This post was updated Apr. 4, 2025.
More Americans — 4.1 million to be exact — turned 65 in 2024 than at any other time in history. And that number will only keep growing through 2027. As baby boomers turn 65 en masse, economists have coined this generational shift as the Silver Tsunami, not only because more Americans are entering retirement age than ever before, but also because they’ve amassed more wealth than their predecessors.
As a result, we’re poised for a huge generational wealth transfer, with major implications and opportunities for savvy real estate professionals.
The key to taking advantage of the generational shifts in real estate lies in understanding and adapting to the changing needs of different generations involved in buying and selling homes today. Real estate professionals can expect multiple generations to be involved; 36 percent of prospective Gen Z and millennial homebuyers expect family to help finance a down payment on a home, a number that’s doubled over the past five years.
With this in mind, here are three tips for engaging with clients across generations.
Tap into existing resources
You don’t have to be of the same generation as your clients to serve them, but you do have to understand the distinct preferences, mindsets and motivations of various demographics. Ken Dara, an Engel & Völkers real estate advisor out of the Bay Area, has tackled this by assembling what he calls his “informal board of directors.”
He makes a point to regularly sit down with other professionals and business leaders in his network, whether they are millennials, Gen X or baby boomers, and find out what’s relevant to them, how they operate and what they’re thinking about when it comes to real estate, as well as other facets of life. This kind of market research costs nothing more than a meal or cup of coffee, but can work really well at yielding insights into a large swath of the consumer population in your market.
Take an ‘advisor’ approach to client service
With so much information (both good and bad) available at our fingertips, it’s more important than ever for real estate professionals to think about the value they’re bringing to client interactions across generations.
You cannot simply be an agent in this market, but rather an advisor who is going to bring experience, intel and guidance to the homebuying and/or selling process. Be attentive, be available, be flexible and most importantly, be a resource for your clients.
When they’re bringing you 15 listings they want to see in one weekend, it’s up to you to figure out what they’re really looking for by asking the right questions and listening, and sometimes, pushing back when you know a certain listing may not be the right fit for their goals.
Share as much information as possible while also learning about your clients’ needs, both inside and outside of real estate, to bring the most value in helping them make the right decision. Here is where your industry experience and know-how really prove their value.
Consider also the total customer lifetime value of clients, including the opportunity to serve their children and even grandchildren, when taking an advisor approach. Just like wealth transfer, knowledge transfer over generations is very real.
Bob Nathan from Engel & Völkers Scottsdale has increasingly found himself working with his friends’ children as they buy their first or second home. A tactic that’s worked for him is leaning into the existing relationship he has with these younger buyers and adopting an “Uncle Bobby” approach when helping them through the process, being both friendly and fun while giving real and honest recommendations with their best interest at heart.
Best practices still apply
No matter the generation you’re working with, industry best practices still apply. For example, don’t make the mistake of assuming that all Gen Zers communicate exclusively via text, or that all baby boomers prefer phone calls. Clients are still individuals so don’t be afraid to ask and listen to their distinct communication preferences, and adapt your style accordingly.
Similarly, invest in a strategic blend of traditional and digital marketing channels to ensure you’re reaching clientele where they are. Consider a mix of out-of-home ads, postcards, newspaper and magazine ads, as well as targeted online campaigns. The channels with the highest impact may vary among demographics, but focus on staying consistent with your message and investing in the platforms where you are seeing the highest ROI.
Community engagement also remains key to the success of any real estate professional. But this doesn’t have to mean investing a ton of time, money and resources in creating and hosting your own events. Figure out what events are happening in your community that are already drawing the attendance of key demographics and align yourself there, whether via attendance or sponsorship.
These could be wine and food festivals, fashion events or even farmers’ markets. Giving back continues to be a priority for consumers across generations, so be sure to also consider how you can be a part of the events and causes in your community that impact social and environmental causes.
Customer service first, for all generations
Despite changing demographics, it’s still about individualized client service. Yes, wealth is transferring, but clients are still individuals whether they are Gen Z, millennials or baby boomers. To reach and engage clients across generations, real estate professionals need to remain flexible, while service should always be tailored to the unique needs and preferences of the client.
Katelyn Castellano is Senior Vice President of Marketing, Americas at Engel & Völkers. You can connect with her on Linkedin.
