1 Baby Boomer + a team of Millennials = the real estate perspectives we all need
2021 will be a year of reflection, and although this may have been the most unusual year since 2007 that I have experienced in the real estate business, I look back with utmost satisfaction. Busby Group is a team of eight strong, savvy, knowledgeable women who work in earnest to support each other to help all of our clients fulfill their dreams of home ownership at every price point. Sometimes it takes a village!
As a Baby Boomer, I suggest that looking ahead this year might require some vigilance. Yes, interest rates are still relatively low and inventory is only slightly higher, but a change in Washington always merits careful attention to all of the markets. Most of the team is Millennials, which is good, because Millennials will be the largest group of home buyers this year – again! It is widely known that something like $50-65 trillion will be transferred down to Millennials over the next 25 years from their grandparents and parents. The process has already started. And one of the five buckets that Boomers are advising their younger family members to put some of that inheritance in is real estate. Whether a Boomer or Millennial or Gen X, Y or Z, there are some constants in real estate worth noting.
I remember reading that billionaire Andrew Carnegie famously said that 90% of millionaires got their wealth by investing in real estate. I bought my first condo at age 25 in NYC as a “Yuppie”. Of course, I wish I had kept it as an investment, but like most young people, had to sell it to move up to the next size home. We sold it to move to Chicago, a city I had never seen. This city looked quite different then, as you can imagine. Mortgage rates were 18.45% in October of 1981! Lincoln Park was not yet the home of the 1% – that didn’t happen until the late 1980’s.
We had no idea where to start looking for a home (and there was NO internet) so we relied on a seasoned Realtor that my mother-in-law recommended. What great advice. Not only did she help us find the right home, but the right neighborhood, the right grocery store, the right jazzercize studio – well, the right everything – which made for a lifelong relationship, and not just our first transaction here in Chicago. All these years later, I know now what I did not know then: what a good investment looks like in Chicago, what will maintain its value, and what won’t. I also learned the importance of making sure the customer feels good after the sale is completed. This is exactly why our referral business at BG is so strong.
I learn as much from the younger members of the group as they learn from me. And it isn’t just all about real estate. I can empathize with the mindset of the Millennials because my children are in their thirties. Millennials are some of my favorite clients because they come prepared and ask great questions. They are excited and optimistic. I can appreciate where they are in their lives. In return, they see where I am and advise me on restaurants, CBD and athletic wear! And from my team I am constantly learning too. As fleeting as restaurant and athletic wear trends are, so too is the status quo of the real estate market. My team constantly presents new and innovative ideas and ways of thinking, and of course, new technology to make things easier!
What would I say is the best advice I can offer my teammates, based on my years in the business? We can’t forget that real estate transactions are all about the EXPERIENCE. That experience starts upon our first contact, well before showings, right to and through the closing moments....and forever afterward. Making ALL these experiences rewarding, efficient, thoughtful and enjoyable for all is certain to cement strong relationships into the future.
We believe that the experience Busby Group offers can never be replaced by a computer algorithm or discounted service alone. Your representation matters. I once worked for a destination club owned by a real estate development company. Everything we did was about the client experience, and in fact, giving the client the ultimate experience actually made my work experience overwhelmingly positive. This never fails.
Having team members of various ages, backgrounds, skill sets and perspectives enables Busby Group to give the most well-rounded advice and service to our clients, and have a lot of fun in the process. That is how we manage to stay in the top 1% of Chicago real estate brokers. We love finding terrific homes in every Chicago neighborhood and helping to match them with new buyers. We are really match-makers! It is one of the most satisfying phrases to tell a client: “we have a deal!” Everyone smiles. It means they can move on to their next exciting chapter. Are there often mixed emotions? Yes! Has there been anxiety? Yes! But the challenges we overcome for our buyers and sellers are evidence that having a broker on your side with market knowledge, integrity and discretion is essential.
Here’s to moving forward in 2021, utilizing all we know from the past!
