As a Broker of Record, thinking about the longevity of your business is crucial. As the industry’s baby boomers retire, a new generation of millennial REALTORS will begin to move in.
First-time buyers purchased 32% of all homes sold in May 2015, up from 27% in 2012. As millennial home buyers take over the market, they will seek for agents who can relate & understand their interests (also see “The REALTORS Guide to Attracting Millennial Home Buyers“). In other words, recruiting millennial REALTORS is critical. Here are a few tips:
Modern Company Culture
Having a modern office environment is key in creating an approachable company culture. As millennials have a tendency to have shorter tenures at given positions, it’s important for brokerages to focus on creating a work environment that people want to stay and thrive in. A modern, new-age office appeals to millennials. See what Blue Elephant Realty has achieved in its office – a fresh real estate brokerage focusing on technology, great design and customer service (they also have a very trendy blog!). Additional perks might include cupcakes on birthdays, free lunches in house-keeping meetings, and a fun & relaxed space people genuinely want to hang out in.
The technology revolution has fundamentally changed the way people connect, interact and do day-to-day tasks. The millennials are true techies. In their personal lives, they have been accustomed to using mobile devices daily, learning new software very quickly and expecting things to “just work”. This generation will happily welcome the most efficient technologic resources in their professional lives as well. Offering cloud-based tools such as electronic signatures, CRMs, personalized websites and document management will provide your millennial agents the efficiency and convenience they expect within their daily work. Ultimately, providing these types of tools will demonstrate your relevancy to this demographic and reinforce your brand as a modern brokerage.
Millennial REALTORS are curious and eager for new learning experiences. Giving your millennial agents the wisdom for success is a huge motivator. Granted, it’s important for any professional (regardless of age) to sharpen their skills and learn new things but for millennials with fresh careers, constantly learning is a real value. Offering access to mentorship programs, guest speakers and industry conferences will greatly enhance your ability to recruit millennials through your doors and retain them appropriately.
Take the lead in your industry by defining your business as the modern-day brokerage and realize the fruits of hiring millennial talent to represent your brand.