The millennial generation is second only to the Baby Boomer generation in terms of numbers and impacts on all aspects of every industry and our society. Let’s take a look at how Millennials are impacting brokerage firms as they increasingly become real estate agents.
The National Association of Realtors recently hosted a Power Broker Roundtable on Millennials in Real Estate in the northwest. Here are some of the comments and observations from that roundtable.
Lennox Scott, director of John L. Scott Real Estate in Seattle, said, “Millennials are a reflection of the world in which we live…they’re tech infused and community connected…and the most important generation to hit real estate or any profession.” Scott has already tweaked his training programs to both attract and accommodate “…this eager, fast-learning and tech confident generation.”
Jason Waugh, president and CEO of Berkshire Hathaway Home Services Northwest Real Estate in Portland, is building offices with less square footage and more open space so that “…mentors, coaches and agents can openly communicate…Millennials seem to thrive on collaboration and that’s the atmosphere we’re providing.”
New leadership terminology, such as Vice President of Residential Success, Vice President of Agent Excellence and Vice President of Professional Achievement, is replacing titles such as Manager and Team Leader. And multiple, culturally diverse age groups are replacing homogenous groups of agents. Waugh said, “Millennial agents are able to learn ‘tried and true, time tested’ ways from veteran agents and veterans are able to learn new ways of communicating from Millennials.”
Scott said that his firm’s new motto is “Everybody is productive quicker.” Additionally, he believes that this “…new millennial energy in the firm is inspiring us to do more than just sell a lot of real estate. We’re doing much more in the community, thanks to this new generation of agents, in terms of charitable and fundraising events for organizations that serve our markets and our clients.”
Joe Clement, CEO of RE/Max Properties in Colorado Springs, thinks the jury is still out regarding millennial agents. “What’s yet to be tested, I think, are their staying power…and their loyalty. Will they stick with the company that trained them or will they look for what they think are greener pastures elsewhere or will they decide to jump to another career altogether?”
No doubt we’ll find out soon enough.