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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.
Center for REALTOR® Development
http://www.CRDpodcast.com
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