Make way for the younger generation. Millennials—people born between 1978 and 1995—make up nearly a quarter of the U.S. population. (Source: U.S. Census) And while some of these folks have 4-year degrees, many are unemployed or underemployed in jobs that don’t fuel their passions.
This is actually a boon for brokers, as millennials are a generation that seems best suited for the demands of a real estate career—they just need a push in the right direction. Here are five benefits of recruiting millennial real estate agents.
1. They’re eager to learn. Millennials have a thirst for knowledge and want to learn all that they can on the job. According to a recent survey, 65% of millennials said that one of the most influential factors in accepting their current job was the opportunity for development. (Source: UNC Kenan-Flagler Business School, Infographic) This may be because they see learning as essential in order to advance in their careers.
How it translates to real estate: Great real estate professionals understand that professional development is vital in order to stay ahead of the game. Tap into your millennial agents’ desire for knowledge by offering training programs and development opportunities.
2. They’re connected. They grew up with social media and have a desire to connect with others. Additionally, social media platforms, such as Facebook and LinkedIn, have given them an opportunity to build their professional networks. They’re as comfortable networking online as they are in person.
How it translates to real estate: Real estate is a social business, and many agents are getting on board with social media. Encourage your millennial agents to use their skills to grow their client base. And, tap into their skills by asking them to help you update your social media strategy.
3. They want meaningful work. Millennials want to follow their passions and make a difference in the world. In fact, 30% feel that it’s important to have meaningful work. (Source: UNC Kenan-Flagler Business School, Infographic) Additionally, they strive to strike the work-life balance that seemed to elude their parents and older siblings by finding work that allows them to have a flexible schedule.
How it translates to real estate: Real estate professionals play an important role in helping people realize their dream of homeownership. This in turns helps to build stronger communities. Share your experiences with your millennial agents and encourage them to do the same.
4. They’re natural entrepreneurs. Since millennials seek a flexible schedule that the traditional 9 to 5 desk job can’t give them, many of them are looking to strike out on their own and be their own boss. And they think that entrepreneurship is important: 92% said that entrepreneurship education is vital to the new economy. (Source: UNC Kenan-Flagler Business School, Infographic). Nearly one-third started a business in college and 35% have started a business on the side. (Source: UNC Kenan-Flagler Business School, Infographic) However, they may still want the support of a larger organization, especially in the beginning of their careers when they’re still finding their footing.
How it translates to real estate: Most real estate agents are independent contractors, even if they’re represented by a broker. This offers a happy medium for millennials—they can be their own boss while enjoying the support that a larger company can offer.
5. They’re comfortable with technology. Millennials grew up with computers in their schools and at home. They also came of age during the age of the Internet. Their ease with technology makes them natural multi-taskers when it comes to using a tablet, smartphone and laptop all at the same time, probably while enjoying a non-fat, fair trade coffee from their favorite local coffee shop.
How it translates to real estate: Real estate is all about communication. Right now, more buyers and sellers are looking for immediate responses to their burning questions, and will often use their smartphone to text or email instead of call. Millennial agents are comfortable with this level of urgency in response time.
Since your millennial agents crave feedback, set a reminder in Referral Maker™ real estate CRM to check in with them weekly, and be sure to send a personal note or tell them when they’ve done a great job.