The document summarizes research and interviews conducted with Generation Y real estate professionals. It finds that Gen Y associates have an average age of 24, $4.5 million in annual volume, and 3 years of experience. When interviewed, Gen Y brokers and owners expressed that they value mentorship, accountability, and technology over traditional education. They prefer to educate themselves through peer-to-peer learning and online resources rather than formal company training. Overall, the research highlights how Gen Y professionals have different expectations than previous generations and management must adapt to their emphasis on work-life balance, constant communication, and tech-savviness.

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Profiles
Gen Y Research and Interviews
Jonathan D. Nicholas - Facilitator
CRB Board Meeting – 02/12/09

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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

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

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

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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

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Gen Y Broker/Owner Interviews
• Average age 26
• Average office size 22 agents
• Average experience 3 years

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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.”

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For more information about this research
project, contact:
Jonathan D. Nicholas,
Virtual CEO - Founder
The Company CEO, Inc.
JonathanNicholas.com
(847) 881-6535