With many real estate principals in their mid-fifties, it stands to reason that when hiring new agents they go for older, more experienced candidates. Glenn Curran shares another statistic that may encourage business owners think differently – the ‘iAgent.’
By 2020, half of the global workforce will have been born after 1980, according to PwC. Integrating this younger generation – known as the ‘Millennials’ or ‘Gen Y’ – into our predominantly Baby Boomer real estate culture poses challenges. But they’re challenges that cannot be ignored. Not only will Millennials soon make up the biggest segment of the workforce, they’ll also start to dominate the market as clients, especially buyers. Understanding and working with Millennials is crucial to your ongoing success.
The good news is that Millennials probably have more to offer the industry than previous generations. Research suggests they’re intrinsically motivated, think outside the box, love working in teams and are better educated than their predecessors. They thrive on being judged for their performance, and they respect those with experience rather than power. Most importantly, they’re digital natives who are connected and very comfortable with technology. As Millennials enter the industry in growing numbers, they could cause the biggest disruption we have seen for 25 years, bringing forth an iAgent era.
Millennial salespeople – or ‘iAgents’, as I call them – take a significantly different approach to their careers than previous generations. For most principals, it will take a shift in mindset to get used to having them on board. But while there are challenges to overcome, there are many rewards for agencies that welcome the new generation.
HOW DO YOU ATTRACT, MANAGE AND RETAIN MILLENNIALS?
Millennials are discerning about career opportunities, and they use different decision-making criteria to previous generations. Here are four ways to ensure your business draws the best new talent:
1. EMBRACE TECHNOLOGY
In my business, I’ve always tried to integrate new technology, whether it’s web and CRM integration with social platforms or innovations such as Homepass and Third Floor 3D virtual tours. These digital tools have given me a greater understanding of my customers and improved the way I market to them. Yet our industry, on the whole, has been sluggish to adopt new technology. This puts us at risk of losing talented Millennials to other industries. Millennials have rapidly adapted their lifestyles to the new world of mobile internet; they expect their employers and workplaces to do the same.
2. REIMAGINE THE OFFICE
Thanks to technology, the days of needing to be ‘seen’ in the office are long gone. Indeed, when many of the industry’s largest corporates have moved into new high-performance offices, they have reduced the number of fixed desks by more than 30 per cent. I let my people go wherever they need to be productive. In fact, a growing percentage of my clients are overseas, so one of my staff is currently working in Asia to build relationships and networks.
As the ‘corner shop’ real estate model slowly declines, it’s time to start using technology that enables your agents to work remotely. If you also set clear expectations and goals, allowing Millennials to work this way can help you get the best from them.
3. OFFER FLEXIBLE HOURS
Millennials are the first generation to truly commit to achieving work-life balance. Actually, one of the top reasons they quit jobs is a lack of flexibility, according to the Washington Post. Real estate has a reputation as ‘the job that never sleeps,’ so you can set your agency apart and attract the top new iAgents by offering flexibility. There are 24 hours in a day, so let Millennials use them. You’ll find they are just as productive.
4. MENTOR RATHER THAN MANAGE
Millennials expect managers to act in ‘an encouraging, coaching and peer capacity’, according to Psychology Today. This puts them at odds with the hierarchical approach adopted by Baby Boomer managers, who associate their roles with power. The key to attracting and keeping Millennials is for managers to forge collaborative relationships with their staff and include them in decision making. Principals can provide opportunities for staff to work with them on projects and let them find solutions, rather than telling them what to do. Constant feedback is also important, because Millennials aren’t afraid to move jobs quickly if they feel under appreciated.
And remember, having grown up with the internet, Millennials are exposed on a daily basis to more innovative ideas than previous generations were. If one of your Millennial employees suggests a new way to do things, you’ll need a better reason for saying no than ‘We’ve always done it this way’. And you never know; their ideas just might contribute to your agency’s success in the coming iAgent era.
