ERA Real Estate, a leading global real estate franchisor, recently announced the publication of an industry report “Generation Y: Rethinking Recruiting.” Recognizing that recruiting additional members of Generation Y was a necessary part of succession planning for the real estate industry, ERA Real Estate set out to research the industry’s appeal to this demographic with the intent of leveraging findings to help ERA® brokers in recruiting Gen Y. Key findings include characteristics of real estate that appeal to Millennials and match what they are looking for in a career; recruiting messages that resonate with this generation; and tactics businesses can use to attract Millennials into their organization.
Demographic data points to the need for such research: according to the National Association of Realtors, the average age of a Realtor® is 56; Generation X is not numerous enough to replace retiring Baby Boomers; and Generation Y can fill the growing need for new agents.
“Our findings indicate that there are actionable steps that can be taken to maximize recruiting efforts aimed at Millenials such as implementing innovative ways to overcome the financial barriers to entry, creating a mentoring plan than aligns junior agents with seasoned professionals and creating Gen Y-friendly offices,” says Charlie Young, president and CEO of ERA Real Estate. “In addition, we identified that Millenials are twice as likely to be interested in a real estate career if they know an agent their age or have previously worked on commission so focusing on those populations can increase recruiting success.”
Members of Generation Y, also known as Millennials, were born between 1978 and 1995. Referred to a “digital natives,” they have often been called the most connected generation for their embrace of technology and social media platforms. Despite common perceptions, compensation is not what drives Millenials when considering a career in real estate. Instead, they are more motivated by:
• Helping to build communities
• Developing extensive professional networks
• The opportunity to do different things every day
• Working independently, but with the support of a broker and a brand as back up
ERA Real Estate’s research also provided six areas of opportunity for recruiting Gen Y:
• Use social recruiting to connect with Gen Y
• Provide career support and an opportunity for collaboration
• Clearly identify a career path
• Promote a work-life balance
• Highlight community service
• Leverage existing Gen Y talent to recruit peers
To view the executive summary of the report, “Generation Y: Rethinking Recruiting.” visit the research section of www.ERA.com.