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.

Real Estate Millennials-How Will They Find Us?

Real Estate and the Millennials- How will they find us? By Rick Guthrie Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, “How Will They Find Us”? Studying our new largest generation, the Millennials, has become a real passion of mine. Not just for helping with real estate […]

Real Estate and the Millennials- How will they find us?

By Rick Guthrie

Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, “How Will They Find Us”?

Studying our new largest generation, the Millennials, has become a real passion of mine. Not just for helping with real estate careers here in Fairfax County, but for basically general knowledge. As with anything, our assumptions about others might not be accurate. Being a baby boomer and the parent of millennials, I felt that I knew what made the millennial generation tick. I thought that I knew all I needed to know. I must admit that I had some insight but most of my assumptions so far have been wrong.

I think back on how many times I’ve said, “kids of this generation know everything just ask ‘em, they’ll tell you”. I’m sure you’ve heard that too. The fact is…. they kind of do. Information is always at their fingertips and they will research that information at the drop of a hat if needed. The majority of my generation, in all humility, was researched challenged. Unless Mom and Dad fell prey to the Encyclopedia Britannica sales person or you had a good handle on the Dewey Decimal System, information was not easily forth coming. So for the most part, information came from the media and had a certain amount of subjection and or opinion. So we can assume, especially with the media inaccuracies of late, this practice doesn’t hold up for Millennials most of the time. I actually believe that they enjoy watching us banter over inaccurate information.

So what’s the point? The point is if we want to understand the Millennials we need to research Millennial how will they find usCharacteristics. The problem that I’ve had is researching very subjective and opinionated views. Sound familiar? Yep back to my old Boomer ways. So I’ve decided to actually survey the Millennials themselves. I’m not only surveying one on one but also in virtual surveys like Survey Monkey. Of course I’m trying to determine how to best meet the needs of my future millennial real estate clients but also attract millennial talent for careers in real estate.

My first research ah ha was from a conversation I had with my favorite millennial, my son. Now his occupation is in a tech related field and he is actually working towards his first home. My immediate assumption was that he would be virtually driven in his search for a real estate professional. Check this out.

          Question: I’d like to hear your thoughts and quote you in my blog. If I wasn’t your Dad and you wanted help with your home search, what would you be looking for from a real estate professional? What value proposition would spark you to use me?

          Answer: That’s a really tough question. I don’t know if I’d be the best person to ask, since I do tend to differ a bit from some millennials, but ultimately it’s going to come down to this. If someone I know, knows you and spoke highly of you or recommended you. As a first time home buyer, I have no expectations. I don’t know what’s typical and what I should be looking for. So I’m going to start asking people around me that I know if they have any suggestions and more likely than not, whoever’s name they throw out is going to be who I’m going to go to first. I might google that person’s name and see if anyone has said anything negative about that realtor, but if I don’t find anything they’ll be my first choice.

Isn’t that cool! We don’t need to change our mindset on relationships. Still our number one method of lead generation is asking for referrals. He didn’t say, “I’d go to the internet to get help”. Or, “I wish you guys had a robotic showing assistant”. Or, “I’d look at 3D floorplans”. He said he’d ask for personal recommendations. It’s still about that personal touch. I believe that’s going to be #1 in the real estate equation for a long, long time. Recommendations, referrals and relationships are how the Millennials will find us.

Wait till you hear what he said about contemplating a career in real estate. But that’s for next time.
Hey comment and give me your thoughts. Blog ‘ya soon.

3 Signs It's Time To Lower The Price On Your Real Estate

Selling your home or property in a slow real estate market isn’t easy, but it can be done. Pricing your home right is the key to selling it within a reasonable amount of time.

3 Signs It’s Time To Lower The Price On Your Real Estate3 Signs It’s Time To Lower The Price On Your Real Estate

By:Rick Guthrie

Selling your home or property in a slow real estate market isn’t easy, but it can be done. Pricing your property right is the key to selling it within a reasonable amount of time.

Sometimes this means lowering your price while it’s on the market. Of course, you want to get as much money as possible, so how do you know when it’s time to lower your asking price?

No One Is Looking At Your Home

If you expect your home to sell, you need to have people look inside it. Most buyers search for homes within a certain price range. If you aren’t getting any showings, chances are it’s because your home is overpriced compared to other homes in the area. In this case, you may need to lower your price so buyers will look at your home.

Comparable Homes Are Selling For Less

Your home will sell for whatever a buyer is willing to pay for it. If the homes around you are selling for less than your asking price, it may be time to lower it. No one is going to pay more for your home when they can get the same thing for less.

Pay attention to what homes are selling for in your community and adjust your price accordingly.

You Are Getting A Lot Of Negative Feedback

Buyers are a great source of information about other homes in your price range. After all, they’re spending their free time looking at countless homes similar to yours.

Your real estate agent can find out exactly what buyers think of your home. Perhaps homes comparable to yours have updated kitchens or more attractive landscaping. With this knowledge, you can choose to either remodel or lower your price.

Contact me if you have any questions. I can help you sell your home or property in any real estate market.