Breaking into a niche
Multi-generational homes can mean booming business for real estate agents
Marketing a house to buyers is not a one-shoe-fits-all process. For example, newlyweds looking for their first home have entirely different needs than a household with parents and children looking for a forever home.
A growing segment of homebuyers is those who want multi-generational homes. These could be houses with a suite for grandparents to live in for home health care purposes. They could be for parents who have young adult children moving back in.
These houses might not even be for immediate family members to be under the same roof. Some buyers look for houses with the appropriate space for a live-in nanny or long-term guests.
No matter the reason, multi-generational homes have been making up a larger and larger percentage of the population since the 1970s, according to the Pew Research Center. It’s getting to the point where it’s no longer niche.
Why agents should market themselves to multi-generational buyers
As we said, multi-generational homeowners are outgrowing the “niche” label. Now is as good a time as any for real estate agents to get in with that group.
But why? For one, multi-generational homes tend to be larger. More space is needed to accommodate more people living under one roof. They can feature a mother-in-law suite or extra common spaces. Larger homes are more costly, which means greater commissions for the agent!
Laying the groundwork for a reputation as a reliable agent for those looking for multi-generational homes can significantly boost business. It can take a lot of front-end effort to build a network of referrals, but it can pay off in spades.
How to market a house to multi-generational buyers
Knowing the demographic is the first key to developing a marketing strategy. According to data from the National Association of Realtors, most of those buying multi-generational homes are between 41 and 65 years old.
What does that mean? It means your marketing materials should have older people featured in them. Showing an elderly mother and her young adult child would be a visual representation of the multi-generational lifestyle.
Facebook Ads are probably the best way to reach these homebuyers specifically. They allow advertisements to target people by age, location, and marital status — married folks logically are more likely to be in the market for multi-generational homes.
Also, be sure to describe a listing’s potential in a way that caters to these buyers. For example, point out that ground-floor primary bedrooms are best for older people who may struggle to get up and down the stairs. Highlight if there are separate entrances to the home. Point out that extra spaces can be flexible depending on their situation — like an office for college students living at home that could serve as a sunroom where grandparents can relax.
As with any real estate marketing strategy, photography is essential. Reach out to a Lighthouse Visuals advisor today for help determining how our services can help you best dial in on this segment of homebuyers.