How Millennial And Gen-Z Realtors Are Reshaping Real Estate

Key Takeaways:

– The real estate industry is constantly changing and being shaped by different generations of professionals.
– Millennials and Gen-Z Realtors bring unique perspectives and approaches to the industry.
– These generations prioritize work-life balance and integrate their lifestyle into their real estate careers.
– They are tech-savvy and embrace technology to make their businesses more efficient.
– Networking and building meaningful relationships are important to them.
– They have a strong commitment to giving back to their communities.
– Seasoned professionals can learn from the younger generations by embracing their individual talents and adapting to new skills and techniques.
– The contributions of each generation are valuable in the ever-evolving world of real estate.

inman:

The real estate industry is in a perpetual state of transformation, shaped by the unique perspectives and contributions of each generation of real estate professionals. I’ve had the privilege of witnessing the transformative impact of the newest entrants into the real estate workforce — millennial and Generation Z Realtors. 

Millennials, typically born between 1981 and 1996, represent a generation that came of age during the digital revolution and economic challenges, which has instilled them with a tech-savvy and adaptable mindset. Gen-Z Realtors, born between 1997 and 2012, are the youngest entrants into the real estate landscape, having grown up with advanced technology and a strong sense of social and environmental consciousness. 

While it’s the norm to draw comparisons between different generations of professionals, it’s more beneficial to evaluate what each brings to the industry and how their distinctive methods can help those looking to buy or sell homes more effectively. 

Lifestyle  

These generations emphasize work as an integral part of their lifestyle rather than just as a job. Deloitte Insights reports that nearly half of younger professionals view their career as a central part of their identity, yet they are unwilling to compromise their well-being for a job that fails to offer a healthy work/life balance. They have embraced the philosophy that work and lifestyle can be intrinsically intertwined. 

As CEO of a multistate brokerage, I’ve been captivated by how these generations of Realtors approach the homeselling process. For instance, one of our Arizona agents makes a trip out of her showings in cities or towns near her. She will drive out to the location a day early, explore the area, take her Jeep offroad and spend the night.

The day of the showing she will take her client on a scenic drive showing them multiple homes and may even take them offroad for a scenic tour. They will end the day by getting a meal or grabbing a drink together. Sounds fun, doesn’t it? 

For her, it’s not just a showing; it’s an entire experience for her and her clients. The agent seamlessly integrates her lifestyle into her daily schedule, making her clients feel like they are also a part of it. Her approach deepens relationships with clients as they get to know her and what drives her. 

This engagement and relational approach stem from a sincere desire to form meaningful client connections. They see opportunities where others might see obstacles, and this optimism propels them to explore new ideas and business models. They are willing to take more risks and exhibit less fear — a characteristic partly shaped by their upbringing in a tech-centric world. 

Technology  

It’s no secret that these groups are tech-savvy. They were born into a world where technology was second nature, making them more inclined to take risks and embrace innovation. The new era of agents is eager to adapt and become trailblazers, exploring how technology can make their real estate businesses more efficient. 

These professionals are adept at harnessing the power of social media platforms such as Instagram, TikTok and YouTube to connect with potential clients and market their listings. They understand the impact of these tools in marketing and showcasing properties and their “learn by doing” attitude accelerates their adaptation to new tools and systems. 

Networking  

These professionals also possess a keen talent for networking. They have a desire to connect with others and build meaningful relationships that go beyond business transactions. They understand the value of a wide-reaching professional network, and they actively cultivate and leverage these connections to enhance their careers. 

For example, look to LinkedIn. According to LinkedIn, millennials make up the majority of their user base, but Gen-Z is the largest growing demographic on their platform. This is just one instance where networking and technology are combined to create a powerful tool.

Younger agents use these platforms to fuel their careers and connect with clients, industry professionals and colleagues. They are not just passive observers; they want to be informed about the world and contribute to it in meaningful ways. 

Giving back 

Another striking aspect these two generations possess is their commitment to giving back to the community. According to Forbes, Gen-Z may be one of the most charitable generations yet. They are driven to do good, and it reflects in the way they spend their time and income. 

While they aim to succeed in their careers, they also understand the importance of contributing to the greater good and communities that give to them. This commitment to charity work sets them apart in their communities, which in turn helps them stand out in their real estate careers.  

Learning from young professionals 

Gen Z and millennial groups are a formidable force in the real estate landscape, introducing new approaches and evolving the field in unprecedented ways. What can more seasoned professionals learn from these younger generations? 

The greatest lesson we can glean from both groups is the importance of being true to oneself and embracing individual talents and preferences. It’s about finding your unique niche and excelling in it. If you feel your strengths align with more traditional homeselling and buying tactics, embrace that. If your forte lies in word-of-mouth referrals over tech-driven advertising, find ways to tap into that. 

No matter what kind of agent you are, a client is seeking exactly what you provide. 

And the notion that “an old dog can’t learn new tricks” is a misconception. If you’re open to adapting your practice or acquiring new skills, approach it with the same tenacity for learning exhibited by many young professionals. Don’t fear failure, and don’t hesitate to embrace change, even later in your career. The combination of experience with fresh skills and techniques can elevate your business and guide you toward success. 

In the ever-evolving world of real estate, the contributions of each generation are invaluable. These young professionals add to the diverse tapestry of the real estate landscape and show us ways to grow. Change is an inevitable force, but by embracing the unique qualities and experiences of the younger generations, we can allow it to propel us into the industry’s future. 

Troy Reierson is CEO of Americana Holdings, a wholly owned subsidiary of HomeServices of America, Inc., which operates as Berkshire Hathaway HomeServices Nevada Properties, Berkshire Hathaway HomeServices Arizona Properties and Berkshire Hathaway HomeServices California Properties.  


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Property Chomp's Take:

The real estate industry is undergoing a significant transformation, with the old way of doing business becoming outdated. To adapt to the changing market, professionals in the industry need to embrace new perspectives and methods. This is where the younger generations, specifically millennials and Generation Z Realtors, come into play.

Millennials, born between 1981 and 1996, grew up during the digital revolution and economic challenges. This has instilled in them a tech-savvy and adaptable mindset. Generation Z Realtors, born between 1997 and 2012, are the youngest entrants into the real estate landscape. They have grown up with advanced technology and a strong sense of social and environmental consciousness.

These generations bring a fresh approach to the industry, emphasizing work as an integral part of their lifestyle rather than just a job. They prioritize a healthy work/life balance and integrate their personal interests into their professional lives. For example, one agent in Arizona makes a trip out of her showings by exploring the area, taking her clients on scenic drives, and even going off-road for a scenic tour. This approach deepens relationships with clients and creates a unique experience for all involved.

Another standout quality of these younger professionals is their tech-savviness. They were born into a world where technology was second nature, making them more inclined to take risks and embrace innovation. They harness the power of social media platforms like Instagram, TikTok, and YouTube to connect with potential clients and market their listings. Their willingness to adapt and explore new tools and systems sets them apart in the industry.

Networking is also a talent of these younger generations. They understand the value of building meaningful relationships that go beyond business transactions. Platforms like LinkedIn have become powerful tools for younger agents to connect with clients, industry professionals, and colleagues. They actively seek to contribute to the world and be informed about it.

Furthermore, millennials and Generation Z Realtors are committed to giving back to their communities. They are one of the most charitable generations yet, understanding the importance of contributing to the greater good. This commitment to charity work sets them apart in their communities and helps them stand out in their real estate careers.

Seasoned professionals can learn from these younger generations by embracing their individual talents and preferences. It's about finding a unique niche and excelling in it. If their strengths align with more traditional tactics, they should embrace that. If their forte lies in word-of-mouth referrals over tech-driven advertising, they should tap into that. The key is to be true to oneself and not fear failure or change.

In the ever-evolving world of real estate, the contributions of each generation are invaluable. The younger professionals bring new approaches and evolve the field in unprecedented ways. By embracing their unique qualities and experiences, the industry can propel itself into the future. It's time to defy the market and bet big on the future of real estate.

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