Real estate practitioners need to consider generational marketing if they hope to remain competitive.

There are 48 million Baby Busters, or Generation Xers, and 80 million Echo Boomers, also known as Generation Y. These individuals accounted for 78 percent of first-time buyers in 2008, according to the National Association of REALTORS®, and will be making second and third home purchases in the coming years.

Given that members of these population segments rely on computers and cell phones, frequent social networking sites, communicate via instant messaging, turn to the Web for news, write blogs, and download music and other media, it will not be enough for real estate agents to wait until they are ready to complete transactions.

Multiple Listing Systems need to implement Web 2.0 technologies, and sales associates need to take a more active role in social networking so that they are providing information to Generations X and Y before the transaction. If they fail to engage these buyers and sellers, salespeople will lose business.

Source: RISMedia, Saul Klein (10/27/09)