Gen Y: Emerging REALTOR Profiles

50 %
50 %
Information about Gen Y: Emerging REALTOR Profiles
Real Estate

Published on February 26, 2009

Author: jonathannicholas

Source: slideshare.net

Description

Presentation at the CRB Board of Directors meetings held February 12, 2009 in Chicago, IL at the National Association of REALTORS headquarters.

Presentation includes summary information taken from Generation Y research and surveys conducted January 2009 by the Company CEO, Inc.

Emerging MemberProfilesGen Y Research and InterviewsJonathan D. Nicholas - FacilitatorCRB Board Meeting – 02/12/09

Emerging Profiles

Emerging ProfilesGen Y Associate Interviews • Average age of associates 24 • Average 2008 volume $4.5 Million • Average experience 3 years • Interviews conducted during Jan. 2009 • Contacted by phone, email, text, social media • 20% - Did not respond to inquiries

Emerging ProfilesGeneration Y Overview • 26% of total adult population • Adaptability • Tech Savvy • Learning-oriented • Effective Multi-taskers • Tolerant • Very Pragmatic • Competitive with Self and Others

Emerging ProfilesGeneration Y Expectations • Peer to Peer • Acceptance • Recognition • Input • Make a difference • Top of chain tomorrow • Support

Emerging ProfilesWhat are you looking for in an office… • Mentor Me • Teach Me • Support Me • Help me to develop my business

Emerging ProfilesWhat type of support is critical to you? • Business development • Lead generation • Peer support

Emerging ProfilesExpectations of your office… • Fast-paced environment • Wired • Accountability • Lead management • Education • Stricter quality guidelines

Emerging ProfilesMinimum technology standards… • Website • Exchange type email system • Social network engagement • Online database • Blogging • Paperless when possible • Walk the walk

Emerging ProfilesHow they educate themselves… • Went outside the office • “Most company programs are antiquated.” • “Education won’t make you money; systems will.”

Emerging ProfilesWhat training does their office offer… • Most outsourced beyond new agent • Forced to go outside

Emerging ProfilesBiggest challenge with management… • Communication • Old school • Old ideas • Old model

Emerging ProfilesNeed to know about Gen Y… • Be open minded • Drop your assumptions • Be a mentor, not a manager • “We have a guarded exterior that says, we know it all.”

Emerging ProfilesUse and impact of Web 2.0 • Social Network without exception • Instinctively go to internet instead of expert • Exchange of information • Peer to Peer education • YPN

Emerging ProfilesKey Challenges for Brokerage Managers: • Need for mentoring style of education • Cradle to grave performance strategy • Indifference to experts • Communication & management styles • Brokerage standards & accountability

Emerging ProfilesGen Y Broker/Owner Interviews • Average age 26 • Average office size 22 agents • Average experience 3 years

Emerging ProfilesWhy a Broker/Owner? • Couldn’t find the environment • Vacuum - opportunity • Mentoring • Apprenticeship

Emerging ProfilesManagement style… • Mentor • Systems/Technology • Accountability • Lead management • Benevolent dictatorships • Keyword: support

Emerging ProfilesLevel of technology… • Remote and portable • Tablets • Social networking • Newer open environments

Emerging ProfilesHow do you educate yourself… • Networking groups (P2P) • Conferences • Webinars • Online research for answers • There is no place – not aware of any

Emerging ProfilesHow would you prefer to be educated… • Online resource • Interactive database • Virtual education • P2P

Emerging ProfilesHow do you educate your agents… • Mentoring (all) • Constant in-house opportunities • Systems and Skills

Emerging ProfilesWhere do you turn for brokerage information… • Other brokers (peers) • No other place to turn • Brokerage profitability • Recruiting • Strategy • Financial planning

Emerging ProfilesWhen asked about the value of designations… • Why? • Good content – old ideas • “I’m not the type to wear my medals and trophies across the stage like the older agents at our conventions.”

Emerging ProfilesHow do they fit the mold… • Impatient (all) • Constant state of communication • Work peer to peer

Emerging ProfilesBiggest Challenge… • Being in the bubble • Time/Life balance • Dealing with old school competitors • Being by yourself

Emerging ProfilesKind of support you could use the most… • Experienced B/O peer network • “know-how” to fix problems • 24/7 resource

Emerging ProfilesWhat do you expect from membership org… • Newest technology • Timely updates • Support with challenges

Emerging ProfilesWhat do others need to know about Gen Y… • Age is not an issue • This isn’t a fad that will pass • “Get in touch with what your customer is experiencing.”

Emerging ProfilesFor more information about this researchproject, contact: Jonathan D. Nicholas, Virtual CEO - Founder The Company CEO, Inc.JonathanNicholas.com(847) 881-6535

Add a comment

Related presentations

Related pages

2014 National Association of REALTORS - realtor.org

Gen Y and Gen X tend to stay ... 2014 ® National Association of Realtors Home Buyer and Seller Generational Trends ... All information in this Profile is ...
Read more

Generational Home Buying Trends | Realtor Magazine

Gen Xers were followed in numbers by Gen Y buyers ... Generational Home Buying Trends | ... © Copyright the National Association of REALTORS® unless ...
Read more

Millennials - Wikipedia, the free encyclopedia

... Ad Age "threw in the towel by conceding that Millennials is a better name than Gen Y ... the personality profiles of Millennials, ... Emerging ...
Read more

USATODAY.com - Generation Y: They've arrived at work with ...

Generation Y: They've arrived at ... exact birth dates that define Gen Y, ... -type companies view this emerging workforce as the future of ...
Read more

Home Buyer and Seller Generational Trends - realtor.org

Home Buyer and Seller Generational Trends. ... Gen Y comprises the largest share of home buyers at 32 percent, ... National Association of REALTORS®. ...
Read more

Still Looking for the Perfect Virtual Brokerage | Realtor ...

... REALTOR® Magazine brought ... Still Looking for the Perfect Virtual Brokerage |-A A + A. ... 5 Ways to Recruit and Retain Gen X, Gen Y.
Read more

Millennial Branding Gen-Y & Facebook Study | Millennial ...

... of 4 million Gen-Y Facebook profiles from ... Gen-Y managers and co-workers have ... Millennial Branding helps companies understand the emerging Gen-Y ...
Read more

Emerging Trends - Urban Land Institute

Emerging Trends in Real Estate® 2013 i Contents ... real estate’s income-oriented profile. ... Gen-Y career builders ...
Read more

Roch Niches - FloridaRealtors.org

Roch Niches. Florida Realtors ... Gen Yers and single females should ... according to the 2007 National Association of Realtors® Profile of Home Buyers ...
Read more

No McMansions for Millennials - Developments - WSJ

Realtor. Realtor; Mansion ... No McMansions for Millennials . Article; ... Gen Y housing preferences are the subject of at least two panels at ...
Read more