105: Center for REALTOR® Development: Buying that First Home: Insights from a Gen Z Buyer and Generational Trends with Ali Whitley and Martin Whitley: Part 2

Today we have Ali Whitley and her son Martin Whitley back with us for Episode 2, where we discuss generational dynamics in the workplace and with our clients. Martin tells us more about his journey and how he decided he needed the specific house he purchased. There might be a pet involved! We discuss how it is a discouraging time for first-time home buyers, but there are ways you can get into the market. These two episodes are great to share with your clients! We are talking to REALTORS®, but this conversation is great for giving hope to potential buyers who think waiting out in this market is best. Ali and Martin are often talking right to your buyers. It's great for them to listen and learn some things.

Ali Whitley is the current president of the Ohio REALTORS®. She has a wealth of experience and knowledge. I am so thrilled to have her with us again, along with her 22-year-old son, Martin, who bought his first home in 2023. Today, we talked about more generations, and Martin gave us some tips about working cross-generationally.

[1:57] I am so glad to return for the second episode with Ali Whitley and her son, Martin Whitley. Welcome!

[2:47] Martin's initial goal was to buy an investment property. He looked at duplexes and triplexes. The market in 2020‒2021 was very small. There were few investment properties in the area where Marton was looking. He was looking for a property where he could live on one side and rent out the other.

[3:34] Not finding exactly what he wanted to get, Martin's goals eventually shifted.

[4:14] Ali had had buyers in their 20s looking for duplexes. That led to Martin's conversation about finding a duplex. But Martin wanted to be able to bring his large dog, Draco, with him, so ultimately, he determined that a single-family home with a backyard he could have a fence around worked best for him.

[4:47] The possibility of getting into an investment, living in a duplex or triplex for a couple of years while renting it out, building additional equity and some income, and then moving on to a single-family home as a second purchase is a fantastic investment opportunity. Ali always shares this with young buyers.

[5:45] Monica's young Millennial son bought his first house at 26. He had things to fix in the home and faced hiring contractors. Later, he wanted to sell, and Monica advised him to interview three agents to find one he would like to work with. Each agent was different.

[7:21] One agent in the local area came in with lots of data and showed professionalism. Monica's son chose to work with that agent. If you are young, are you getting a real estate agent and a lender who will educate you?

[7:38] Ali has an introductory conversation with new buyers. Buyers must be comfortable with the agent they are hiring to represent them. Agents approach real estate in different styles, practices, and ways. You must share that with your buyers so they are comfortable with you. It's a big purchase!

[8:02] One of the most significant, most important decisions a buyer will make is who will represent them and advocate for them in this big purchase they are about to make.

[8:10] Sometimes, being of different generations, the agent and the buyer can have difficulty connecting. Monica has had young agents in her Senior Real Estate Professionals class who don't know if they can work with elderly clients.

[8:46] Ali stresses that regardless of what generation we, the agent, are and what generation the purchaser or the seller is, we need to be able to communicate with everyone across all generations. That goes for all types of service professionals. We should do our best to communicate with everyone.

[9:11] Ali, as a Gen X, can communicate with buyers of any generation because she prepares to help her clients every step of the way.

[10:08] Monica notes that this market's average age of first-time home buyers has increased to 36. She encourages listeners to listen to Part 1, where Martin describes the process of buying his home. He made it happen with a great agent and great planning.

[10:58] Ali says it can be discouraging if you're not finding what you want to buy. The first thing you need to do, as a first-time home buyer, is sit down and talk with a professional. Talk about what your options are and find out the basics. The REALTOR® will put you on a plan so you can make your goals happen.

[11:21] The REALTOR® can set you up with a lender and talk to you about the different opportunities in the markets where you're looking. They can make the process as smooth as it can be. There will be some bumps, but REALTOR® can help smooth them out.

[11:41] What assisted Martin in finding his home was researching the location. Certain areas will be more expensive and out of a typical budget. The most important thing for Martin was finding an area that supported his budget. Homes in big cities are outside of most people's budgets.

[12:42] In the market Martin was researching, it was cheaper to buy than rent.

[13:01] Monica invites agents listening to these two episodes with Ali Whitley and her son Martin Whitley to share them with their clients and show them Martin's story. Ali and Martin are talking to the first-time home buyer as well as to the agents. It's about education.

[13:49] Ali adds we don't need to find our forever home the first time. Think about your goals. If you want to own a home, it doesn't have to be the best property. Your home can appreciate. You can earn money from it when you sell it. Start with what you can afford and make a 10-year plan to move up.

[14:44] Buying the next home is on Martin's mind but not a goal he's working toward yet. Part of the reason Martin was successful in buying a house was that he thought far ahead. One of his main drivers was building equity in something to look to the future. Any rent you pay goes to someone else.

[16:13] Monica introduces the topic of generations. While people of a generation may share some similarities, it's important to remember that everybody is an individual. Monica asks Ali and Martin to share their observations on Millennials, Gen X, and Baby Boomers.

[17:20] In real estate, Ali sees that Millennials purchase more as single purchasers than as a couple, in contrast to previous generations. That causes differences in what they need. It also causes differences in their ability to purchase a home. Millennials also have pets.

[18:37] Millennials buy homes to accommodate their pets, which they see as part of their families. Martin's dog is 80 pounds, and Martin wouldn't have chosen a house with a fence if he hadn't had a dog. He knew a condo wouldn't have worked for that dog. NAR research shows pets are more important now.

[20:17] Gen Xers are aged 44 to 59. Ali notices that Gen X is the new Sandwich Generation. They are helping their children and their parents. Sometimes, they combine households and have their parents live with them.

[21:44] This may mean getting a bigger home. Gen X, now at their highest wage-earning age range, has money to work with to get what they want. There is a loss in this generation as parents pass and children leave. REALTORS® need to recognize this and know where the person is in their homebuying journey.

[24:25] Monica suggests educating the whole family on how REALTORS® can help. What kind of home is needed? Perhaps have all the adults involved sit down with the agent and consider their options, keeping in mind who is the decision-maker client.

[26:00] Martin previously worked in an event center and saw people of all ages. Selling is a very different experience for each generation you work with. Older customers tend to be more analytical and ask more questions. They want to know that you are trying to assist them in making informed decisions.

[27:55] Baby Boomers are over 60. They are staying healthier longer, living longer, and aging in place. They want to have the correct type of home. They are right-sizing their homes, such as living on one floor.

[28:36] Boomers are managing a lot of possessions. If you are servicing the Boomer Generation, you might have a person on your vendor list to help manage the possessions with a sale. The kids and grandkids have homes full of possessions and don't want more. See what doesn't need to stay.

[30:09] Ali has suggested that people take digital photos of their collections and put them in a digital photo frame that cycles through the photos. They can keep one piece from each collection on the shelf and sell or gift the rest.

[30:46] Martin would not want to receive his grandparents' collections, but little mementos would be appreciated.

[31:27] Monica invites listeners to look at some agents who have been doing this for a while, how much they know, and what they bring to the table. Ali has just shared so many broad ideas.

[31:38] Ali, thank you so much for volunteering and teaching with your clients and other agents in the industry and for sharing all your knowledge with us.

[31:50] Ali thanks Monica for having her and Martin on the podcast. She is excited to be able to do this podcast with her son. She is proud of how her son has done so far in life.

[32:07] We love having you with us, Martin! You brought so much great information. Thank you for being open and sharing some of your story with us! Thank you to both of you. I appreciate both of you a lot!

[32:21] Personal stories and experiences are great tools to help us understand others. I enjoyed hearing their stories about the cooperation with other agents in the transaction and with their lenders, all of them educating and jumping in. This all led to a huge win for Martin.

[32:39] I enjoyed Ali talking about Generation X being the Sandwich Generation. I think multi-generational housing is taking on new characteristics. What do you think?

[32:49] Recently, I was on a tour with NAR in Arlington, Virginia. I love the tours they've started to do at Mid-Year and NAR Next. Zoning in Arlington had been changed to add more ADUs to the allowable residential zones.

[33:09] ADUs are Accessory Dwelling Units. They're a smaller second unit. They might be attached, maybe not attached, and they can be added to the property of a single-family home. Here in my area, we see many of these in neighborhoods with older homes.

[33:24] I love to see how different areas of the country are adapting their environments to the needs of their communities. The multi-family homes, as well as single-family homes, are all part of what people want and need in a changing environment.

[33:43] The Accredited Buyer Representative course is available at Learning.REALTOR. There is so much great training at Learning.REALTOR. This topic is part of an excellent elective for the ABR®, Buyers by Generation: Success in Every Segment.

[33:59] Such a fun class with applications for working with our clients and other real estate agents in our co-op deals and getting along better with our family members. I'm Monica Neubauer for the Center for REALTOR® Development.

[34:16] You got some great tips from Ali and Martin, so I know you are now even more prepared to go out there, have great conversations with your prospects and clients, and sell them some properties! Yes!

Tweetables:

"[A duplex] is absolutely something I looked into and something I strived toward at one point, but my goals eventually did end up shifting." — Martin Whitley

"Whenever I meet with a new buyer, I have a conversation with them. Ultimately, they need to be comfortable with the person that they are hiring." — Ali Whitley

"I've had [Millennials] tell me, 'Oh my goodness, my cat is going to love that window!' … It is a gorgeous window; it's not something we might have heard in the past, though." — Ali Whitley

Guest Links:

Ali Whitley

RE/MAX Crossroads in Akron

NAR Resource Links

ABR® Accredited Buyer's Representative

Buyers By Generation: Success in Every Segment

Additional Links:

Crdpodcast@nar.realtor

Crdpodcast.REALTOR

Learning.REALTOR — for NAR Online Education

CRD.REALTOR — List of all courses offered

Host Information:

Monica Neubauer

Speaker/Podcaster/REALTOR®

Monica@MonicaNeubauer.com

MonicaNeubauer.com

FranklinTNBlog.com

Monica's Facebook Page: Facebook.com/Monica.Neubauer

Instagram: Instagram.com/MonicaNeubauerSpeaks

Guest Bio

Ali Whitley is the current president of the Ohio REALTORS®. She is a successful agent and generous volunteer. Her leadership roles are myriad, and she teaches courses as well. Ali is Director of Education with RE/MAX Crossroads in Akron and is an instructor of professional designations and certifications conferred by the National Association of REALTORS®. Whitley has been active in the Akron Cleveland Association of REALTORS® since 1997, serving as President in 2012, and has chaired and served on several committees. She also served as an RPAC Trustee from 2015‒2016. She was awarded the 2013 REALTOR® of the Year from the Akron Area Board of REALTORS® and was honored by Crain's Cleveland Business as a Women of Note in 2012.