Millennials are the most powerful generation to ever hit the real estate industry or any profession, asserted Lennox Scott, president of John L. Scott Real Estate in Seattle, during a recent National Association of REALTORS® Power Broker Roundtable on millennials in real estate.
“They are technology-infused and connected with community—they’re a reflection of the world we’re in, and I, for one, am happy to tap into the energy and excitement they bring,” Scott said.
Millennials are already having an impact in changing some office dynamics in real estate, brokers say. Some brokerages say they’re tweaking their training programs and office culture to better attract this eager, fast-learning, and tech-confident generation.
“We’re building out offices with less square footage and more open space, where mentors, coaches, and agents can openly communicate—which is way different, and so much better than putting everyone in isolated cubicles or behind closed doors,” Jason Waugh, president and CEO of Berkshire Hathaway HomeServices Northwest Real Estate in Portland, Ore., said on the panel. “Millennials seem to thrive on collaboration, and that’s the atmosphere we’re providing.”
Scott says they’ve discontinued the title of “managers” in their office, and instead have “office leaders” and now offer quick-start training. They offer specialized roles to foster greater production and mentoring, like a VP of Residential Success, who oversees coaching; a VP of Agent Excellence in charge of marketing; and a VP of Professional Achievement, who focuses on agent support.
“We have a whole new vibe in our offices—we’re upgrading the conversation, and we’re sharing new core values,” Scott says. “Our motto is ‘Everybody is productive quicker.’… This new energy is inspiring us to do more than sell a lot of real estate.” They’re also having more charitable events with fundraisers for children’s hospitals.
Millennials are bringing “fresh energy to this business,” Joe Clement, CEO of RE/MAX Properties in Colorado Springs, Colo., said. “What’s yet to be tested, I think, is their staying power—and their loyalty. Will they stick with the company that trained them, or look for what they think are greener pastures? Or will they decide to jump to other careers altogether?”
Waugh says an office reflecting multiple age groups can be a win-win. Millennials are able to learn from veteran agents, who in turn can learn new ways of communicating from millennials that can “complement time-tested methods of phone calls and handwritten notes,” Waugh says. “It’s a vibe that’s working well for us,” he says.
Source: “Tapping Into Millennial Talent: How Next-Generation Agents Are Redifining Real Estate,” RISMedia (Feb. 11, 2018)