gen y: emerging realtor profiles

Emerging Member ProfilesGen Y Research and InterviewsJonathan D. Nicholas - FacilitatorCRB Board Meeting – 02/12/09

Emerging Profiles

Emerging Profiles

Gen Y Associate Interviews

• Average age of associates 24• Average 2008 volume $4.5 Million• Average experience 3 years• Interviews conducted during Jan. 2009• Contacted by phone, email, text, social media• 20% - Did not respond to inquiries

Emerging Profiles

Generation Y Overview

• 26% of total adult population• Adaptability• Tech Savvy• Learning-oriented• Effective Multi-taskers• Tolerant• Very Pragmatic • Competitive with Self and Others

Emerging Profiles

Generation Y Expectations

• Peer to Peer• Acceptance• Recognition• Input • Make a difference• Top of chain tomorrow• Support

Emerging Profiles

What are you looking for in an office…

• Mentor Me • Teach Me• Support Me• Help me to develop my business

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What type of support is critical to you?

• Business development• Lead generation• Peer support

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Expectations of your office…

• Fast-paced environment• Wired• Accountability• Lead management• Education• Stricter quality guidelines

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Minimum technology standards…

• Website• Exchange type email system• Social network engagement • Online database• Blogging• Paperless when possible• Walk the walk

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How they educate themselves…

• Went outside the office• “Most company programs are antiquated.”• “Education won’t make you money; systems will.”

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What training does their office offer…

• Most outsourced beyond new agent • Forced to go outside

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Biggest challenge with management…

• Communication • Old school• Old ideas• Old model

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Need to know about Gen Y…

• Be open minded• Drop your assumptions• Be a mentor, not a manager• “We have a guarded exterior that says, we know it all.”

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Use and impact of Web 2.0

• Social Network without exception• Instinctively go to internet instead of expert• Exchange of information• Peer to Peer education• YPN

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Key Challenges for Brokerage Managers:

• Need for mentoring style of education• Cradle to grave performance strategy• Indifference to experts• Communication & management styles• Brokerage standards & accountability

Emerging Profiles

Gen Y Broker/Owner Interviews

• Average age 26• Average office size 22 agents• Average experience 3 years

Emerging Profiles

Why a Broker/Owner?

• Couldn’t find the environment• Vacuum - opportunity• Mentoring• Apprenticeship

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Management style…

• Mentor• Systems/Technology• Accountability• Lead management• Benevolent dictatorships• Keyword: support

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Level of technology…

• Remote and portable• Tablets• Social networking• Newer open environments

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How do you educate yourself…

• Networking groups (P2P)• Conferences• Webinars• Online research for answers• There is no place – not aware of any

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How would you prefer to be educated…

• Online resource• Interactive database • Virtual education• P2P

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How do you educate your agents…

• Mentoring (all)• Constant in-house opportunities• Systems and Skills

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Where do you turn for brokerage information…

• Other brokers (peers)• No other place to turn

• Brokerage profitability• Recruiting• Strategy• Financial planning

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When asked about the value of designations…

• Why?• Good content – old ideas• “I’m not the type to wear my medals and trophies across the stage like the older agents at our conventions.”

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How do they fit the mold…

• Impatient (all)• Constant state of communication• Work peer to peer

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Biggest Challenge…

• Being in the bubble• Time/Life balance• Dealing with old school competitors• Being by yourself

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Kind of support you could use the most…

• Experienced B/O peer network• “know-how” to fix problems• 24/7 resource

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What do you expect from membership org…

• Newest technology• Timely updates• Support with challenges

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What do others need to know about Gen Y…

• Age is not an issue• This isn’t a fad that will pass• “Get in touch with what your customer is experiencing.”

Emerging Profiles

For more information about this research project, contact:

Jonathan D. Nicholas, Virtual CEO - Founder The Company CEO, Inc.

JonathanNicholas.com(847) 881-6535