Real Estate and the Millennials-What Do They Need?

Real Estate and the Millennials -What Do They Need? By Rick Guthrie Thanks for returning back to my blog “Real Estate and the Millennials.” Today it’s about, “What Do They Need”? So far we’ve touched on; “How will They Find Us?; Attracting Talent and “What do They Want”? Now let’s look at what they need. […]

Real Estate and the Millennials -What Do They Need?
By Rick Guthrie

Thanks for returning back to my blog “Real Estate and the Millennials.” Today it’s about, “What Do They Need”?

So far we’ve touched on; “How will They Find Us?; Attracting Talent and “What do They Want”? Now let’s look at what they need.

According to the findings from Pew Research Center, on Millennials, they are Detached from Institutions, Networked with Friendsthey are also called “the generation of digital natives”. Technology to the millennial is not just an impact or a change in their lifestyle like it was to the boomers and gen x generation. No, to the millennial technology is a way of thinking, learning and encompasses a lifestyle they were, for the most part, born into.

Real Estate and the Millennials What do they need?The data points to fewer millennials seeing differences between political parties. This is certainly different than boomers. The average millennial investor has 52% of their savings in cash, compared to other age groups which has about 23%. Definite patterns have been developed certainly not unlike past generations.

Anyway, I’ve put together a few thoughts on what the millennial real estate professional needs to thrive.

  • They need a team environment:

Millennials tend to job hop. It seems to be over 2 major issues. A boss to subordinate relationship, (which they do not like) and fair monetary compensation. The interesting thing though is they would rather make less and be happy then make more and have no fun. They need a fun team environment.

  • The need for open thought and opinion:

Let’s face it, no one likes it when their ideas or opinions are shot down. Keeping an atmosphere that is not openly critical, opinionated or racially and religiously charged is important. 48% of millennials are racially determined as other than white. Racial discrimination will not fare well in the work place to the millennial and rightfully so. In short, they want to contribute as a team, to the end result, with little to no drama. Try not suppress opinions or thought.

  • They need to be represented and included in decisions:

Millennials feel that too much power is in the hands of only a few people. They need to be heard. They need representation in decision making activities when possible. Certainly a company would need to set standards to where millennial leaders could qualify to be involved in the decision making activities. That said, the input from millennial leaders is invaluable to the company and to them.

  • They need and organization who gives back:

This generation is particularly drawn to social and environmental causes. Ensuring that your company is involved in community and or social contributions through a team effort will go a long way.

  • They need an open work environment:

Rigid hours and floor time and the 9-5 attitude is going away. Now for some businesses that’s a tough one. However not for real-estate companies. Having a fun and open office environment that gets everyone in the office to participate in lead generation is a win-win. Having swipe cards for easy after hour access is a must. Maybe finding leaders that are more flexible with their hours to meet with team members after traditional hours could be a plus. Sounds like we may need more millennial leadership.

  • They need a technology driven work place:

I know you’re thinking more dollars but not really. The greatest technology is in the palm of their hand. You have nothing to do with that. What you can do is get friendlier wireless and blue tooth equipment that complements their smart phones, hand-helds and pads. Then get some great furniture and dump the cubicles and those old outdated PCs that they don’t use and are frankly a source of embarrassment for them.

  • They need the opportunity to collaborate:

Everyone, not just millennials, has the need to contribute. This group especially likes side projects. Remember it’s not all about the money. Provide them the opportunity to head up or belong to a committee. Maybe they could work on a community event or plan an office social hour. Provide them the opportunity to train others. This goes a long way.

The fact is that 75% of our workforce will be millennials in 2025. That’s just in 10 years. We need to grow our companies with that in mind. To do that we need to focus in on what their needs are and then meet them. Also, we need to look for that great millennial leadership that we can develop that eventually will replace us…… I know I am! Please call me if that’s you.

 

Research credit links. Forbes, Inman, Brookings, Pew Research Center

Real Estate and the Millennials-Attracting Talent

Real Estate and the Millennials- Attracting Talent Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, “Attracting Talent”. So how do we attract millennial talent and how do retain them? I’m constantly searching for more data so I can pass on better information about the millennials. For the […]

Real Estate and the Millennials- Attracting Talent

Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, “Attracting Talent”.

So how do we attract millennial talent and how do retain them? I’m constantly searching for more data so I can pass on better information about the millennials. For the most part I’m trying to be more effective in coaching them in real estate careers. In my research, with no big surprise, the data points to better communication as being the key element. I think one thing that’s become very clear to me is this fact; we as baby boomers created the millennial. We were the generation that gave awards to our kids for participation before results. We were the soccer parents that took our weekends to make sure our kids were exactly where they needed to be even when it required us to put our plans on hold. We were the ones that instilled in them an attitude of entitlement. It is what it is, so why are we surprised that their attitude of entitlement has manifested itself in the workplace? Is it necessarily a bad thing that they are who they are?

Millennials attracting talent If it was important for us to treat our children differently than we were treated, doesn’t it make sense that we treat our business subordinates in a way that we would have liked to have been treated? It’s just a thought. So we have to realize that, in the work place, we should continue on with that level of support and recognition that we willfully bestowed on our children and graciously offer that to our millennial business associates.

Already some of you have that feeling of crimson creeping up from your neck to your ears. Let me ask you this, do you want and need a business that works with the insight and talent of Millennials or do you want to stand your ground and find the 1% that will lose their soul for your cause? Looking back, now at the age of 53, I thought you could get ahead by losing your soul. Honestly I wish would have been more selfish.

Anyway, I’ve found this incredible youtube that explains a lot about Millennials. It’s called “6 Strategies to Connect with Gen Y/Millennials in the Workplace”. Watch this it is really insightful.

So I promised you that I would share a question and answer I had with my favorite Millennial, my son, about what would attract him to a real estate career. Here’s how that went.

Question: If I was trying to recruit you to a real estate career what would be the some of the top things you would be looking for?

Answer: The more I thought about it I realized that you are dealing with the “ask generation”. Whether it’s through people or the internet, my generation has gotten accustomed to always getting an answer to any question that we have so keep that in mind. As far as the real estate career question is concerned, there are a couple of thoughts that come to mind. One, the money and always being able to make more is a big deal. I agree with one article I read that hit the nail on the head when it mentioned that millennials work to live not live to work. We will never devote our life to only work. We want to show up, do a good job, get paid for it, then go home and enjoy other things. Unpaid overtime is a bazar concept that no millennial will ever be okay with and with a real estate career, that’s a thing that doesn’t really exist. I’d also be looking for places that aren’t going to be taking a larger portion of my commission if it can be helped. The reason millennials jump companies a lot, at least in my eyes, is people want to nickel and dime us, not offer raises, etc. So we will go somewhere else that offers us more attractive benefits or more money compared to other companies. Offering mentoring and help that leads to success and helps build us up and become confident in what we’re doing is huge. I personally want to know the ins and outs of everything I’m doing so I’m not reliant on someone else. Don’t know if any of that helps or not but those are a few.

That’s great insight. If you read this with an open mind, it just makes sense. Please comment on your thoughts and any insight you may have. Millennials please chime in. In short this blogger feels not only are you our future, but we will benefit from you greatly in the workplace. That’s only if we take on the responsibility to improve on our communication skills. Until next time.