demographic 2

Let's cut to the chase here, before I try to write an extended treatise on generational psychology.

As a group Gen X tends to be more focused on the "Self" and are acutely aware of what they want. They genuinely feel entitled to see their dreams become reality, thanks to the nurturing of high self esteem throughout their formative years.  When those dreams fall short, Gen X often experiences anxiety, frustration and stress. There's quite a bit of that right now. Because they are self absorbed and relatively independent they ultimately feel more alone when confronting unmet expectations that did earlier generations.

So how do these characteristics of Gen X match up with the wide wonderful world of residential real estate in 2010? Is the industry ready to facilitate their crucial role in the recovery? Not so much! Thanks in part to the business endeavors of the state association, we're well on the way to a "one size fits all" world including contracts/disclosures, agent education, misc. business products, misc. consumer products and perhaps before too long, even a statewide MLS with, you guessed it, a "one size fits all" database. The typical member of Gen X desires an individualized experience to maximize his or her expression of "Self" in the process of finding the Right House and acquiring it. They may be able to locate that experience, but it could take some effort. The pervasiveness of the state association has engendered a mentality among many agents and brokers that the convenient one stop shop is all that's needed to be successful financially AND provide the sought after services to Buyers and Sellers.

The current forms are extraordinarily complex and difficult for agents to understand in any real depth. The buyers and sellers who execute the forms usually haven't a clue. How do you spell anxiety and stress?

The MLS information is copious, but has little to do with the features that will actually factor into the resonance/fascination feelings able to drive the purchase decision all the way to the desired dream. The Gen X buyer is totally into the Self, the industry tends to treat buyers, sellers and property in a very consistent way--regardless of personalities, parcel size, price, location or condition. Perhaps there's a little disconnect in the making?

Of course individual agents or offices (remember when offices dictated how business was conducted without substantial influence from the state association?) could tailor procedures to accommodate the Gen X psychology, but only if they're aware that alternatives could produce greater success and satisfaction for some agents and certain members of the public. One size never fits all.

When you think about it, there's a trend in many other consumer based business environments to personalize the experience for consumers--see the remarkable book The Experience Economy. I bought a copy in 10/06 after seeing it in Long Beach at a state association meeting--but it was published back in 1999!--way ahead of it's time. For real estate it's still way ahead of its time. Houses are pretty unique and the way people live in houses is totally unique. It's obviously easier to create a "one size fits all world" for the entity defining the process, but how does that approach work for the public buying and selling real estate? Whose priorities really come first? Is the real estate industry operating for the benefit of the public or is the public buying and selling houses in a way that maximizes benefits to the most powerful entities in the real estate industry?