As the prices in houses consistently increase, multi-generation housing is becoming more and more common.
The popularity of multigenerational living has undoubtedly risen within the past few years. It is not uncommon for older parents to be living with their children and sometimes even grandchildren under the same roof. As the housing prices consistently grow, multigenerational living is becoming more and more widespread.
Why is this important?
This trend is important to realtors because many people are looking to sell their homes in order to move in with their relatives, children or parents. Consequently, they are also searching for more spacious homes in order to accommodate larger number of people. Therefore, this trend really hits both sides of the buying/selling spectrum. It is something that realtors should constantly be keeping an eye out for since it can bring them a lot of new clients.
How to tap into the multigenerational housing segment:
Appealing to this market may be tricky, because it is not always clear who is a part of the newfound trend. Clients may not share enough information when closing a deal – so it is important to research demographics and see what clients may have multiple people living under one roof.
If you know you are closing a multigenerational housing deal, it is important to take the clients’ needs into consideration. Not all members of the household may be able to attend an open house, therefore certain preparations will have to be made. Knowing what exactly the family wants beforehand and being able to quickly adjust to any unpredicted situation, say, during the open house, are a key to a successfully closed deal.
An easy solution:
Using technology as a means of communication is a foolproof way to ensure satisfaction of all parties, no matter where they might be. For instance, one of the most primitive and meanwhile effective ways to show the house to an absent family member is by using FaceTime, or a Skype video call. Simple, effortless, capable of making so many misunderstandings go away at once.
Another way to improve your performance is real estate CRMs such as Follow-Up Boss or Great Agent. They are extremely helpful in finding deals that meet your clients’ needs and also identifying potential clients around you that may be on the outlook for a large multigenerational house. By looking at the demographics and needs of specific clients, these tools can save a lot of time in the closing process by giving you the crucial information you need to assist your customers. In order to get more information on real estate software that could cater to people interested in multigenerational housing, take a look at our 2017 CRM software study.