The real estate industry has seen an increase of the “Millennial Generation”—those 30 years old and younger—entering the profession. Filled with entrepreneurial spirit and drive, these young men and women are changing the rules of real estate. They just might be the future of real estate.
A New Demographic
This generation is drawn to the field of real estate because of the flexibility and the chance to own their own business. They stay in the real estate business because they know how to reach out to a new demographic tap into emerging markets.
Why Change?
If you’re a seasoned Realtor® you’re probably used to doing things your own way. You may not have changed your techniques in a while. You may be thinking about the old saying, “if it ain’t broke, don’t fix it.” Some long-time Realtors® might think that this younger generation has nothing to teach them.
Incorporate Their Ideas
They’d be wrong. Let’s take a second look at what they are doing differently and see if you can incorporate some of these ideas into your business. After all, you can’t avoid change. You must embrace change or you will be left behind.
Learn from the Millennials
“As REALTORS® we are constantly evolving with the market and it’s important to recognize these young people and learn from them, as they are the future of the real estate profession,” said National Association of REALTORS® president Moe Veissi.
So how can you learn from the Millennial Generation?
Common Traits
Featured in the May/June issue of REALTOR® Magazine, the 2012 “30 Under 30” honorees share certain traits in common. They take risks, embrace new technologies, and develop their own formulas for success.
Take Risks
Real estate is an exciting industry, and this generation captures and capitalizes on that excitement. Maybe it’s because they are young and just starting out, but they aren’t afraid to take risks. Most have become young homeowners themselves and they can educate their own generation about the process and benefits of owning a home.
Thriving in The Job
According to a report from realtor.com, the risk-taking has paid off. They’re not just learning the ropes of the job, but they are exceeding expectations. “They’ve thrived because they haven’t been afraid to take risks, often at a very young age,“ states realtor.com.
Embrace New Technologies
The Millennial Generation grew up with computers and most likely owned a cell phone at a very young age. They are on the cutting edge of new technologies and are constantly learning about new ways to use these to grow their business and reach out to a new generation of homeowners.
Make Your Own Rules
“What amazes me the most about this year’s class is how they recognize there is no one formula for winning in real estate. They have discovered success their own way and display the dedication and hardworking spirit all REALTORS® possess,” said Veissi.
Create the Career You Want
What attracts Millennials to the real estate profession is the ability to be your own boss. And, as your own boss, you get to make your own rules. As long as the money is coming in and you are closing sales, you can create the kind of job you want.
Flexibility to Change
The younger generation is also drawn to real estate because of its flexibility. It is more important to them to have a healthy live-work balance. They want to be in a career that is constantly changing. They are looking for a job that is challenging, exciting, but still allows them time for family, hobbies and personal interests.
Changing Economy, Changing Customers
As a Realtor® you know the market is always changing based on the economy. Whether it is retirees looking to downsize their home or buyers in search for a second home, no day is ever the same and no sale is ever the same.
Young Home Buyers
Reports show that more and more young people are investing in their own homes, and it’s important for you to capture that demographic. Take these tips from the Millennial Generation and continue to grow your own real estate business, embrace change and move forward.
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