MARKETING) Canva launches an in-platform video editor, allowing access to their extensive library of assets and animations to create high-quality videos

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African American woman working on Canva Video Editor Desktop in office setting.

Video content consumption is on the rise, and the graphic design platform, Canva, took note of it. The $40 billion Australian startup has entered the video business and announced the launch of its video editor, Canva Video Suite.

The end-to-end video editor is an easy-to-use platform that anyone, no matter the skill level, can create, edit, and record high-quality videos. Best of all, it’s free, and it’s available on both desktop and mobile platforms.

The tool has hundreds of editable templates that you can use to create videos for several online platforms like TikTok, YouTube, Instagram, and Facebook. Some templates can be used to create workplace and business videos, while other templates are perfect for personal videos. There are playful themes you can use to create that spooky video just in time for Halloween or make a laugh-out-loud video to send to your best friend! With a wide range of selections, in no time you’ll start creating your very own video masterpiece with Canva.

Caucasian man holding iPhone showing Canva video editor on mobile.

What else does the video software offer and what can you do with it? Well, let me tell you:

Collaborate in real-time

Having everyone on the same page is important and Canva’s video suite takes that into account. To collaborate with others, you simply send them an invite, and together you can edit videos, manage assets, and leave comments to give your input.

Video timeline editing and in-app recording

Similar to building presentation slides, Canva’s scene-based editor simplifies video editing by using a timeline approach. With it, you can quickly reorder, crop, trim, and splice your videos. Also, users don’t need to leave the platform to record that last-minute shot; within the app, you can shoot and record yourself from a camera or a screen.

Library of assets

The video editor is filled with an array of watermark-free stock footage, icons, images, illustrations, and even audio tracks that you can choose from – but if you really need something that is not on their platform – you can upload your own image, video, or audio track.

Animate with ease

Although still in the process of being released, soon you will be able to add animations of both text and visual elements in just a few simple clicks. Among others, animation presets that fade, pan, and tumble will help you transform your video and take it to a whole other level.

Overall, Canva Video Suite is very intuitive and has all the essential things you need to create a video. And by streamlining the video creation process, Canva is ensuring it enters the video marketplace with a bang.

“One of Canva’s guiding principles is to make complex things simple, and our new Video Suite will allow everyone to unlock the power of video, whether that’s to market their business, make engaging social posts, or express their creativity,” said Rob Kawalsky, Head of Product at Canva.

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Business Marketing

Amazon attracts advertisers from Facebook after Apple privacy alterations

(MARKETING) After Apple’s privacy features unveil, Amazon adapts by taking a unique approach to targeting, disrupting revenue for the ad giant Facebook.

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Two African American women work at their desks, one viewing Amazon's advertising landing page.

As a de facto search engine of its own persuasion, Amazon has been poaching ad revenue from Google for some time. However, disrupting the revenue stream from their most recent victim – Facebook – is going to turn some heads.

According to Bloomberg, Apple’s recent privacy additions to products such as iPhones are largely responsible for the shift in ad spending. While platforms like Facebook and Instagram were originally goldmines for advertisers, these privacy features prevent tracking for targeting – a crucial aspect in any marketing campaign.

Internet privacy has been featured heavily in tech conversations for the last several years, and with Chrome phasing out third-party cookies, along with Safari and Firefox introducing roughly analogous policies, social media advertising is bound to become less useful as tracking strategies struggle to keep up with the aforementioned changes.

However, Amazon’s wide user base and separate categorization from social media companies makes it a clear alternative to the Facebook family, which is perhaps why Facebook advertisers are starting to jump ship in an effort to preserve their profits.

This is the premise behind the decision to reduce the Facebook ad spending of Vanity Planet by 22%, a home spa vendor, while facilitating a transition to Amazon. “We have inventory…and the biggest place we are growing is Amazon,” says Alex Dastmalchi, the entrepreneur who runs Vanity Planet.

That gap will only widen with Apple’s new privacy features. Bloomberg reports that when asked in June if they would consent to having their internet activity tracked, only one in four iPhone users did so; this makes it substantially harder for the ad campaigns unique to Facebook to target prospective buyers.

It also means that Amazon, having demonstrated a profound effectiveness in targeting individuals both pre- and post-purchase, stands to gain more than its fair share of sellers flocking to promote their products.

Jens Nicolaysen, co-founder of Shinesty (an eccentric underwear company), affirms the value that Amazon holds for sellers while acknowledging that it isn’t a perfect substitute for social media. While Nicolaysen laments the loss of the somewhat random introduction charm inherent on Instagram, he also believes in the power of brand loyalty, especially on a platform as high-profile as Amazon. “The bigger you are, the more you lose by not having any presence on Amazon,” he explains.

As privacy restrictions continue to ramp up in the coming months, it will be interesting to see how social media advertising evolves to keep up with this trend; it seems naive to assume that Amazon will replace Facebook’s ads entirely, tracking or no tracking.

Apple's privacy landing page showing iPhone users ability to shut off location services and a desktop image of a user's ability to control how their data is managed.

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Business Marketing

How many hours of the work week are actually efficient?

(BUSINESS MARKETING) Working more for that paycheck, more hours each week, on the weekends, on holidays can actually hurt productivity. So don’t do that, stay efficient.

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Clock pointed to 5:50 on a plain white wall, well tracked during the week.

Social media is always flooded with promises to get in shape, eat healthier and… hustle?

In hustle culture, it seems as though there’s no such thing as too much work. Nights, weekends and holidays are really just more time to be pushing towards your dreams and hobbies are just side hustles waiting to be monetized. Plus, with freelancing on the rise, there really is nothing stopping someone from making the most out of their 24 hours.

Hustle culture will have you believe that a full-time job isn’t enough. Is that true?

Although it’s a bit outdated, Gallup’s 2014 report on full-time US workers gives us an alarming glimpse into the effects of the hustle. For starters, 50% of full-time workers reported working over 40 hours a week – in fact, the average weekly hours for salaried employees was up to 49 hours.

So, what’s the deal with 40 hours anyway? The 40 hour work-week actually started with labor rights activists in the 1800s pushing for an 8 hour workday. In 1817, Robert Owen, a Welsh activist, reasoned this workday provided: “eight hours labor, eight hours recreation, eight hours rest.”

If you do the math, that’s a whopping 66% of the day devoted to personal needs, rather than labor!

Of course, it’s only natural to be skeptical of logic from two centuries ago coloring the way we do business in the 21st century. For starters, there’s plenty of labor to be done outside of the labor you’re paid to do. Meal prep, house cleaning, child care… that’s all work that needs to be done. It’s also all work that some of your favorite influencers are paying to get done while they pursue the “hustle.” For the average human, that would all be additional work to fall in the ‘recreation’ category.

But I digress. Is 40 hours a week really enough in the modern age? After all, average hours in the United States have increased.

Well… probably not. In fact, when hours are reduced (France, for instance, limited maximum hours to 35 hours a week, instead of 40), workers are not only more likely to be healthier and happier, but more efficient and less likely to miss work!

So, instead of following through with the goal to work more this year, maybe consider slowing the hustle. It might actually be more effective in the long run!

This story was first published in January 2020.

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