Gen Y: Emerging REALTOR Profiles

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Information about Gen Y: Emerging REALTOR Profiles
Real Estate

Published on February 26, 2009

Author: jonathannicholas



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, 881-6535

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