May 2009

Echo Boomers are the consumers of the future

It’s time to change mindsets again. While the prosperity of the 80’s and the 90’s was primarily due to the consumption patterns of the Baby Boomers (born 1946-1964), the consumers that will affect our business in the future will be the Echo Boomers (born 1977-1997).

If you haven’t figured it out already, the Echo Boomers are, for the most part, the children of the Baby Boomers. Because Baby Boomers have been told for years that they have made the largest impact on the economy of any generation ever, many Boomers have a bit of an inflated opinion about their social and economic impact. I can say that because I am one!

But what Boomers and everyone else must now grasp is that their era of influence is coming to an end in favor of the other boomers, the Echo Boomers. Sometimes referred to as Generation Y or the Net Generation, there are 81 million of them! If the 77 million Baby Boomers had such a dramatic impact, what do you think will happen as the current bulge of boomers age into their prime years of consumption?

What’s more important than the size of the E-Boomers is that their values and behaviors are far different than that of their parents. If you wish to do business with them (and we do!) we must adjust our business practices to better meet their needs.

The good news is that much of our Weir Manuel value proposition is aligned with the needs of the new boomers. They value integrity, innovation, personal service, quick response and community involvement. Those have long been Weir Manuel attributes and we will have to message them more strongly.

E-Boomers also value collaboration, freedom and interactivity as reflected by the amazing popularity of Facebook among this group. One example of how we will adapt will be the new transaction management platform we will build which will allow this group of consumers to interface directly online with their real estate account at Weir Manuel.

As the economy begins to improve in the future, the E-Boomers will have a tremendous impact. I invite you to re-educate yourselves about how to serve this new client base and prosper along with them.

Kelly Sweeney President and CEO

A number of agents were asked to answer these questions.  Here's what Stella Bosnyak, Ann Kilgore and Karen Lambert had to say:

Stella Bosnyak	Ann Kilgore	Karen Lambert

1. Are people buying houses?

Stella Bosnyak: People are still buying homes but with extreme caution - they are concerned about not over paying for a home as prices are still falling. We have a lot of people coming to open houses and calling for information.

Ann Kilgore: Yes - people are buying homes.  I actually have more buyers than sellers right now.

Karen Lambert: Yes, people are buying houses.  I often go to schedule appointments for my buyers and I'm told the property is now pending inspection, pending finance, etc.  That happens a lot.

2. Where are they coming from?

Stella Bosnyak: I am seeing a lot of local younger first time buyers.

Ann Kilgore: They are about half and half - local and transferees.

Karen Lambert: I'm working with first time home buyers, friends and referrals from past clients as well as a couple of relo clients.

3. What motivates today's buyers?

Ann Kilgore: The buyers see that the interest rates are good and they can get a very nice home for a great price.  They are seeing that the nice homes (as opposed to some of the bank owned homes that are borderline tear downs) are few and far between.

Karen Lambert: The buys people can get today are amazing, interest rates are low.  I have 2 couples I'm working with that want to move up as they have outgrown their home.  They may lose on their end but more than make up on the buying end.

4. When do you think that we will be able to say that the market has turned?

Stella Bosnyak: As soon as we have stability in the job market and people are confident they will have a job, sales will follow. As inventories go down, sales will go up. It's a matter of supply and demand.

Karen Lambert: There are still those a little skeptical of the economy and are holding off.  Once consumer confidence has been reinstated, people return to work.  If the banks start working faster on Short Sales and stop them from going into foreclosures, I think that will be a real driving force.  Hopefully property values will start to rise again.  The appraisers are fearful and are being told to use foreclosures when doing their appraisals which isn't fair to those homeowners who have the doll house move in ready home.  The banks need to get it together.  The should learn a lesson from our relo inventory department on how to move property

5. What is happening – or will happen – to make the market turn?

Stella Bosnyak: Job stability is #1, consumer confidence that the housing prices have stopped dropping. Inventories must come down to a normal level and putting more restrictions on short sales/foreclosures.

Ann Kilgore: I see good things happening and if they continue, will turn this market - some jobs coming to Michigan.  They need to keep coming here.  Everyone in Michigan that has any influence at all with companies relocating to Michigan should be pulling out all the stops to get them to come here.  We have or had some of the most talented workforce in the country. 

Karen Lambert: I have people that want to downsize but are afraid to put their home on the market.  We need to have companies come in here with executives that will be able to afford some of these larger homes so these baby boomers and downsize.  Michigan needs to get out of the declining market status before we'll see any real changes. I always stay positive, point out the positive, reinforce the positive - good things come to you then.  I work day and night, I always answer my cell phone so I don't miss that one call that may sell a listing or acquire a new client.

Want to hear Kelly Sweeney's take on the future? Don't miss the Birmingham-Bloomfield Chamber of Commerce Real Estate Forecast Thursday, May 14, at which event Kelly will be giving a presentation. Here are the details:

May 14 - Real Estate Forecast Luncheon

©Copyright 2009 Weir Manuel Realtors

West Bloomfield agents make the move!

They're here (and out there) and we're excited to see them! Our West Bloomfield agents are settling into their new digs. Seven are stationed in the Birmingham office, and all the others are in our Mobile Agent Center (MAC). Our MAC agents will be highly visible and mobile based rather than at designated desks at a brick and mortar office.

As you know, the leader of this center is Lee Jaffke, whom we are now affectionately calling the "Mac Daddy!"

This is a rap term, and here's the definition (we think it fits!):

"Mac Daddy (Noun): The one who sets the standard for respected greatness among other men. The man that all the women want and the man that all the men want to be. "

Click here for the slideshow of the West Bloomfield party launching the new program.

Affinity partners: this month, The Center for Elder Law

Each month during 2009 we will be featuring one of our affinity program partner companies. Our affinity program provides a benefit to employees at no cost to the company. This program also generates referrals to our Weir Manuel sales associates. Such partnerships are confirmation of the trust the local employers place on us as their Realtor of choice.

Senior citizens in the Detroit Tri-County area sometimes need good legal counsel.

The Center for Elder Law is a division of The Law Firm of Barron, Rosenberg, Mayoras and Mayoras and is a well-known, full-service firm specializing in legal issues affecting the lives of seniors or their families.

The company states, "Our attorneys do it all: everything from establishing a simple will to developing a comprehensive estate plan."

Outgoing referrals - April

Outgoing Didi Etue - Birmingham
Christiane Lenz - MAC
Dave Printz - Birmingham
Kelly Sweeney

It's said that some people have a difficult time adjusting to change, but Lena Oskanian is celebrating her 22nd year at Weir Manuel in May by moving from West Bloomfield into our Birmingham office - and she's not only excited but already settling in comfortably. Here's the scoop on Lena:

Professional History: I have been selling real estate for 22 years. My husband's medical connection have been a great source of clients for me.

Business Philosophy: Integrity, commitment, honesty and service are the most important tools for success in the real estate business.

Personal History: I was born in Beirut, Lebanon, and am of Armenian descent. I majored in political science at the American College for Women in Beirut. I am fluent in four languages: Armenian, English, French and Arabic. My husband is a general surgeon on staff at St. Mary's Hospital of Livonia. We have been married 38 years and are the proud parents of a son and daughter. Both are in Hollywood, in the entertainment field. My daughter has a position at Pixar (Disney animation).

Last Book Read: I love biographies and am reading one about Barbara Walters.

Last Movie Seen: "I Love You, Man." This comedy was recommended by my children.

Hobbies: Travelling is at the top of my list, mainly Europe. Also, tennis, reading and entertaining. I have a passion for event planning.

Stranded on a Desert Island - Who Would I Want to Be With: My social group of friends and CNBC! (I am addicted to CNBC!)

Rebecca Meisner - 9
Judith Bernhard - 1
Lena Oskanian - 22
Diane Sandler - 4
Robert Lester - 1
Carol Clark - 3
Kathy Parker - 7
Alicia Felhandler - 1
 

5/01 Kathleen Goodrich
5/15 Rebecca Meisner
5/19 Don Amalfitano
5/19 Donna Page
5/10 Connie Johnston
5/27 Diane Sandler
5/30 Eileen Young

Faststone Image Viewer - a great tool - and it's free!

This tool can help you manage your photos in a number of ways. It has a nice array of features such as image viewing, management, comparison, red-eye removal, emailing, resizing, cropping, color adjustments, musical slideshow (yes, musical slideshow!) and much more. And, best of all, it's free.

If you download this tool, Eileen in Marketing can help you download it and also show you its features.

Download it here:

http://www.faststone.org/download.htm