Real Estate and the Millennials-What do they want?

Real Estate and the Millennials- What do they want? By Rick Guthrie Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, what do they want? We determined, in our blog how will they find us, millennials will find us the old fashioned way. Most of the time by […]

Real Estate and the Millennials- What do they want?
By Rick Guthrie

Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, what do they want?

Millennials What do they want?We determined, in our blog how will they find us, millennials will find us the old fashioned way. Most of the time by word of mouth. This certainly holds true to the first time home buyer. They want a trustworthy professional who has been recommended to them. Also, in our last blog, we stated that millennials are looking for value plus opportunity in the work place. They want to do a good job, get paid for it then go home and enjoy life. Hey nothing’s wrong with that. It seems like all of the data and information supports these statements.

In this blog I want to look at what is important to millennials across the board. In short what do they want? I’ve been talking with several groups of millennials and I’ve started a millennial business group. We’re meeting twice a month. In our second get-together I gave them a questionnaire and also sent the questionnaire out to other millennial groups I’ve been talking with. Here are some key points that surprised me about what millennials want.

They want great technology-You would think that millennials are impressed with new technology like the boomers were. Actually they’re not really impressed with it, they expect it. They also expect that technology comes at a higher level backed with streamlined processes.

They want a consumer experience-You would think that millennials would prefer to shop online. Actually millennials are into the experience type of activity. They want a brick and mortar shopping environment that creates a great experience.

They want to involved I thought that millennials we’re more into themselves and not their surroundings. Actually they are more environmentally aware and pro-community than their predecessors.

They want a home – Someday anyway. Most say they want a home in the future but are held back by several things. For the most part, starting a family is not a pressing matter. It seems the ability to pick up and move quickly is very important. Lastly, debt mostly student loans is a factor.

They want to be healthyThey are more heath conscious and want more healthy choices. They are into exercising and are more anti-booze and cigarettes than pre-generations.

So why is this important? Well if you’re involved in any kind of business that deals with a consumer or you employ anyone who deals with consumers, it’s real important. If you’re trying to attract talent that can communicate with our largest population, it’s important.

I saw a report that it is estimated that 22.4% of the population, in my county will be retirees from the DC area in 2040. So how will the millennials effect that? In 25 years some millennials will be approaching retirement. That’s need to know info.

If I’m looking to grow my business and maybe leverage with other businesses inside my community, these are things I should be looking at.

Generational characteristics and attributes are important to understand. With millennials now being the largest population, we need to focus in on their needs. Now I’ve already gotten some push back from some on this subject. “Focusing on the millennial needs is not that important”. All I can say to that is, “Really?” Well the good news is that the millennial will find the product, brand, company and employer who will focus on their needs if you won’t. Blog you soon.

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.