The document discusses strategies for recruiting Generation Y (Gen Y) into the real estate industry, highlighting their unique characteristics, needs, and perspectives on work. It outlines the challenges and benefits of a career in real estate from Gen Y's viewpoint, along with effective recruiting tactics tailored for this demographic. The insights gathered from surveys and real-world interviews aim to guide brokers in attracting and retaining Gen Y talent, emphasizing the importance of mentorship, flexible work environments, and leveraging social media.

1. RECRUITING
GENERATION Y
THE FUTURE OF REAL ESTATE

2. THIS PRESENTATION COVERS:
The research in Generation Y: Rethinking Recruiting gives
you the information you need to help bring Gen Y agents
into your company.
 Defining Generation Y – Who they are and what they
think about work
 What about real estate? – Gen Y opinions about the
pros and cons of a real estate career
 Recruiting – 4 key messages and 6 critical tactics
for recruiting Gen Y

3. WHY GENERATION Y?
THE NEXT SALES FORCE

4. WE NEED THEM
Succession planning isn’t just about who will take over your business when you
retire. It’s also about who will be out there selling houses when your top producers
retire.

5. WHY GEN Y?
CHANGING FACE OF REAL ESTATE
 A big question in real estate is how to attract younger people into the
profession. The numbers tell the story that this is an imminent need.
 56 – Average age of a REALTOR®
 30 – Average age of a first-time homebuyer
 Generation X does not have the numbers to replace the Boomer
Generation in the workforce
 Generation Y is large enough to replace the Boomers
 Gen Y Offers
 Tech savvy can help find new efficiencies in the field
 New perspective can bring fresh ideas
 Extensive personal networks
Sources: The 2011 National Association of Realtors® Member Profile & The 2011 National Association of Realtors® Profile of Home Buyers and Sellers; ERA Broker
Focus Group; Perception vs. Reality: 10 Truths about the Generation Y Workforce, Randall S. Hansen. Ph.D., www.quintcareers.com

6. WHAT DO WE NEED TO KNOW?
Generation Y has it’s own characteristics, it’s own way of interacting with the
world. How does this affect the possibility that they will want to work in real estate?

7. RECRUITING GEN Y: ERA INDUSTRY REPORT
 Original Research
 Attitudinal survey to determine real estate benefits and barriers to entry
of 1,000 Gen Y individuals (Conducted by Wakefield Research)
 One-on-one interviews with Gen Y agents working for ERA Real Estate
 ERA Broker focus group
 Secondary research
 Best practices for recruiting/retention in parallel industries
 Business and human resource journals
 Generational studies

8. WHO THEY ARE
The “Decide What You Want to Be and Go Be It” Generation
-The Avertt Brothers

9. GEN Y DEMOGRAPHICS
 Gen Y totals over 77 million
 Currently Aged 16-34
 Born between 1978-1995
 Account for 25% of America’s
population
Source: U.S. Census Bureau, 2010

10. GENERATION Y & EDUCATION
 40% are still in high school or college
 30% of those not in college, plan to go back to finish
Source: Surging Student Loan Debt Threatens Homeownership, Jacob Gaffney, Housingwire.com, 12/12/2011; Clean Design research 2011

11. GENERATION Y WORK ETHIC
 Work to live
 Career is something that you
enjoy and have a passion for
 Higher material expectations
than previous generations
 Financial success is extremely
important
 60% don’t expect to say with
their current employer for the
rest of their working life
Source: Generation Y: The Millennials, Ready or Not Here They Come, NAS Insights

12. DIGITAL NATIVES
 Raised on the internet
 Technology is a staple in
their existence
Source: Pew Research Center 2010 report, Millennials: A Portrait of Generation Next

13. CHARACTERISTICS OF GENERATION Y
PROS CONS
 Adaptable: used to change and  Impatient: raised on technology
comfortable in a variety of settings and instant gratification
 Technologically savvy  Skeptical of advertising
 Ability to grasp new concepts  Blunt and expressive
 Efficient multi-taskers  Image-driven: make personal
statements with their appearance
 Diverse: high level of comfort with
and acceptance of diversity  They are still young; but they are
willing to learn
Source: Generation Y: The Millennials, Ready or Not Here They Come, NAS Insights

14. WHAT THEY THINK ABOUT
REAL ESTATE

15. Wouldn’t seriously consider a
50% career in real estate.
HOWEVER
Admit they don’t know a great deal
90% about being a real estate agent.
Because this generation is willing to learn, there is a huge
opportunity for brokers to educate millennials about real estate.
Source: ERA Real Estate Combat Test, 2011, Wakefield Research

16. REAL ESTATE PROS AND CONS: GEN Y AGENTS
WORKING AT ERA REAL ESTATE
REAL ESTATE PROS REAL ESTATE CHALLENGES
 Schedule flexibility  Unprepared for stress of job
 Accountability for personal  Costs of marketing and education
success
 Necessity for working nights and
 No office attendance requirement weekends
 Ability to experiment with  Managing multiple personalities
marketing and business practices
 Lack of mentoring programs
 Opportunity for networking
 Lack of up-to-date technology
 Money making potential
 Budgeting
Source: Generation Y: ERA Personal Interviews with Gen Y agents, 2011

17. BARRIERS TO ENTRY
 Individual sales and performance reports are public record, which
means everyone can see just how well you are, or aren’t doing in
you job.
 From gas to marketing materials, expenses come out of your own
pocket, which is a significant challenge to a young person starting
their career in an industry where they don’t have much experience.
 Real estate professionals work evenings and weekends. They
don’t get the predictability and comfort of a Monday through Friday,
9-5 job.
Results from the ERA Attitudinal Survey
Source: ERA Real Estate Combat Test, 2011, Wakefield Research

18. A NOTE ABOUT “FLEXIBILITY”
There are conflicting messages when it comes to the value of the
“flexible schedule.”
 General research indicates that Millennials want to be able to fit work
into their lives.
 ERA® agents, who are also Millennials, indicate the flexibility in their
schedule is important to them.
 In the attitudinal survey, Millennials reacted negatively to messages of
flexibility.
Takeaway: Real estate is a career that can help fit work into life.
You don’t need to be at a desk all day, every day and you can
plan your schedule.

19. HOW DO WE RECRUIT THEM?
Generation Y does not respond to traditional recruiting messages. So, how do we
get them interested in real estate?

20. REFRAME YOUR RECRUITING
 Talk about what resonates
 Focus on “low-hanging fruit”
 Increase social recruiting
 Develop/Promote programs that match Gen Y desires
 Address concerns
 Leverage your current Gen Y talent
Source: LIMRA – Life Insurance Marketing and Research Association; ERA Research 2011

21. KNOWLEDGE = INTEREST
We have the opportunity to provide them with knowledge about
the industry.
Source: ERA Real Estate Combat Test, 2011, Wakefield Research

22. TALK ABOUT WHAT RESONATES
BE IN THE KNOW
Real estate agents develop extensive personal
and professional networks. You’ll meet and get
to know lots of people. And that’s exciting.
Results from the ERA Attitudinal Survey Source: ERA Real Estate Combat Test, 2011, Wakefield Research

23. TALK ABOUT WHAT RESONATES
NEVER A DULL DAY
As a real estate agent, every day is different and
exciting. Real estate agents don’t have boring,
repetitive days. They’re always multi-tasking on
a range of different projects.
Results from the ERA Attitudinal Survey Source: ERA Real Estate Combat Test, 2011, Wakefield Research

24. TALK ABOUT WHAT RESONATES
BEST OF BOTH WORLDS
Most real estate agents are represented by a
broker, but still independently employed. This
means you get to be your own boss, with the
support of a larger company.
Results from the ERA Attitudinal Survey Source: ERA Real Estate Combat Test, 2011, Wakefield Research

25. TALK ABOUT WHAT RESONATES
EMOTIONAL BENEFITS
Real estate professionals help build
communities. They help families find their
homes. The satisfaction from a job well done in
this field is unlike any other.
Results from the ERA Attitudinal Survey Source: ERA Real Estate Combat Test, 2011, Wakefield Research

26. TALK ABOUT WHAT RESONATES
The previous four messages ring true for all groups of millennials.
Source: ERA Real Estate Combat Test, 2011, Wakefield Research

27. TALK ABOUT WHAT RESONATES
Millennials who say they are interested in a career in real estate.
And they have the power to change millennials minds.
Source: ERA Real Estate Combat Test, 2011, Wakefield Research

28. FOCUS ON LOW-HANGING FRUIT
Millennials who have some experience working on commission
are much more likely to be interested in a real estate career.
Source: ERA Real Estate Combat Test, 2011, Wakefield Research

29. INCREASE SOCIAL RECRUITING
59% of millennials look to social media for career information
Facebook
 Host networking events; use Facebook to promote
 Build relationships (personal profiles)
 Provide information about your company (business pages)
LinkedIn
 Post job openings
 Find prospective agents
Sources: ERA Real Estate Combat Test, 2011, Wakefield Research; “How to Use Social Media for Recruiting, American Express OPEN Forum;
“How to Use Social Media as a Recruiting Tool”, INC. Magazine, Tiffany Black, April 2010

30. DEVELOP AND PROMOTE PROGRAMS THAT MATCH GEN
Y DESIRES
Career Support
 Mentor/coaching programs
 Resources of knowledge
 Constructive feedback from broker, peers and clients
Sources: “The Next Generation of Real Estate Teams,” Bernice Ross, Inman.com“; Three Tips fro Gen Y About the New Workplace, www.careerjournal.com;
“A Boomers Guide to Communicating with Gen X and Gen Y”, Bloomberg Business Week

31. DEVELOP AND PROMOTE PROGRAMS THAT MATCH GEN
Y DESIRES
Career Path and Business Planning
 Goals
 Related to outcomes other than money
 Direction on how to reach them
 Define necessary skills
 Assessment criteria and defined rewards
 Broker as a resource
 Identify market direction and opportunities
Source: “Why Hiring Millennials is Good for Your Business,“ Diane Spiegel, American Express OPEN Forum

32. DEVELOP AND PROMOTE PROGRAMS THAT MATCH GEN
Y DESIRES
Collaboration and Community
 Idea sharing
 Company-wide goals
 Impact on community
 Putting families in homes
 Giving back
 Events are an opportunity for team building within the office
Sources: “A Boomers Guide to Communicating with Gen X and Gen Y”, Bloomberg Business Week ; ERA Real Estate Combat Test, 2011, Wakefield Research;
New Generations at Work, McCrindle Research

33. ADDRESS CONCERNS
High Start-Up Costs
 Financial planning
 “Closing” positions
 Company leads
 Getting started on a team
Source: “The Next Generation of Real Estate Teams,” Bernice Ross, Inman.com“; ERA Broker Focus Group
A Boomers Guide to Communicating with Gen X and Gen Y”, Bloomberg Business Week;

34. LEVERAGE YOUR CURRENT GEN Y TALENT
Millennials who know a real estate agent their own age are more
likely to be interested in a career in real estate.
Source: ERA Real Estate Combat Test, 2011, Wakefield Research; ERA Broker Focus Group

35. LEVERAGE YOUR CURRENT GEN Y TALENT
 Enlist their help in getting recruiting messages out via social media
 Create video(s) to showcase them
 Have them identify potential candidates; invite them to networking
events
Sources: ERA Broker Focus Group, 2011

36. GENERATION Y: REFRAMING RECRUITING
AN ERA® INDUSTRY REPORT
 Original Research
 Attitudinal survey to determine real estate benefits and barriers to entry
of 1,000 Gen Y individuals (Conducted by Wakefield Research)
 One-on-one interviews with Gen Y agents working for ERA Real Estate
 ERA Broker focus group
 Secondary research
 Best practices for recruiting/retention in parallel industries
 Business and human resource journals
 Generational studies

37. WHERE TO FIND THE PAPER
 Full Paper, Executive Summary & Press Release
 http://www.era.com/Pages/ERAResearch.aspx