Marianne Guenther Bornhoft

By Marianne Guenther Bornhoft

1982 was a year like no other. It created the Y generation. What’s so special about this group of people? A lot.  Its members aren’t afraid to tell you why.

The name Generation Y first appeared in an August 1993 Ad Age editorial to describe people born 1982-2001 to Baby Boomers and early Generation Xers.  Neil Howe and William Strauss — leading experts in the history of generations and authors of “Generations” — describe this echo boom generation “Millennials.” Whatever you call it, the Gen Y/Millennial group is ready to take over and the rest of us better be ready.

Growing up in a world where technology and ease of use of the Internet is second nature, Gen Yers are a breed of folks who expect a lot more than their predecessors. Millennials want information, not only instantly, but also with the ease that it should be accessible at their convenience with all of the normal benefits of a face-to-face meeting. A survey by CareerBuilder and Harris Interactive shows almost half (49 percent) Gen Yers prefer to communicate through technology (blogs, instant messaging and text messaging, for example) as opposed to having face-to-face or phone conversations, which are the preferred methods of Baby Boomers and Generation X.

A savvy REALTOR® who understands this age bracket can more easily understand and relate to meeting those demands.  For example, a Gen Y client who sends a text to his/her agent after “normal” business hours might be driving home from an event and see a new house for sale. They expect an answer back quickly, just as if he or she would have called the REALTOR® directly. Likewise, a Facebook post about a unique looking staircase in a house for sale might generate enough buzz that a person, not necessarily looking, might click on the link in the post. After looking at the virtual tour of the property, that person may e-mail the listing agent about the house. This new way of advertising, called “murketing,” is an advertising strategy that avoids direct sales of a product and focuses instead on a simple thought or image, communicating how that product makes you feel or how others can relate to it.  Author Rob Walker coined this marketing buzz term, a portmanteau of “murky” and “marketing.” This business tactic targets the three-quarters of Millennials who, according to the Pew Research Center, have created a profile on a social networking site. Continue reading »