The housing landscape has dramatically shifted in the last few generations, from the modest, affordable houses of the 1950s to the towering McMansions of the 1990s. Easy access to mortgages made buying a home in the ’90s not just popular, but practically a social mandate.
At that point, it usually made more sense for people to enter the real estate market and snatch up properties rather than rent. Yet, today, while McMansions may actually be seeing a resurgence in some areas, the right-sizing of homes is also trending. The baby boomers who bought those towering 7,000-square-foot McMansions in the ’90s are downsizing and looking for those “just-the-right-size” houses.
Today, too, it’s not just the preferences within the housing market that have changed; it’s also the mentality surrounding owning a home. Renting, increasingly, is a more desirable option, whether as a deliberate choice or one driven by financial woes and housing shortages. According to research from Harvard University’s Joint Center for Housing Studies, the nation’s homeownership rate has been falling for more than eight years — from its peak of 69 percent in 2004, to roughly 63.7 percent in 2015.
Many would assume millennials are driving this rental trend, but while there are generational differences as to who is buying versus renting, every generation is now looking at renting as a lifestyle choice, because of its flexibility. According to a recent Harris Poll commissioned by Realty Mogul, home ownership is not the top priority for many Americans, regardless of their age.
Here are the lifestyles reflected by each generation and how buying or renting a home impacts each one.
Baby boomers grew up during a time when housing was affordable and plentiful, and the American Dream took hold of mainstream culture. Yet, while members of this group are more likely to own a home than the younger generations behind them, that doesn’t mean they’re categorically against renting.
According to reporting by the Chicago Tribune, baby boomers are opting to sell their sprawling suburban homes when they become empty nesters and choosing to live in rental buildings with full amenities, avoiding tasks like mowing, snow-shoveling and keeping up with a mortgage. The choice to live more freely and in proximity to restaurants, shopping and recreation gives baby boomers more flexibility and lifestyle choices.
There is also a difference between what male boomers and female boomers want. According to the Realty Mogul/Harris Poll research, women ages 65 and older are more likely to prefer renting than do their male counterparts. Thirty-one percent of women ages 65 and older prefer renting if it means living a flexible lifestyle, compared to only 17 percent of men of this age.
Generation X members aren’t quite as flexible in their lifestyle and housing preferences as their younger generational counterparts, but they aren’t too far behind millennials. According to reporting by CNN Money, Gen Xers are firmly staying in the rental market longer than expected. The reason, in part, is that higher rents and stagnant wages are making it harder to save up for a down payment.
But there’s another reason apart from finances driving Gen Xers to forgo homeownership: The Realty Mogul/Harris Poll research showed that this age group may well be eager to return to a fast and fancy free lifestyle. For example, over a third of Gen Xers surveyed would prefer renting over owning a home if that carried with it the flexibility to move and explore job opportunities and avoid home maintenance responsibilities.
Millennials have a reputation for forgoing traditional norms and are entering the housing market as home buyers much later than previous generations. Business Insider reported that millennial home ownership rates have fallen at a faster rate than that of any other age group. While some feel squeezed out of the housing market due to astronomical student-loan debt, others simply don’t see the value in owning over renting.
Instead, they want to save and use their money for lifestyle enhancements, like travel. In fact, nearly half of millennials (18 to 34) polled would rather save their money to spend on traveling than put it toward buying a home.
And it’s not just about travel, but lifestyle pleasures overall. Forty-seven percent of millennials surveyed said they would prefer renting if that meant they could still afford small luxuries like eating out and indulging in fancy coffees in their day-to-day lives, compared to 36 percent of those ages 35 to 44. Among those 65 years and older, only 25 of those surveyed felt the same way.
Rising trends in housing investment
Home ownership is still the norm for some generations like the boomers, and remains a cultural norm, yet it can no longer be assumed that each generation will step into home ownership. The rising trend in renting creates another benefit in the investment marketplace: Homeowners and real estate investors alike can benefit from the demand for quality rentals, as more people look to renting to help fuel their dreams of travel and flexibility.
Renting out a room or basement is relatively simple, with resources like Trulia for long-term options or Airbnb for short-term solutions. This turns your home into a passive income stream. If you’re looking to invest in real estate, saving up for a down payment or possibly leveraging the equity in your personal home are relatively straightforward options for those with good credit.
But the sheer volume of capital required to get in on a multi-family property is still an obstacle for many would-be investors. The current trend of crowdfunding properties has made it much easier to invest in commercial multi-family rental properties, even with as little as $1,000.
The new trend toward commercial crowdfunding is also a fascinating look at how investing in multi-family rental properties like apartment complexes no longer requires individual ownership. Instead, like-minded investors can crowdfund and collectively own these properties while creating passive income streams and collecting on those returns.
Do you prefer renting or buying? Let us know how you want to live by leaving a comment below:
How to Stay Calm Under Pressure
He started playing poker at 18 and was winning championships by his early twenties. Despite millions in winnings, world recognition and playing at the high roller tournaments, Fedor Holz is leaving professional poker at age 24.
He’s focusing his energy on creating easy-to-access training on high performance mindset tactics. And I was fascinated to learn why.
When I met Fedor a few weeks ago, he had just finished in the top rankings of a huge high roller tournament in Vegas. But instead of talking about poker, we mostly talked about how he stays grounded when so much is at stake. We also discussed how he learned to honor his decisions, even when they turned out to cost him a game.
I loved getting Fedor’s perspective on what it takes to become great at a specific skill, but he was also honest about what it costs. I was especially interested in what he said about the skill of removing emotion from actions and how that can turn out badly in the rest of a person’s life.
Whether you’re interested in poker or not, you’ll learn valuable insights about performing at a high level in anything in Episode 544.
This story originally appeared on Lewis Howes
Why Kicking Out Counterfeit Crooks on Instagram Is So Important
Would you spend over a thousand dollars on a pair of sneakers? There are plenty who would — a pair of Adidas Yeezy’s comes with a price tag of $1,000 or more. For those who are less flush, the market has become flooded with knock-off fakes. These are promoted via comments and sponsored ads on sites like Facebook and Instagram.
When Kanye West tweeted “you probably got bootleg Yeezy’s on right now,” followers responded in typical Twitter fashion, with a torrent of abuse from all angles, but when it came to real brand loyalty, sneakerheads were split. Die-hard fans rebuked the fakes, though others have been tempted by prices as low as $99.
A year later, these social commerce scams are running riot online, fueled by social bots and a growing underground counterfeit economy, hijacking brand advertising efforts. Andrea Stroppa’s “Social media and luxury goods counterfeit“ investigation revealed that 20 percent of Instagram posts for luxury brands feature counterfeit or illicit products.
At BrandBastion, we conducted an investigation into Instagram counterfeiters to examine the risks brands face on social media and what they can do to fight it.
Social media’s safe harbor for organized crime.
The luxury online retail market is estimated to reach $41.88 billion by 2019, according to Bain & Company. It’s impressive, but just a fraction of the booming business of the $461 billion global counterfeit goods market funding large-scale criminal operations. Stroppa’s investigation explains how exploitative practices force women and children to work in inhumane conditions, in turn powering illegal gangs, dictatorships and global terrorism.
Organized crime has entered the digital realm, with counterfeit trade visible on the most popular ecommerce platforms and social media streams. These operations are largely based in China, Russia, Malaysia, Indonesia and the Ukraine, though technology allows them to target global audiences.
In the U.S., the Digital Millennium Copyright Act (DMCA) mandates that so long as platforms have an effective takedown system, they are not liable, putting pressure on brands to protect themselves. Until now, this has mainly impacted selling tools such as eBay, Alibaba and commerce-friendly social network WeChat, to the detriment of luxury brands like Tiffany & Co., Louis Vuitton and Gucci. But digitally-savvy fake sellers have graduated from basic host services like eBay, finding global reach and big profits as commerce takes off on social media. Complete with new mobile-oriented features like Instagram’s Shop Now and Buy buttons, these networks are becoming serious selling tools for counterfeit criminals.
As online sellers invest in social growth tactics, the frauds are hot on their heels, armed with ad campaigns and bots, retargeting their users and flooding sites with illegal goods. This social media safe harbor creates a playground for fraudsters using aggressive tactics, even hijacking a brand’s own social media posts or ads to target audiences with counterfeit copies.
The Instagram comments scam.
BrandBastion examined a sample of 36,000 comments from the Instagram posts of 12 top luxury brands — Salvatore Ferragamo, Manolo Blahnik, Marni, Saint Laurent, Balenciaga, Alexander McQueen, Fendi, Jimmy Choo, Burberry, Balmain, Versace and Dior — with a combined reach of more than 62 million followers.
One in 18 comments included a serious threat for brands. Major dangers included 729 (2.03 percent) comments leading to direct counterfeiting from some 94 counterfeit sellers; 1,013 comments (2.81 percent) contained spam and scams; and 208 (0.58 percent) had brand attacks from avid activists, at times launching brand boycotts. Some retailers fared worse than others; 8.27 percent of Saint Laurent comments contained a brand threat. On the other end of the scale, Dior had 3.37 percent brand threats, though with a significantly larger following and greater posting activity.
Counterfeiters borrow images scraped from online searches, newly embed fresh information to appear unchanged, and, armed with purchased fake followers, they often appear legitimate. Fraudulent accounts post comments such as “Check out my page Got All Designer” along with contact details, such as instant messenger chat IDs, enabling encrypted conversations with so-called “salespeople.” The OECD reported that sellers post these goods via complex routes, preying on transit hotspots from “countries with weak governance and widespread organized crime such as Afghanistan and Syria.”
Fighting fire with fire.
Instagram is cracking down on fake accounts, purging millions of spam and bot accounts and using proactive tools such as spam detectors and blocking systems. But by cloning and replicating content, fresh accounts pop up every day. This proliferation of content keeps moderators busy in a cat-and-mouse chase. Meanwhile, the responsibility of tackling new social media fraudsters largely rests on law enforcement agencies, brands and innovative technologies.
A digital ecosystem to target counterfeit sellers is in early stages. Informal name-and-shame accounts on Instagram, such as @fake_education and @yeezybusta reveal identified fake sellers. Online community forums like Scamadviser, Realscam and Scamwarners allow both retailers and consumers to name and shame known offending domains. Flipping community activism on its head, third-party services and blockchain technologies, such as startup Blockverify using the bitcoin currency infrastructure, also verify goods and track sales.
The downside is that lack of formal regulation facilitates a free-for-all of independent forums and competing businesses. Moreover, uneducated consumers are often not deterred by fake labels and are unaware of real threats from criminal operations. One in four consumers report purchasing counterfeit products online — and these forums can even aid their search for fake products.
Brand managers need to be able to monitor new social media accounts using keywords, images, handles (or account names) and trending hashtags to uncover brand violations. New accounts often have similar names, posting behaviors and messages, and third-party forums also provide new leads. It’s important that brands also have community moderation checks in place when it comes to their own content and community engagement, to ensure that sellers aren’t getting a free ride through hacking their own ads and posts.
As fake sellers adopt new technology to mimic and automate brand posting behaviors, artificially-intelligent moderation tools help businesses to uncover the crooks. It’s a battle of the bots, cross-referencing masses of data and identifying trends in order to uncover new threats and scams.
Counterfeiters that have traditionally focused on luxury brands are branching out to all industries. While footwear is the most frequently copied, fraudsters plagiarize anything from high-fashion handbags to popular wines, automotive parts, chemicals, medication and even fresh fruit. With brands like Adidas, Louis Vuitton and Chanel fighting fakes and launching high-profile courtroom disputes, it draws attention to the crisis. Declaring war on this criminal activity, intelligent technology and anti-counterfeit partnerships seek to take control, cleaning up social media and kicking out those counterfeit crooks. It’s a new wave of rebellion against organized crime masquerading as luxury produce and trusted household goods.
6 Fatal B2B Sales Mistakes You Must Avoid
B2B sales can be incredibly rewarding and lucrative — if you know what you’re doing. Unfortunately, most salespeople in this field make the same few mistakes again and again. When everyone around you is making the same missteps and blunders with B2B selling, it can be extremely difficult to know how to fix your approach.
If you’re looking to overhaul your strategy for B2B sales so you can start to crush your competition, it’s time to start actively avoiding the most common B2B sales mistakes out there today. Here are the six fatal B2B sales mistakes you’re probably making:
1. Selling to low-level buyers.
It may be easier to get in front of buyers and purchasing managers than C-suite prospects, since you never have to deal with a gatekeeper in order to reach them. But those low-level buyers don’t have the power — or the budget — to tell you “yes.” In fact, they’re only really good at telling salespeople “no.” You won’t make money selling to low-level buyers in B2B sales, so make a commitment to seek out high-level decision makers who can actually say “yes” to what you have to offer their businesses.
2. Highlighting your product’s features and benefits.
There was a time when prospects cared about the features and benefits of your product. But they simply don’t anymore. Prospects today only care about the results and outcomes you can create in their world. More specifically, they want to know how you can solve their key challenges and deepest frustrations. Instead of highlighting your product’s features and benefits when selling to businesses, focus on specific outcomes your product or service can help your prospects achieve.
3. Giving proposals with only one option.
One of the biggest mistakes salespeople make in B2B sales is putting together single-option proposals. There are two major problems with these proposals. First, they don’t provide any context, which compels prospects to shop around to determine the value of your solution. Second, customers who really want to invest in a premium option will be limited to a lower-tier solution. Instead, provide a three-option proposal — ranging from the lowest end option that will still solve their problem to a higher end option with the most value — to boost your average sale size and the number of deals you close.
4. Relying solely on the phone and internet.
There’s been a big movement in B2B sales towards selling online and on the phone. In some cases, this can be efficient and helpful, but if you’re selling an expensive, high-end product or service that requires a serious investment, you simply can’t skip out on meeting face to face. Hop on a plane if that’s what it takes to sit across from a valuable prospect. You’ll increase your close rate many times over, and being able to close big deals at huge companies is well worth the cost of travel.
5. Failing to clarify your value proposition.
Every time a B2B prospect asks what exactly it is that you do, you should have a quick and rehearsed response that succinctly describes the value you create. Clarify, script out, and memorize your value proposition. This is the only part of your sales presentation you have to memorize, so there’s really no excuse for hazy, rambling answers to this question.
6. Rushing to offer deals and discounts.
Low prices only attract bad prospects in B2B sales. Your ideal customer cares about value, not price, so quit offering deals and discounts. It only lowers your value in the eyes of your prospects. Instead, focus on the value you create, and be proud to offer the premium solution on the market. This attitude will attract the type of customer who values you for years to come.
Which of these mistakes have you been making in B2B sales? How will you correct your mistakes and start crushing your sales goals? Check out this free Ultimate 3-Step Prospecting Call Template for more powerful sales advice.
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