Did you know that baby boomers make up the largest percentage of home buyers today?
And did you know that studies show that women over 50 control a mammoth percentage of the nation’s wealth?
It’s true. Baby boomers slid from the top spot for a couple of years as millennials advanced to #1. But that has changed once again.
Baby boomers’ share of the real estate buying market is at 39% – which is up 10% from last year. Meanwhile, millennials slid from 43% to 28%.
Rising interest rates are the likely cause.
Baby boomers, for the most part, have been homeowners long enough to have built equity, so after selling a current home, they have a good chunk of money to put down on a new home – or to buy outright for cash.
In fact, according to the New York Times, baby boomers hold half of the nation’s $140 trillion in wealth.
Many millennials, on the other hand, have smaller down payments. As a result, higher interest rates have hit them hard. Some who thought to buy in 2023 simply cannot.
But the “why” doesn’t really matter. You just need to remember the “what.” And that means …
Pay attention to baby boomers when you’re marketing.
This is a group with buying power, so if your new real estate listing is one that would appeal to them, you’d do well to target them in your promotions.
How does one target baby boomers in marketing?
First, consider that “boomers” were born from 1946 to 1964. Thus, the youngest are not yet 60 years old. Boomers are considered “senior citizens” for the purpose of shopping or dining discounts, but if you start treating them like “old folks” you’ll lose your audience pretty fast.
The majority of today’s “senior citizens” don’t have any intention of feeling or acting old. Some are still working and some are enjoying activities they didn’t have time for before retirement. Many are more active than a whole segment of today’s youth.
For them, there’s a whole lot more to do than sit glued to a computer screen or a TV or a video game. They may have some physical issues to content with – but that doesn’t keep them down. So – “old people advertising” is definitely not the way to approach most baby boomers.
That’s why my set of senior relocation prospecting letters mentions the many happy reasons why a senior might want to sell their home. For instance, they want a larger yard in order to grow a garden, or a smaller home so they can spend more time on other activities. Or – they want to buy a motor home and hit the road.
When marketing to boomers, try to subtly capture the attention of the young people who are still living inside those mature bodies?
How to attract baby boomers’ attention.
Try tuning a radio to a “Golden Oldie” channel to play softly in the background at open houses. I don’t know any female boomer who doesn’t stop, listen, and pay attention when they hear the strains of a favorite song from their youth. You just might keep them in the house longer, allowing them to see all the benefits it offers, while putting smiles on their faces. (And subliminally creating a good feeling about the house.)
Write blog posts.
If you’re writing a blog post, try working a song title or a few words from some Golden Oldie into your narrative – and provide a link to the song on You Tube.
- Is there a cafe in or near your location that’s still in the same location, serving the same great burgers that they did 50 or 60 years ago? Blog about it.
- Is some organization hosting an oldies dance or music festival? Blog about it.
- Is there a local car club that hosts a classic car event? Blog about it.
- Did you run across someone selling tie-dye t-shirts at a flea market? Blog about it.
In other words, find ways to blog about topics that evoke feel-good emotions in the baby boomers who visit your website and read your blog posts.
Almost any boomer will stop for a look at a hot car from the 50’s, 60’s, and 70’s. So why not sprinkle nostalgic images throughout your blog posts?
One of my clients has a 1957 Chevy wrapped with her office logo and contact info – and you can bet it gets plenty of attention around town. Even non-boomers stop to look at a car like that!